Multi-Factor Authentication Market - Forecasts from 2024 to 2029

Multi-Factor Authentication Market - Forecasts from 2024 to 2029

The multi-factor authentication market is expected to grow at a CAGR of 14.12%, reaching a market size of US$37.266 billion in 2029 from US$19.255 billion in 2024.

MFA is an electronic authentication security technology that authenticates and allows a user access to an application, web portal, or VPN through various authentication mechanisms. MFA is intended to create barriers against unauthorized access to a target such as a computing device, network, physical location or database. This boosts security since users must identify themselves through another method in addition to username and password combinations. Nonetheless, although usernames and passwords cannot be disregarded, they can still be vulnerable to brute force attacks and hacking activities. Enforcing an MFA factor that serves as a thumbprint or physical hardware key increases the organization's confidence in its security. The rising use of cloud networking by numerous public and private institutions in their fundamental functions, and consequently the possibility of security attacks, have all contributed to an increase in the craving for multifactor authentication solutions. The universe of MFA is subdivided into groups according to its model types, application areas and regional classifications.

Multi-Factor Authentication Market Drivers:

High demand for online transactions

The rise in online transactions and the high customer adoption rate of digital banking are expected to drive up demand for MFA. The rise in Internet banking and e-commerce, along with central bank mandates, is forcing large organizations to institute strong customer authentication protocols. Because more people are using mobile banking for online transactions, there will likely be a demand for OTP authenticators (both hardware and software). MFA is used to protect customers from fraud and phishing scams, as well as to guarantee secure transactions. Moreover, the healthcare, retail, and BFSI sectors' integration of various payment systems presents a potential opportunity for the MFA authentication industry.

Multi-Factor Authentication Market Geographical Outlook

The Asia Pacific is witnessing exponential growth during the forecast period

Asia-Pacific region is anticipated to have the highest growth rate in the multi-factor authentication market as there are increased instances of Bring Your Device (BYOD) policies/chains, and also high incidences of cyber thefts that result from data leakage. CREALOGIX now provides a solution to major banks in Asia that allows users to access a single app for both authentication and banking activities. Moreover, the hard token for performing OTP actions is becoming obsolete in multi-factor authentication systems with hardware-based devices. The soft token assumes the role of hard tokens while maintaining all their security features.

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Report Coverage:

Historical data & forecasts from 2022 to 2029
Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
Competitive Positioning, Strategies, and Market Share Analysis
Revenue Growth and Forecast Assessment of segments and regions including countries
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The Multi-Factor Authentication market is segmented and analyzed as follows:

By Type

Two-Factor Authentication
Three-Factor Authentication
Four-Factor Authentication
Five-Factor Authentication

By Application

BFSI
Defence
Travel and Transport
Others

By Geography

North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
UK
France
Spain
Others
Middle East and Africa
Saudi Arabia
Israel
Others
Asia Pacific
China
Japan
India
Indonesia
South Korea
Others