DUBLIN–(BUSINESS WIRE)–The “Multi-Factor Authentication Market by Authentication Type (Password-Based Authentication, Passwordless Authentication), Component (Hardware, Software, Services), Model Type, End User Industry and Region – Global Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.

The global MFA market size is projected to grow from USD 15.2 billion in 2023 to USD 34.8 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 18.0%

The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall MFA market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.

The MFA market is propelled by key factors shaping its growth trajectory. These include rising security breaches and sophisticated cyberattacks leading to financial and reputational loss. Furthermore, the scarcity of skilled cybersecurity professionals may hinder market growth.

North America leads the global MFA market in terms of the presence of the world’s most significant number of MFA vendors. North America is the most advanced region regarding security technology adoption and infrastructure. The major growth drivers for this region are the widespread adherence to data compliance regulations and cloud deployments.

Various security-related regulatory compliances control the overall protection of the communication infrastructures in the North American region. Moreover, due to the high adoption of cloud-based applications in North America, cyberattacks are increasing and becoming more sophisticated. Hence, industries in the region are increasingly implementing extensive MFA solutions.

Moreover, North America is home to major MFA vendors such as Microsoft, Broadcom, OneSpan, OKTA, and Micro Focus. The presence of such prominent vendors drives the adoption of MFA solutions and services in the region.

Major vendors in the global MFA market include Microsoft (US), Thales (France), Okta (US), Broadcom (US), OneSpan (US), Micro Focus (UK), HID Global (US), Cisco (US), Ping Identity (US), RSA Security (US). The study includes an in-depth competitive analysis of the key players in the MFA market, their company profiles, recent developments, and key market strategies.

By end-user industry, BFSI industry holds the largest market size.

The BFSI industry is at the forefront of adopting the latest technologies related to MFA as it holds highly confidential information, such as the financial data of customers, user IDs, passwords, and other personal information. The industry is an early adopter of cutting-edge MFA solutions as they possess highly sensitive financial data.

Government mandates such as the Personal Information Protection and Electronic Documents Act (PIPEDA), Gramm-Leach-Bliley Act (GLBA), Federal Financial Institutions Examination Council (FFIEC), along with standards that include Payment Card Industry Data Security Standard (PCI DSS), and Sarbanes-Oxley Act (SOX), require financial institutions to ensure protection from cyber criminals.

Such regulations mandate the use of MFA in the BFSI industry to increase security. Moreover, the increased need for digitalization with the rise in online banking services, eCommerce activities, and stringent regulatory compliance are expected to drive the MFA market growth.

By model type, four-factor authentication segment to grow at highest CAGR during the forecast period.

An authentication system is highly secure when the user provides many identification factors. Earlier, single-factor authentication was usually accomplished by providing something you know, such as a password or PIN. The fourth factor is most referred to as location (where you are) but could also be a matter of time, or in some people’s opinion, even a performance, an exhibition, or even other people.

Four-factor authentication is achieved by requiring possession, location, a biometric, and a knowledge factor or by requiring location, a biometric, and two knowledge factors. Additional security parameters have encouraged companies to adopt such solutions to avoid cyberattacks. The four-factor authentication is expected to be one of the most promising technologies because of its sophisticated authentication and unbreakable security design.

Key Attributes:

Premium Insights

• Growing Instances of Data Breaches, Rising Adoption of BYOD Trends, and Stringent Regulations to Drive Market
• Password-based Authentication Segment to Hold Larger Market Share During Forecast Period
• Software Segment to Hold Largest Market Size During Forecast Period
• Two-Factor Authentication to Hold Largest Market Size During Forecast Period
• BFSI End-use Industry and North America to Account for Largest Market Share in 2023
• Asia-Pacific to Emerge as Best Market for Investments in the Next Five Years

Case Study Analysis

• Ping Identity Improved Booking Reconciliation Process of Pameijer Across All Business Units
• AmeriGas Deployed Duo Security’s MFA to Achieve PCI-DSS Compliance
• Broward College Implemented OneLogin Multi-Factor Authentication to Offer Access Management
• Okta Delivered Blackhawk Network Centralized, Scalable Platform and Safeguarded Backend by Extending SSO and MFA

Market Dynamics

Drivers

• Growing Adoption of BYOD, CYOD, and WFH Trends
• Rising Security Breaches and Sophisticated Cyberattacks to Lead to Financial and Reputational Loss
• Stringent Government Regulations to Increase Adoption of MFA Solutions
• Rising Instances of Identity Theft and Fraud

Restraints

• High Cost and Technical Complexities
• More Time-Consuming Than Two-Factor Authentication Systems

Opportunities

• Proliferation of Cloud-based MFA Solutions and Services
• Growing Adoption of Interconnected Devices in IoT Environment
• Increasing Digital Banking and Online Transactions

Challenges

• Lack of Awareness Regarding MFA Solutions
• Scarcity of Skilled Cybersecurity Professionals

Pricing Analysis

• Okta
• OneLogin

Technology Analysis

• Out-Of-Band Authentication
• Built-In Fingerprint Readers
• Baked-In Authentication

Regulatory Landscape

• Regulatory Bodies, Government Agencies, and Other Organizations
• Criminal Justice Information System Security Policy
• Payment Card Industry Data Security Standard
• FFIEC Authentication in an Internet Banking Environment
• Fair and Accurate Credit Transaction Act
• Identity Theft Red Flags
• Health Insurance Portability and Accountability Act
• Sarbanes-Oxley Act
• Gramm-Leach-Bliley Act
• HS Codes

Company Profiles

Key Players

• Microsoft
• Thales Group
• Okta
• Broadcom
• OneSpan
• Micro Focus
• HID Global
• Cisco
• Ping Identity
• RSA Security
• ESET
• Yubico
• ForgeRock
• CyberArk
• OneLogin
• SecureAuth
• Oracle
• Salesforce

Other Key Players

• Secret Double Octopus
• Silverfort
• Trusona
• FusionAuth
• HYPR
• Keyless
• Luxchain

For more information about this report visit https://www.researchandmarkets.com/r/vfqsg9

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• Source: https://www.fintechnews.org/multi-factor-authentication-market-global-forecast-to-2028-growing-instances-of-data-breaches-rising-adoption-of-byod-trends-and-stringent-regulations-to-drive-growth-researchandmarkets-com/