Multi-Factor Authentication Market Research Report – Global Forecast to 2030

Global Multi-Factor Authentication Market: by Model (Two-Factor & Multi-Factor with Three-Factor Authentication, Multifactor with Four-Factor & Multifactor with Five-Factor Authentication), by Deployment Type (on Premise and on Cloud) – Forecast 2030

ID: MRFR/ICT/1008-HCR | December 2022 | Region: Global | 100 pages

Impact of COVID-19 on the Global Multi-Factor Authentication Market

Multi-factor authentication is an authentication method where an employer is granted access only after effectively presenting two or more shreds of evidence to an authentication mechanism. The increasing cyberattacks over company-owned devices are boosting the demand for multi-factor authentication. Besides, the rising national security concerns and an increase in the demand for advanced authentication are the main factors driving the growth of the market. Multi-factor authentication systems are widely adopted by the BFSI sector owing to their use in various applications, including online transactions, trade finance, foreign exchange, and other banking and financial services. The COVID-19 pandemic has compelled people to stay within their homes, and companies have allowed employees to work from home to contain the spread of the pandemic. An increasing number of employees are working remotely; hence the protection of confidential company information is a crucial concern during this period.

It is very problematic to issue multi-factor authentication tokens to the employees who are working from home for the first time as the installation of the related technologies is complicated without the presence of physical access. However, multi-factor authentication has proved to be critical during the COVID-19 pandemic. Companies have activated multi-factor authentication on employee accounts. According to the MRFR analysis, there has been a 30% increase in coronavirus-related cyberattacks per week during the COVID-19 pandemic. People's curiosity regarding the latest information on the outbreak of COVID-19 has increased their vulnerability to fake websites and phishing emails. For instance, cybercriminals have sent malicious emails from the domain "" with the subject as "Urgent letter from WHO: First human COVID-19 vaccine result/test update". Victims who clicked on the file have ended up downloading malware.

The usage of e-commerce platforms has witnessed a significant boost during the COVID-19 pandemic. People are avoiding cash transactions to contain the spread of the virus. E-commerce frauds have been the most common form of cyberattacks faced by people during the lockdown. Many of the e-commerce platforms have discontinued the option of cash on delivery, and it has become mandatory that the customers must use digital payments. The use of multi-factor authentication is expected to reduce these frauds. The increased adoption of unified platforms for authentication is expected to drive the growth of the market.