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Multifactor Authentication Market Trends

ID: MRFR//1008-CR | 100 Pages | Author: Aarti Dhapte| March 2023

Global Multifactor Authentication Market Overview

Multifactor Authentication Market Size was valued at USD 13.5 billion in 2022. The Multifactor Authentication market industry is projected to grow from USD 15.6 Billion in 2023 to USD 37.4 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 15.70% during the forecast period (2023 - 2030). The demand for MFA is expected to increase owing to the rise in online transactions and high customer adoption of digital banking. Due to the surge in e-commerce and online banking usage, as well as central bank mandates, large organizations have been forced to implement robust identity verification procedures for consumers. These are the key market drivers enhancing the market growth.Multifactor Authentication Market OverviewSource Secondary Research, Primary Research, MRFR Database, and Analyst Review

Multifactor Authentication Market Trends

  • Increasing Security Threats to Boost market growth.

An increase in data breaches and cyber-attacks is expected to drive the growth of the multifactor authentication market CAGR. A cyber data breach is unauthorized access to a computer system or network to obtain customers' or users' private, sensitive, or confidential personal and final information. With so many breaches planned, multifactor authentication must be implemented through endpoint detection and response (EDR), biometrics, cloud security, code auditing, and embedded system security assessments to prevent data breaches.

Furthermore, launching new mobile banking platforms presents high market growth opportunities. Today, there are thousands of digital platforms where payments can be made. The emergence of e-commerce businesses has led to greater adoption of digital payments. In the next few years, online shopping will become the main preference of customers. As a result, digital payments are expected to grow significantly. Growing mobile banking will bring huge opportunities to the two-factor authentication market. In particular, the two-factor authentication market will have more demand for OTP generation and network security. These market opportunities will amplify the growth of the overall industry. Thus, driving the Multifactor Authentication market revenue.

Multifactor Authentication Market Segment Insights

Multifactor Authentication Model Insights

Based on Models, the Multifactor Authentication Market segmentation includes Two-Factor, Multifactor with Three-Factor Authentication, Multifactor with Four-Factor and Multifactor with Five-Factor Authentication. The two-factor segment will witness significant revenue growth rates over the forecast period. These two authentication factors are gaining importance as businesses and industries like banking, healthcare, and insurance increasingly use online transactions. Advantages such as faster transaction speeds, password resets, and reduced authentication time drive the market demand for two-way authentication models. High productivity due to reduced customer inquiries and lower administrative and help desk expenses are other factors expected to drive segmental revenue growth for two-factor authentication models over the forecast period.

Multifactor Authentication Deployment Type Insights

Based on Deployment Type, the Multifactor Authentication Market segmentation includes Premise and Cloud. Implementing out-of-band (OOB) authentication has increased the adoption of a unified platform for authentication and evolving cloud-based applications, which was set during the review period. Furthermore, adopting the BYOD concept is also a major market driver for the growth of the MFA market.

Figure 1 Multifactor Authentication Market, by Model, 2022 & 2030 (USD billion)Multifactor Authentication Market, by Model, 2022 & 2030Source Secondary Research, Primary Research, MRFR Database, and Analyst Review

Multifactor Authentication Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Some factors driving North America's multifactor authentication marketers of large identity frauds are the rise in data theft and consumers losing hundreds of dollars to online scams. Additionally, the presence in the U.S. of key players and key consumers such as banks and healthcare giants will benefit the North American industry.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Europe's Multifactor Authentication market accounts for the second-largest market share. Increased innovation, investments, and R&D activities are expected to drive market revenue growth. The growing need to prevent cyber-attacks, corporate espionage, fraud and theft, provide data security and privacy, and prevent sensitive information leakage from facilitating business development are other factors expected to drive the growth of the market revenue in this Region over the forecast period. In addition, the German two-factor authentication market holds the largest market share, and the French two-factor authentication market is the fastest-growing market in the European Region. Further, the German Multifactor Authentication market held the largest market share, and the U.K. Multifactor Authentication market was the fastest-growing market in the European Region.

The Asia-Pacific Multifactor Authentication Market is expected to grow at the fastest CAGR from 2023 to 2030 CREALOGIX has released the solution to major banks in Asia, providing customers with a single application for banking and identity verification. Hardware devices no longer generate one-time password (OTP) hardware tokens for each operation as part of a multi-factor authentication system. Soft tokens replace hard tokens and provide all the security benefits of multifactor authentication. Asia Pacific is home to many well-established SMBs deploying MFA to protect themselves from advanced cyber threats. Rising internet and smartphone penetration is a strong driver in APAC, increasing the demand for effective MFA solutions and services. Security and fraud issues arise with the increase of IoT, artificial intelligence, and big data.

