The global Multi-Factor Authentication Market size is projected to grow from USD 15.2 billion in 2023 to USD 34.8 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 18.0% during the forecast period. The expansion of the MFA market is being propelled by the growing adoption of BYOD, CYOD, and WFH trends and rising security breaches and sophisticated cyberattacks, leading to financial and reputational loss.
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Based on components, the services segment is expected to grow at a higher CAGR during the forecasted period.
The services segment helps to deploy, execute, and maintain MFA platforms in organizations. The demand for these services is also expected to increase with the growing adoption of MFA platforms. The services in the MFA market are critical as they support the proper functioning of software and hardware-based solutions. MFA services comprise technical support services that require the effective integration of MFA solutions. Moreover, technical expertise is required to maintain and update MFA hardware and software. The demand for these services is directly related to the adoption level of MFA solutions. Training and education are vital for organizations to maintain the security of their email cloud, endpoints, networks, and application points. Many organizations are providing online training and education services to their customers. Technology advisory and consulting services aim to increase the awareness of MFA technologies with professional services that comprise a highly skilled development team, R&D team, training and education, and extensive expertise to help clients leverage MFA solution offerings. Training and education services are essential because non-IT companies lack the expertise to understand cybersecurity technologies and secure organizational information.
By model type, the two-factor authentication segment is expected to hold the largest market size during the forecast period.
Two-factor authentication, often called two-step verification, is a security process wherein the user provides two authentication factors. Two-factor authentication (2FA) has become increasingly essential in the business landscape due to its ability to enhance security in an era of growing cyber threats. Two-factor authentication adds a layer of protection, making it harder for attackers to access a person’s devices and online accounts because knowing the victim’s password alone is insufficient to pass the authentication check. Any two smart cards, PIN, SMS application, tokens, biometrics (iris, face, palm, fingerprint, and so on), passwords, and so on can be used to achieve two-factor authentication. 2FA offers a cost-effective security solution for organizations.
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Digital payment and online banking services have grown phenomenally over the past decade. These platforms have fundamentally changed how financial transactions are carried out, driven by technical improvements and shifting customer preferences. Digitization requires strong user authentication to avoid any fraudulent activities. Such factors form a powerful force behind the growth and advancement of the MFA market.
What is MFA?
According to MarketsandMarkets, MFA is an authentication method that requires the user to provide two or more verification factors to access resources, such as an application, online account, or a Virtual Private Network (VPN).
Unique Features in the Multi-Factor Authentication Market
MFA solutions stand out for their adaptability and flexibility. They are very adaptable and useful in a wide range of industries, including e-commerce, healthcare, and banking. MFA can be adapted to fit certain business goals, giving organisations a flexible approach catered to their own requirements.
Another noteworthy quality is its usability. Even while security is given top priority with MFA, user experience is also given a lot of attention. With the help of contemporary MFA technologies like biometrics and push notifications, user authentication has been streamlined and made more convenient and frictionless. The authentication procedure is simple for users to accomplish, frequently without the need for deep technical knowledge.
Additionally, MFA is essential in assisting organisations to comply with regulatory requirements. By securing access to sensitive data, MFA guarantees that organisations comply with the ever-increasing data protection rules and industry-specific standards like GDPR in Europe and HIPAA in the healthcare sector.
MFA is also particularly good at reducing common online dangers like phishing and credential theft. Even if a user’s password is compromised, an attacker would still need the extra authentication elements in order to succeed. This substantially raises the bar for cybercriminals and discourages many different kinds of assaults.
MFA systems’ adaptability and scalability further emphasise their significance. These solutions are excellent for firms of various sizes because they are made to adapt to an organization’s unique needs. Due to its adaptability, MFA can expand along with the company without losing its effectiveness.
Major Highlights of the Multi-Factor Authentication Market
By requiring users to employ multiple means of authentication, MFA elevates security first and foremost. This usually includes something they do (such as a password), something they have (such as a smartphone or token), and something they are (such as biometric information like a fingerprint or face recognition). By strengthening access controls and acting as a strong disincentive against unauthorised entrance, this multi-layered strategy lowers the likelihood of data breaches.
