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Multi-factor Authentication Market Growth Drivers 2022, Industry Share-Size, Global Demand, Emerging Trends, Opportunities in Grooming Regions, Key Players Strategies, Future Investments and SWOT Analysis till 2030

Multi-factor Authentication Market report contains detailed information on factors influencing demand, growth, opportunities, challenges, and restraints. It provides detailed information about the structure and prospects for global and regional industries. In addition, the report includes data on research & development, new product launches, product responses from the global and local markets by leading players. The structured analysis offers a graphical representation and a diagrammatic breakdown of the Multi-factor Authentication Market by region.

The Multi-factor Authentication Market is expected to grow at the CAGR of 17% from 2021 to 2027. The market size was measured at $10,300 million in the year 2020.

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Multi-factor authentication (MFA) is a feasible and significant way of adding security to the company’s data and employees’ accounts. Through Multi-factor authentication, users get top-notch security as they have to verify themselves as account holders through multiple authentication methods. The 2 or 3 step verification is crucial to gain access to applications, online accounts, or a VPN.

Apart from the highly secured operations, multi-factor authentication solutions are exclusively designed to secure the organization’s digital infrastructure, services, and data. Organizations get access to multi-factor authentication solutions in the form of an Application Programming Interface.

Factors affecting market

The highest share of the multi-factor authentication market was held by the password-based authentication segment and is forecast to remain dominant in the future. The reason being the feasibility and economic prices providing a required level of security to the businesses.

Growing cases of security gaps and cyber-attacks have made it essential to use the Multi-factor authentication method. In addition to that, the rise in online fraud has been a key reason behind the multi-factor authentication (MFA) market growth.

A password less authentication is a form of multi-factor authentication (MFA), which is entirely based on fingerprints and pins and other password-free factors. Developing Artificial Intelligence and the Internet of Things(IoT) in smart devices might grow the password less authentication segment in the upcoming years. The fingerprint sensors and smartcards available on mobile phones, laptops are making password-less authentication more convenient for the users.

The protection of consumer data is another factor driving the growth of the multi-factor authentication market. Businesses are preferring face recognition, voice analysis, and iris recognition system to validate the employee’s identity. Apart from that, the emergence of fingerprint recognition applications and face recognition in devices might become the major reason for the surge of the password less multi-factor authentication industry.

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Covid-19 Impact On Multi-factor Authentication Market

After COVID-19, the global multi-factor authentication market size might increase due to the surge in cybercrime.

The pandemic period enhanced the requirement for multi-factor authentication solutions which expanded the profit of the market. According to F5 Labs, a security solutions provider, phishing attacks have risen to 220% since the initial stage of lockdown has begun. These concerns prompted the expansion of the multi-factor authentication market as businesses began to strengthen their security infrastructure.

The primary reason for growing cyber-criminal cases was adapting to the remote working culture that enhanced the surge in cybercrime. The growing risks are driving a positive scope for the global multi-factor authentication market growth.

Regional Analysis

The increment of data breaches crime cases in BYOD(Bring your own device), cloud services, and data centers, cases of data breaches are fostering the growth of the multi-factor authentication market in the Asia-Pacific region. Apart from that, severe restrictions implemented to secure sensitive data are prompting the extension of the market.

The market is witnessing expansion in various Asia-pacific countries including Japan, China, India, Australia, South Korea, and New Zealand among others. Multi-factor is also expected to grow in the Asia-Pacific due to the rising online transactions facilities growing in counties like Japan, India, and China.

A release on June 8th, 2021, by the Bureau and Economic Analysis and U.S. Census Bureau reports the recovering of the U.S. market. The report also described the recovery of U.S. International Trade in July 2021.In April 2021, exports in the country reached $300 billion, an increase of $13.4 billion. In April 2021, imports amounted to $294.5 billion, increasing by $17.4 billion. COVID19 is still a significant issue for economies around the globe, as evidenced by the year-over-year decline in exports in the U.S. between April 2020 and April 2021 and the increase in imports over that same period of time. The market is clearly trying to recover. Despite this, it means there will be a direct impact on the Healthcare/ICT/Chemical industries, resulting in a large market for Multi-factor Authentication Market.

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According to Statista, as of 2021 data, the United States held over ~36% of the global market share for information and communication technology (ICT). With a market share of 16%, the EU ranked second, followed by 12%, China ranked third. In addition, according to forecasts, the ICT market will reach more than US$ 6 trillion in 2021 and almost US$ 7 trillion by 2023. In today’s society, continuous growth is another reminder of how ubiquitous and crucial technology has become. Over the next few years, traditional tech spending will be driven mainly by big data and analytics, mobile, social, and cloud computing.

This report analyzes the global primary production, consumption, and fastest-growing countries in the Information and Communications Technology(ICT) market. Also included in the report are prominent and prominent players in the global Information and Communications Technology Market (ICT).

Key Market Segments

By Authentication Type

Password authentication

Passwordless authentication

By Model Type

Smart card with pin

Smart card with biometric technology

Biometric technology with pin

Two-factor biometric technology

One time password with pin

Multi-factor with three-factor authentication

Smart card with pin and biometric technology

Smart card with two-factor biometric technology

Pin with two-factor biometric technologies

Three-factor biometric technology

Multi-factor with four-factor authentication

Multi-factor with five-factor authentication

By Component

Solutions

Hardware

Services

By End-User

BFSI

Government

Travel and Immigration

Military and Defense

Commercial Security

IT

Telecommunication

Healthcare

Media and Entertainment

Other

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By Region

North America

The U.S.

Canada

Europe

UK

Germany

France

Spain

Italy

Russia

Rest of Europe

Asia-Pacific

China

India

Japan

India

Australia

South Korea

Southeast Asia

Rest of Asia-Pacific

LAMEA

Latin America

Middle East

Africa

Key Market Players

Microsoft

Broadcom

One span

Okta

Microfocus

Thales

Rsa security

Duo security (cisco)

Ping identity

Hid global

What is the goal of the report?
• The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
• During the forecast period, the report analyzes the growth rate, market size, and market valuation.
• The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
• The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance

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