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 2021 – 2028
The global multi-factor authentication market size was valued at USD 5,067.8 million in 2020 and is expected to expand at a considerable CAGR during the forecast period, 2021–2028. 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. 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 the 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 | 2020 |
| Historic Data | 2018–2019 |
| Forecast Period | 2021–2028 |
| 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 |
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.
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.
Segments
Segments Covered in the Report
The global multi-factor authentication market has been segmented on the basis of
Applications
- Healthcare
- Travel & Immigration
- Retail & E-commerce
- BFSI
- Government & Defense
- Others
- Two Factor Authentication
- Three Factor Authentication
- Four Factor Authentication
- Five Factor Authentication
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
- 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.
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 (000’ 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
Segments Covered in the Report
The global multi-factor authentication market has been segmented on the basis of
Applications
- Healthcare
- Travel & Immigration
- Retail & E-commerce
- BFSI
- Government & Defense
- Others
- Two Factor Authentication
- Three Factor Authentication
- Four Factor Authentication
- Five Factor Authentication
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
- NEC Corporation
- Symantec Corporation
- Gemalto N.V.
- 3M
- Vasco Data Security International, Inc.
- RSA Security LLC
- Fujitsu Ltd.
- aPersona, Inc.
- CA Technologies
- Safran SA
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.
Our Clients
Related Reports
Some other reports from this category!
