Multi-Factor Authentication Market Trends and Regional Overview By Key Companies | COVID-19 Effects

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The multi-factor authentication market Growth size is predicted to touch USD 11.24 billion at a 13% CAGR in the forecast period (2020- 2027), states the latest Market Research Future (MRFR) report.

Market Segmentation

The global multifactor authentication market has been bifurcated based on model, application, and deployment.

By model, the five factor authentication will lead the market over the forecast period as this is an effective solution for government applications like homeland security services, safeguarding data and technology in national research centers, and access to top-secret national data/files. Mostly it is used in applications that need high levels of security.

By application, the BFSI segment will dominate the market over the forecast period for the rise in online transaction coupled with the growth of e-Commerce that need secure transactions.

By deployment, the cloud deployment segment will spearhead the market over the forecast period for the rising investments in cloud technologies.

Drivers

Increase in Cyberattacks to Boost Market Growth

The rise in cyberattacks across enterprises will boost the market growth as 50% of all cyberattacks target the small businesses with mostly ransomware attacks & hijacking financial accounts and corporate online accounts.

Opportunities

Focus to Build Smartphones with Security Features to Offer Robust Opportunities

The strong focus of smartphone manufacturers to launch products with built-in privacy and security features will offer robust opportunities to this market in the forecast period.

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Restraint

High Cost to act as Market Restraint

The high service cost of multifactor authentication will act as a market restraint over the forecast period.

Challenges

Concerns of False Security to act as Market Challenge

The concerns for the chance of false security may act as a market challenge over the forecast period.

COVID-19 Analysis

Owing to the COVID-19 outbreak people have been compelled to stay at home and organizations have allowed employees in working from home to contain the spread of the outbreak. As a result most employees are working remotely, thus protecting confidential company information is vital during this phase. Multi-factor authentication has proved in being critical at the time of the pandemic. Organizations have activated multi-factor authentication on employee accounts. The use of e-commerce platforms has experienced a huge boost during the pandemic. People are avoiding paying through cash to stop the spread of the deadly virus. E-commerce frauds have been the most common type of cyberattacks that people have faced at the time of the lockdown. Most e-commerce platforms have discontinued cash on delivery and thus have become mandatory that customers use digital payments. The usage of multi-factor authentication is likely to reduce such frauds. The growing adoption of unified platforms for authentication is likely to boost market growth.

Regional Analysis

North America to Spearhead Multifactor Authentication Market

North America will spearhead the market over the forecast period. Advancement of technology associated with huge number of technical expertise, growing need for surveillance and security, the presence of several industry players that are delivering such solutions to all end users, strong economic conditions in the US and Canada, the early adoption of such solutions, businesses are increasingly implementing MFA solutions to allow data security, prevent identity thefts, cyber-attacks, and commercial espionage and ensure privacy and security of data for facilitating business continuity, increasing investments and innovations, stringent regulatory environment, proliferation of smartphones, enhanced network connectivity, and high adoption rate of digital services are adding to the global multifactor authentication market growth in the region.

Industry Updates

The Colorado Department of Labor & Employment has added multifactor authentication for cutting back on fraud. Colorado will need two-factor authentication on every unemployment account beginning next month to head off the hijacking of benefits.

Key Players

Eminent players profiled in the global multifactor authentication market report include Safran (France), Gemalto NV (the Netherlands), NEC Corporation (Japan), 3M (U.S.), CA Technologies (U.S.), Fujitsu (Japan), VASCO Data Security International Inc. (U.S), HID Global Corporation/ASSA ABLOY AB (Sweden), RSA Security LLC (U.S.), Suprema HQ Inc. (South Korea), Crossmatch (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), Securenvoy Ltd (U.K) and Watchdata Technologies (China).

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Multi-Factor Authentication Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030

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