Multi Factor Authentication Market Size, Share & Trends 2031

Segments - Multi-factor Authentication Market by Applications (Healthcare, Travel & Immigration, Retail & E-commerce, BFSI, Government & Defense, and Others), Models (Two Factor Authentication, Three Factor Authentication, Four Factor Authentication, and Five Factor Authentication), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

Author : Raksha Sharma

Fact-checked by : Vineet Pandey

Editor : Shruti Bhat

Report Description

The Global Multi-factor Authentication Market size was valued at USD 12.9 Billion in 2022 and is expected to surpass USD 47.56 Billion by 2031, expanding at a CAGR of 15.6% during the forecast period, 2023 – 2031. The growth of the market is attributed to the increasing number of cyberattacks and data breaches across enterprises.

Multi-factor authentication (MFA) adds extra levels of security to validate the user's identity and safeguard online transactions. MFA solutions strengthen enterprise security by requiring extra authentication methods such as a text message or a fingerprint before users can access to accounts containing critical financial information or controls. This system allows to prevent outsiders from gaining access to accounts in the event of a password breach.

Multi-factor Authentication Market Outlook

Users of online transaction have to go through MFA systems, which would be sent through an email, SMS message, or perform a biometric check such as a FaceID check or fingerprint scan to complete the login process. For instance, Duo Security, which Cisco purchased in 2018, offered an access management system that could secure employee access to corporate accounts, assisting organizations in reducing credential-based security threats and meeting regulatory compliance.

The COVID-19 pandemic outbreak has impacted adverse consequences including flight cancellations, travel bans, and quarantines, as well as restaurant closures. However, the increasing use of online platforms for various transaction purposes during the pandemic played a crucial role for the market expansion.

Market Trends, Drivers, Restraints, and Opportunities

Rising investments in cloud technologies, workplace mobility, and more enterprise BYOD usage are expected to drive the market growth during the forecast period.
Increasing demand for data security compliances as rules of government agencies to secure sensitive data are becoming more stringent. This is projected to drive the market expansion.
Wide adoption of MFA across several industries and rising number of online platforms for shopping present key drivers of the market.
High cost of implementation, lack of awareness related to MFA among organizations, and increasing time-taken for higher-order authentication models are major challenges can hinder the market growth in the coming years.
High adoption of digital banking along with increase in online transactions for various payment methods is projected to create lucrative opportunity for the market growth.

Scope of Multi-factor Authentication Market Report

The report on the global multi-factor authentication market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	Multi-factor Authentication Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Applications (Healthcare, Travel & Immigration, Retail & E-commerce, BFSI, Government & Defense, and Others), and Models (Two Factor Authentication, Three Factor Authentication, Four Factor Authentication, and Five Factor Authentication)
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	NEC Corporation; Symantec Corporation; Gemalto N.V.; 3M; Vasco Data Security International, Inc.; RSA Security LLC; Fujitsu Ltd.; aPersona, Inc.; CA Technologies; and Safran SA

Multi-factor Authentication Market Segment Insights

BFSI segment to expand at a considerable CAGR

On the basis of applications, the multi-factor authentication market is segmented into healthcare, travel & immigration, retail & e-commerce, BFSI, government & defense, and others. The BFSI segment is projected to expand at a considerable CAGR during the forecast period as it enables businesses to secure online transactions and prevent data loss and fraudulent transaction. On the other hand, the healthcare segment is anticipated to account for a major market share during the forecast period owing to digitization of financial and social services as well as an increase in online transactions and e-commerce.

Multi-factor Authentication Market Applications

Two factor authentication segment to register a robust CAGR

In terms of models, the market is divided into two factor authentication, three factor authentication, four factor authentication, and five factor authentication. The two factor authentication segment is expected to register a robust CAGR during the targeted period. Using several metrics such as knowledge-based factors, possession-based factors, and inherence-based factors, two factor authentication allows companies to verify individuals' digital identities. Technology companies and service providers are developing and implementing a wide range of solutions to help businesses improve their operational efficiency.

North America is anticipated to constitute a key market share

In terms of regions, the multi-factor authentication market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period owing to technological improvements, the proliferation of smartphones, improved network connection, and a high rate of acceptance of digital services. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period due to increased expenditure on connected devices, increased investments in different cloud and IoT technologies, and ballooning demand for digital services in the region.

Multi-factor Authentication Market Regions

Segments

The global multi-factor authentication market has been segmented on the basis of

Applications

Healthcare
Travel & Immigration
Retail & E-commerce
BFSI
Government & Defense
Others

Models

Two Factor Authentication
Three Factor Authentication
Four Factor Authentication
Five Factor Authentication

Regions

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

Key Players

NEC Corporation
Symantec Corporation
Gemalto N.V.
3M
Vasco Data Security International, Inc.
RSA Security LLC
Fujitsu Ltd.
aPersona, Inc.
CA Technologies
Safran SA

Competitive Landscape

Key players competing in the global multi-factor authentication market are NEC Corporation; Symantec Corporation; Gemalto N.V.; 3M; Vasco Data Security International, Inc.; RSA Security LLC; Fujitsu Ltd.; aPersona, Inc.; CA Technologies; and Safran SA.