Regarding identity fraud, the BFSI industry in the Asia Pacific is the most targeted. This will increase the demand for MFA solutions in the Region. Moreover, China’s Multifactor Authentication market held the largest market share, and the Indian Multifactor Authentication market was the fastest-growing market in the Asia-Pacific region.

Multifactor Authentication Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the Multifactor Authentication market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Multifactor Authentication industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global Multifactor Authentication industry to benefit clients and increase the market sector. The Multifactor Authentication industry has offered some of the most significant medical advantages in recent years. Major players in the Multifactor Authentication market, including 3M (U.S.), C.A. Technologies (U.S.), HID Global Corporation/ASSA ABLOY AB (Sweden), RSA Security LLC (U.S.), Fujitsu (Japan), VASCO Data Security International Inc. (U.S.), Suprema H.Q. Inc. (South Korea), Safran (France), Gemalto NV (the Netherlands), NEC Corporation (Japan), Crossmatch (U.S.), Securenvoy Ltd (U.K.), Watchdata Technologies (China), IBM Corporation (U.S.), Microsoft Corporation (U.S.) and others, are attempting to increase market demand by investing in research and development operations.

HID Global is an American manufacturer of secure identity products. The company is an independent brand of the Swedish access control group Assa Abloy. Björn Lidefelt was appointed CEO on January 27, 2020. He succeeds Stefan Widing, who led HID Global for over four years. In April 2021, HID launched WorkforceID Authentication, a workforce two-factor authentication solution, providing enterprises with a cloud solution to manage, issue and use digital identity credentials for logical and physical access control.

Microsoft Corporation is an American multinational technology company headquartered in Redmond, Washington, USA. Microsoft is best known for its software products, the Windows family of operating systems, the Microsoft Office suite, and the Internet Explorer and Edge web browsers. Its flagship hardware products are the Xbox video game console and the Microsoft Surface line of touchscreen personal computers. Microsoft ranks 21st in the 2020 Fortune 500 by total U.S. revenue; as of 2019, it is the world's largest software maker by revenue. It is one of the five largest information technology companies in the United States, along with Alphabet (Google), Amazon, Apple and Meta (Facebook). In May 2021, Microsoft announced new products, employee programs, and guidance in response to the global fight against increasingly large and sophisticated cyberattacks. These include additional support for MFA and security protections for customers and Microsoft's transition to a zero-trust approach for employees.

Key Companies in the Multifactor Authentication market include

  • 3M (U.S.)

  • A. Technologies (U.S.)

  • HID Global Corporation/ASSA ABLOY AB (Sweden)

  • RSA Security LLC (U.S.)

  • Fujitsu (Japan)

  • VASCO Data Security International Inc. (U.S.)

  • Suprema H.Q. Inc. (South Korea)

  • Safran (France)

  • Gemalto NV (the Netherlands)

  • NEC Corporation (Japan)

  • Crossmatch (U.S.)

  • Securenvoy Ltd (U.K.)

  • Watchdata Technologies (China)

  • IBM Corporation (U.S.)

  • Microsoft Corporation (U.S.)

Multifactor Authentication Industry Developments

April 2022 Trust Stamp launches its Biometric Multifactor Authentication (Biometric MFA) solution. Biometric MFA automates strong identity assurance with just a selfie, adding second and third authentication factors by testing for liveness and irreversibly tagging data from simple selfies, eliminating the need for text messages, emails, and identity Password requirements for authenticator apps or hardware tokens.

March 2022 MIRACL, a cybersecurity software company focused on single-step secure multifactor authentication, announces a partnership with Aware Inc., an identity verification company using proven and accredited Adaptive Authentication to Solve common business challenges with biometrics. The partnership could allow Aware to expand its cloud-based biometric authentication solution to prevent data breaches and ransomware, which remains a problem in many industries, including finance.

Multifactor Authentication Market Segmentation

Multifactor Authentication Model Outlook

  • Two-Factor

  • Multifactor with Three-Factor Authentication

  • Multifactor with Four-Factor

  • Multifactor with Five-Factor Authentication

Multifactor Authentication Deployment Type Outlook

  • On-Premise

  • Cloud-Based

Multifactor Authentication Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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