Report Overview

Global Multi-Factor Authentication (MFA) Market: Overview

Global Multi-Factor Authentication (MFA) Market is anticipated to reach USD xxx billion by the year 2025, at a CAGR of 14.9% during the projection period 2019-2025 due to growing security concerns and usage of multi-factor authentication. The rising risk of cyber-attacks and data breaches, the mounting pressure of the data security rules, stringent regulations and the bolstering adoption of the BYOD concept among the business enterprises are driving the development of the MFA market. The main factors triggering the growth of this market are expanding internet penetration, online business transactions and new security guidelines, for which secure exchanges are required.

Multi-Factor Authentication (MFA) is a security framework that requires more than one technique for validation from free classes of certifications to confirm the user's identity for a login or other exchange. Two-factor confirmation (2FA), regularly referred to as two-advance check, is a security procedure where the client gives two validation factors. Two-factor validation gives an extra layer of security and makes it harder for hackers to access people's gadgets and online accounts. Two-factor validation can be accomplished utilizing any two of savvy cards, PIN, SMS application, tokens, biometrics (unique finger impression, iris, face, palm, etc.), passwords, etc. Smart card with PIN is the most frequently used for two-factor validation model, widely used in bank accounts, participation frameworks, online exchanges, and access control frameworks.

MFA is famous because of the high level of security and is far superior to a single username and secret phrase mix. Various models of MFA have discovered different applications in several verticals such as immigration & travel, commercial security, BFSI, government, electronics and healthcare.

The Global Multi-Factor Authentication (MFA) Market stands tall as one of the most proactive industry verticals, as asserted by a study report. The Study further estimates that this space would witness substantial growth during the projection period, helped by plenty of main drives that will fuel the business slants over the forecast period.

Global Multi-Factor Authentication (MFA) Market Segmentation

The Global Multi-Factor Authentication (MFA) Market is segmented on the basis of its Model, Application and Regional demand. On the basis of its model, the market is divided into Two-Factor Authentication, Three-Factor Authentication, Four-Factor Authentication, and Five-Factor Authentication. Based on its Application, the market is divided into Banking, BFSI, Retail, Government, Healthcare, and E-commerce, and Others. Geographically, the Global Multi-Factor Authentication (MFA) market is segmented on the basis of its global regions, including North America, Europe, Asia Pacific, South America, Middle-East and the rest of the world.

Global Multi-Factor Authentication (MFA) Market: Regional Insights

Based on its regional analysis, North America secured the biggest share in the Global Multi-Factor Authentication (MFA) market in the year 2018 adding revenues of nearly USD 1.84 billion to the Global Multi-Factor Authentication (MFA) Market. The region's reception of this innovation is driven by the proximity to a solid administrative system and sound advancement strategies for cybercrime shrinkage and information obtaining. The Asia-Pacific market is anticipated to develop at the most accelerated pace of 24.8% during the projection time frame inferable from the higher buyer base and the developments in countries such as China, India, and Indonesia.

Competitive Landscape

The major players in the global Multi-Factor Authentication (MFA) market include brand names like HID Global Corporation/ASSA ABLOY AB (Sweden), RSA Security LLC (US), Suprema HQ Inc. (South Korea), and Crossmatch (US), Safran (France), Gemalto NV (the Netherlands), NEC Corporation (Japan), 3M (US), CA Technologies (US), Fujitsu (Japan), VASCO Data Security International Inc. (US), among others.

Scope of the Report

By Model