In order to expand their product portfolios and get a greater portion of the market, majority of these players have been relying on inorganic development techniques such as mergers and acquisitions of smaller enterprises. For example, Dell's acquisitions of Quest Software and RSA Data Security, as well as EMC's acquisition of Virtustream, allowed the former company to expand its data security operation worldwide.

Multi-factor Authentication Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Multi-factor Authentication Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Multi-factor Authentication Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Multi-factor Authentication Market - Supply Chain
  4.5. Global Multi-factor Authentication Market Forecast
     4.5.1. Multi-factor Authentication Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Multi-factor Authentication Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Multi-factor Authentication Market Absolute $ Opportunity
5. Global Multi-factor Authentication Market Analysis and Forecast by Applications
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Applications
     5.2.2. Y-o-Y Growth Projections by Applications
  5.3. Multi-factor Authentication Market Size and Volume Forecast by Applications
     5.3.1. Healthcare
     5.3.2. Travel & Immigration
     5.3.3. Retail & E-commerce
     5.3.4. BFSI
     5.3.5. Government & Defense
     5.3.6. Others
  5.4. Absolute $ Opportunity Assessment by Applications
  5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Multi-factor Authentication Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Multi-factor Authentication Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Multi-factor Authentication Demand Share Forecast, 2019-2026
7. North America Multi-factor Authentication Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Multi-factor Authentication Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Multi-factor Authentication Market Size and Volume Forecast by Applications
     7.4.1. Healthcare
     7.4.2. Travel & Immigration
     7.4.3. Retail & E-commerce
     7.4.4. BFSI
     7.4.5. Government & Defense
     7.4.6. Others
  7.5. Basis Point Share (BPS) Analysis by Applications
  7.6. Y-o-Y Growth Projections by Applications
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Multi-factor Authentication Demand Share Forecast, 2019-2026
8. Latin America Multi-factor Authentication Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Multi-factor Authentication Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Multi-factor Authentication Market Size and Volume Forecast by Applications
     8.4.1. Healthcare
     8.4.2. Travel & Immigration
     8.4.3. Retail & E-commerce
     8.4.4. BFSI
     8.4.5. Government & Defense
     8.4.6. Others
  8.5. Basis Point Share (BPS) Analysis by Applications
  8.6. Y-o-Y Growth Projections by Applications
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Multi-factor Authentication Demand Share Forecast, 2019-2026
9. Europe Multi-factor Authentication Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Multi-factor Authentication Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Multi-factor Authentication Market Size and Volume Forecast by Applications
     9.4.1. Healthcare
     9.4.2. Travel & Immigration
     9.4.3. Retail & E-commerce
     9.4.4. BFSI
     9.4.5. Government & Defense
     9.4.6. Others
  9.5. Basis Point Share (BPS) Analysis by Applications
  9.6. Y-o-Y Growth Projections by Applications
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Multi-factor Authentication Demand Share Forecast, 2019-2026
10. Asia Pacific Multi-factor Authentication Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Multi-factor Authentication Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Multi-factor Authentication Market Size and Volume Forecast by Applications
     10.4.1. Healthcare
     10.4.2. Travel & Immigration
     10.4.3. Retail & E-commerce
     10.4.4. BFSI
     10.4.5. Government & Defense
     10.4.6. Others
  10.5. Basis Point Share (BPS) Analysis by Applications
  10.6. Y-o-Y Growth Projections by Applications
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Multi-factor Authentication Demand Share Forecast, 2019-2026
11. Middle East & Africa Multi-factor Authentication Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Multi-factor Authentication Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Multi-factor Authentication Market Size and Volume Forecast by Applications
     11.4.1. Healthcare
     11.4.2. Travel & Immigration
     11.4.3. Retail & E-commerce
     11.4.4. BFSI
     11.4.5. Government & Defense
     11.4.6. Others
  11.5. Basis Point Share (BPS) Analysis by Applications
  11.6. Y-o-Y Growth Projections by Applications
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Multi-factor Authentication Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Multi-factor Authentication Market: Market Share Analysis
  12.2. Multi-factor Authentication Distributors and Customers
  12.3. Multi-factor Authentication Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. NEC Corporation
     12.4.2. Symantec Corporation
     12.4.3. Gemalto N.V.
     12.4.4. 3M
     12.4.5. Vasco Data Security International, Inc.
     12.4.6. RSA Security LLC
     12.4.7. Fujitsu Ltd.
     12.4.8. aPersona, I