ID: MRFR/ICT/1008-HCR | February 2021 | Region: Global | 100 pages
Generally, multi-factor authentication is a security framework, which is well known in the global market for its multistep authentication to validate the person’s authority. According to the name multi-factor authentication, it has multi-features, which makes it more popular among people worldwide. The multi-factor authentication has a unique feature over the conventional authentication techniques that involveusername and password verifications and identifications. Moreover, it has advanced biometrics security features for identifying the person that includes iris recognition, facial recognition, fingerprints, and voice recognition techniques.
The multi-factor authentication has been developed into two-factor authentication and three-factor authentication.Two-factor authentication keeps an eyeon passwords' everyday use, which hackers can easily crack.Multi-factor authentication has expanded its base in many sectors like government institutions, travel and immigration, consumer electronics, military and defense, banking and financial institutions, commercial security, and healthcare. Nowadays, the multi-factor authentication system has increased its demands globally because of the increasing e-commerce sector and increasing demand foronline transactions.The rising cyber theft case worldwide has become national security concern, which increased the demand for advanced authentication systems. Moreover, the financial and banking institution has registered a high market share globally because of increasing public demand over online payments, trade finance, banking card personalization,foreign exchange, bank guarantees, and other financial services.
In 2016, the Multi-Factor Authentication Market generated a market value of USD 4.85 billion. It has expectations to grow to approx. USD 11.24 billion by the end of the year 2023, and generate 13% CAGR during the forecast period of 2017 to 2023.
COVID-19 impact analysis
The global authentication market did experience both positive and negative impacts due to the COVID19 outbreak. Due to lockdown across the world, the authentication market's demand sharply decreased, due to which many businesses faced shutdown. Therefore, the commercial spaces were unable to utilize the most out ofmulti-factor authentication services.
However, the epidemic outbreak has brought revolutions in healthcare and pharmaceutical vendors to improve their research and development investments in artificial intelligence. The insurance industry also usedartificial intelligence to reduce operating costs and increase customer satisfaction forclaims,renewal processes, and other services. Moreover, many schools and universities have adopted Virtual Reality (VR) and Augmented Reality (AR) solutions, which were very effective in e-learning.Further, these solutions have also proved to be a valuable solution to assist remote worksand save travel time. The global market report has explained that Covid19 is a key market contributor for the authentication market.
As a result, the government took progressive steps to contain the pandemic outbreak to resume private and government businesses' operations. Therefore, the Multi-Factor Authentication market demand is expecting to grow to impeccable heights.
These days, the excessive integration of smartphones is expected to be one of the driving factors for the multi-factor authentication system market. The demand over complex maintenance,high usage service limit, and the increased initial investment is boosting the Multi-Factor Authentication Market Forecast growth.
However, the implementation of Out-of-Band (OOB) authentication has increased the adoption of unified platforms for authentication with evolving cloud-based applications, which sets Multi-Factor Authentication Market Trends over the review period. Moreover, the adoption of the BYOD concept has also a major market driver for the MFA market's growth.
Nowadays, cloud service providers are considering technologies like biometric authentication,tokenization, etc., with the implementation of many models of multi-factor authentication. They prefer it to provide authentication to assure the security and safety of data on the cloud. The increasing demand for securing the data and information on the cloud environment immensely offers enormous opportunities tothe cloud service providers andmulti-factor authentication solution providers.
The Multi-Factor Authentication Market Report has explained the global market has expectations to provide more market growth for the forecast period. The key players have more opportunities to explore the whole IT industry. The increasing IT industry in all regions has great offering opportunities for the MFA manufacturers.
The authentication systems with multiple factors are being designed with advanced technology and multiple processes to authenticate data. Therefore, this would result in increased service or response timeand a long queue. This restraint is currently growing, but the experts are implementing strategies and techniques to reduce this in the future.
The Multi-Factor Authentication Market Analysis has explained that the key drivers are working hard to meet the forecast period's market size.
Generally, many people believe that the robust authentication methods requirement has never been a serious security breach. This ignorance has become a significant challenge in the multi-factor authentication market as it results in the decreased adoption of MFA solutions for authentication purposes. Moreover, many small organizations have faced problems integrating the MFA solution with the current IT infrastructure. Therefore, the MFA market's major challenge is the uncertainty and pushback from end-users to adopt MFA solutions.
As a result, the multi-factor authentication market is coping with its challenges by giving all its effort to develop communication technology infrastructure.
The global multi-factor authentication market's growth analysis is registered at CAGR 13%, which is truly commendable. It considers that the current forecast years' market revenue prediction is massively higher than the previous period.
The key players of various regions are putting in their collective effort and strength to ensure that the market thrives across different areas in terms of growing demands and sales.
Value Chain analysis
The growth of the global multi-factor authentication market depends on the market value and market size. The proper understanding of the market value chain can lead themulti-factor authentication services in the global market competition.
In the multi-factor authentication market, many key drivers are involved in developing products and sales all over the regions. Moreover, the key drivers have taken up new strategies and planning to increase the global Multi-Factor Authentication Market Share.
Market segment overview
According to the multi-factor authentication segmentation, the global market is classified into four models such as:
Multi-factor authentication ispreferred based upon its functionality and security features that are also a differentiating factor.
Based on the application segmentation, the multi-factor authentication market is classified into different applications such as:
These applications are collectively focused on the wide-scale utilization and advantages of the product. With more applications, the market will gradually grow to impeccable heights.
Based on deployment, the multi-factor authentication market is sub-segmented into two such as on-premises and on the cloud.
The report explains that the key drivers have driven more focus on these two deployments to increase their sales and production.
The global market has developed its connection network globally, including Europe, Asia Pacific, North America, and the Rest of the world.Among all these, North America has dominated the multi-factor authentication market as it has more manufacturers to communicate in the local regions.
The global market has developed its businesses across the world and has a plan to reach all the region's remote parts by involving more key players in the global market.
In the multi-factor authentication market, some top key players have made efforts to grow the market revenue. The major key players are:
The report explains that the global multi-factor authentication market has more competitors in the marketing field. Therefore, these companies have adopted many strategies to spread their business all across the world. They are working on a supply chain basis and have a targeted audience to meet up their demands.
The holistic study of themulti-factor authentication market has covered all the following points:
The report overview has highlighted the overall development and opportunities for the multi-factor authentication market. Global growth is based on the segmentation of the market, regional analysis, COVID-19 analysis, and other factors to generate the authentication market value.
Frequently Asked Questions (FAQ) :
The elevated risk of security threats, coupled with the implementation of multi-factor authentication in several industries is expected to drive the development of the market in the future.
A CAGR of 13% is projected to lift the earning potential of the market to USD 11.24 billion by 2023.
NEC Corporation (Japan), 3M (U.S.), CA Technologies (U.S.), Fujitsu (Japan), Suprema HQ Inc. (South Korea), Securenvoy Ltd (U.K), VASCO Data Security International Inc. (U.S), Gemalto NV (the Netherlands), HID Global Corporation/ASSA ABLOY AB (Sweden), RSA Security LLC (U.S.), Crossmatch (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), and Watchdata Technologies (China).
The North American and European region are expected to be at the vanguard of progress in the multi-factor authentication market in the coming years.