At CAGR of 18%, Multi-factor Authentication Market Size is Projected to Hit USD 40 Billion by 2030
Multi-factor Authentication market growth is driving due to increase in cyber attacks during the pandemic and government policies that protect data privacy.
PORTLAND, PORTLAND, OR, UNITED STATES, March 20, 2023 /EINPresswire.com/ — The multi-factor authentication market was estimated to be worth $10,300 million in 2020 and is expected to reach $40,000 million by 2030, with a CAGR of 18% between 2021 and 2030.
With multi-factor authentication (MFA), users must supply two or more verification factors in order to access resources like applications, online accounts, or VPNs. A strong identity and access management (IAM) policy must include MFA as a fundamental element.
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Key Drivers for Multi-Factor Authentication Market:
• Increasing security threats: As cyber threats continue to grow and evolve, there is a growing need for more robust security measures like MFA to protect sensitive information.
• Adoption of cloud computing: With the growing adoption of cloud computing, there is a need for more secure ways to access cloud-based applications and data. MFA provides an extra layer of security to prevent unauthorized access.
• Regulatory compliance: Many industries are subject to regulatory requirements that mandate the use of MFA to protect sensitive data. For example, the healthcare and financial industries are required to comply with HIPAA and PCI DSS regulations, respectively.
• Shift towards remote work: With the rise of remote work, there is a need for more secure ways to access corporate resources from outside the office. MFA can help ensure that only authorized users are able to access sensitive data from remote locations.
• Increasing adoption of mobile devices: As more users access corporate resources from mobile devices, there is a need for more secure mobile authentication methods. MFA provides a secure way to authenticate users on mobile devices.
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Key Trends in Multi-Factor Authentication Market:
• Adoption of biometric authentication: Biometric authentication, such as facial recognition and fingerprint scanning, is becoming increasingly popular as a form of MFA. Biometric authentication provides a high level of security and convenience for users.
• Integration with mobile devices: Mobile devices are becoming a popular platform for MFA solutions, as they offer the convenience of always-on access and provide additional security features like biometric authentication.
• Expansion to new industries: While MFA has traditionally been used in industries like finance and healthcare, it is now being adopted by a wider range of industries, including retail, government, and education.
• Emphasis on user experience: As MFA solutions become more widespread, there is a growing focus on improving the user experience. MFA providers are developing solutions that are easy to use and integrate seamlessly with existing workflows.
• Adoption of risk-based authentication: Risk-based authentication uses data analytics to assess the risk associated with a user’s login attempt and adjusts the level of authentication required accordingly. This approach provides a more flexible and adaptive security solution.
• Growing importance of cloud-based solutions: Cloud-based MFA solutions are becoming increasingly popular, as they offer the scalability, flexibility, and cost-effectiveness of cloud computing while also providing a high level of security.
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Some of the key companies mentioned within the report are Microsoft, Broadcom, Onespan, Okta, Micro Focus, Thales, Rsa Security, Duo Security (Cisco), Ping Identity, Hid Global.
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