A strong defence against credential theft and related cyber dangers is provided by MFA. Additional authentication elements present a challenge for hackers even when they successfully steal a user’s password. It becomes exponentially more difficult for fraudsters to get unauthorised access as a result of this substantial wall. This strong security feature serves as an important barrier against common threats like phishing and credential theft.
MFA also plays a crucial role in ensuring compliance with data privacy laws. Personal data must be handled securely due to strict regulations like GDPR and HIPAA. Organisations show they are committed to protecting sensitive information and abiding by the law by implementing MFA. In the context of industries that deal with private and sensitive data, this capability is especially important.
Modern MFA solutions are designed to balance security and simplicity in terms of the user experience. MFA streamlines the user authentication process by utilising cutting-edge technology like biometrics and push notifications. This user-friendly strategy is essential for preserving a great user experience, which is important for both staff members and customers.
Furthermore, MFA demonstrates adaptability and is compatible with a wide range of programmes and services. Due to its adaptability, MFA can meet the particular requirements of various industries, where special methods are required for various use cases. It is a scalable system that can easily meet an organization’s changing authentication requirements, a key quality in a constantly shifting digital environment.
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Competitive overview:
The MFA market is led by some of the globally established players, such as Microsoft (US), Thales (France), Okta (US), Broadcom (US), OneSpan (US), Micro Focus (UK), HID Global (US), Cisco (US), Ping Identity (US), RSA Security (US). Partnerships, agreements, collaborations, product developments, and acquisitions are some of the various growth strategies by these players to increase their market presence.
Microsoft develops and supports software, services, devices, and solutions. Its product offerings include Operating Systems (OS), cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. The company also designs, manufactures, and sells devices, including Personal Computers (PCs), tablets, gaming and entertainment consoles, other intelligent devices, and related accessories. It offers a range of services, including cloud-based solutions that provide customers with software, services, platforms, and content, as well as solution support and consulting services.
In the category of MFA, it offers Microsoft Intra. It utilizes push notifications, biometrics, or one-time passcodes to approve sign-ins from mobile apps. It helps to increase the security of accounts with two-step verification in place of or in addition to passwords. Microsoft focuses on organic and inorganic strategies to optimize its growth and remain competitive. The company caters to various industry verticals, including finance and insurance, manufacturing, retail, media and entertainment, public sector, healthcare, and IT and telecommunications. It has a geographical presence in more than 190 countries across North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
Thales Group is a French multinational company that designs and builds electrical systems and provides services for the aerospace, defense, transportation, and security markets. The French government partially owns the company and operates in more than 56 countries. For digitalization processes, businesses and governments depend on the Thales Group. Additionally, the identity management and data protection technologies of Thales Group help banks exchange funds, maintain border control, and many other applications. Thales’ SafeNet OTP hardware tokens provide secure access to enterprise, web-based, and cloud applications while complying with privacy and security regulations. It offers strong authentication on multiple applications via OTP generation on mobile devices. According to the company, more than 30,000 organizations rely on Thales Group’s solutions to verify the identities of people and things, grant access to digital services, analyze vast quantities of information, and encrypt data. With 80,000 employees, Thales Group has offices in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Okta is the leading independent identity provider. The Okta Identity Cloud is powered by the company’s category-defining platform that enables customers to securely connect the right people to the right technologies and services at the right time. It offers Okta Customer Identity, an identity service that allows centralized management, frictionless experience, speed-to-market, and internet-scale security. It is secure, developer-friendly, and with minimal custom code.
Over 15,000 customers across nearly every industry used the Okta Identity Cloud to secure and manage identities worldwide. Okta has partnered with leading application, infrastructure, and security vendors, such as Amazon Web Services, Cisco, CrowdStrike, Google Cloud, Microsoft, Netskope, Proofpoint, Salesforce, ServiceNow, VMware, and Workday. The company has a large customer base across North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America.
According to MnM’s approach to evaluating the market, most businesses use organic and inorganic growth tactics to hold onto their market share. In 2020–2022, transactions rose by 50–60%. Alliances, acquisitions, collaborations, and partnerships together are covered in these agreements. Organizations are anticipated to embrace organic growth strategies starting in 2022 to provide end consumers with MFA solutions and services, which would assist businesses in boosting market revenue.
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