Global Multi-Factor Authentication (MFA) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Multi-Factor Authentication (MFA) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

With industry-standard accuracy in analysis and high data integrity, the report makes a brilliant attempt to unveil key opportunities available in the global Multi-Factor Authentication (MFA) market to help players in achieving a strong market position. Buyers of the report can access verified and reliable market forecasts, including those for the overall size of the global Multi-Factor Authentication (MFA) market in terms of revenue.

Market Overview:

The latest research study on the global Multi-Factor Authentication (MFA) market finds that the global Multi-Factor Authentication (MFA) market reached a value of USD 12197.92 million in 2022. It’s expected that the market will achieve USD 22106.41 million by 2028, exhibiting a CAGR of 10.42% during the forecast period.

Market Drivers

Banking and finance is one of the most demanding industries for MFA. Smart card and password combinations are the most common form of MFA, including credit, debit and ATM CARDS. One-time password (OTP) has also gained a reputation in the banking and online payment industries. OTP USES SMS/email/smartphone applications to send a one-time password to the authorized person's mobile/smartphone. At the same time, with the development of Internet technology and the rise of e-commerce, customers have greatly increased the frequency of online shopping, payment and other aspects. More secure validation is needed in the e-business delivery process. This is one of the important factors promoting the development of the market. Secondly, the extensive use of MFA technology in core banking, online banking, bank card personalized system, trade finance, international payment, foreign exchange, bank guarantee and other banking and financial services will also promote the further development of the calcium market

Market Challenges

Multi-factor authentication has some disadvantages that make many methods unpopular. Some consumers have trouble keeping track of hardware tokens or USB plugs. Many consumers do not have the technical skills required to install their own client software certificates. In general, multi-factor solutions require additional investment to implement maintenance and maintenance costs. Most systems based on hardware tokens are proprietary, and some vendors charge an annual fee per user. Deploying hardware tokens is logically challenging. Hardware tokens can be corrupted or lost and tokens issued are managed in large industries such as banking and even large enterprises. In addition to deployment costs, multi-factor authentication typically carries significant additional support costs.

Region Overview:

North America dominated the Multi-Factor Authentication (MFA) market in 2022, with a market share of 30.19%.

Company Overview:

Gemalto is one of the major players operating in the Multi-Factor Authentication (MFA) market, holding a share of 7.12% in 2023.

Gemalto

Gemalto, a Thales company, is a global leader in digital security, bringing trust to an increasingly connected world. They design and deliver a wide range of products, software and services based on two core technologies: digital identification and data protection.

Symantec Corporation

Symantec Enterprise Security Products are now part of Broadcom. The consumer division of Symantec Corp. is now NortonLifeLock Inc. -- a standalone company dedicated to consumer cyber safety.

Segmentation Overview:

Among different product types, Mobile applications segment is anticipated to contribute the largest market share in 2028.

Application Overview:

The market's largest segment by application is the segment Banking and Finance, with a market share of 28.94% in 2022.

Key Companies in the global Multi-Factor Authentication (MFA) market covered in Chapter 3:

HID Global (US)
SecurEnvoy ltd (England)
Entrust Inc. (US)
Symantec Corporation (US)
NEC (Japan)
VASCO Data Security (US)
Fujitsu (Japan)
Google Authenticator
CensorNet Ltd. (England)
Microsoft Authenticator
RSA Security (US)
Duo Secuirty (US)
Gemalto (Netherlands)
Crossmatch (US)
Morpho (France)
Deepnet Security (England)
Broadcom
Okta

In Chapter 4 and Chapter 14.2, on the basis of types, the Multi-Factor Authentication (MFA) market from 2018 to 2029 is primarily split into:

Physical tokens
Mobile applications

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Multi-Factor Authentication (MFA) market from 2018 to 2029 covers:

banking and finance
government
military and defense
business security
other

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)