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Multi Factor Authentication (Mfa) Market 2022 Key Applications, Industry Growth, Competitors Analysis and Forecast till 2030

Quadintel published a new report on the Multifactor Authentication (Mfa) Market. The research report consists of thorough information about demand, growth, opportunities, challenges, and restraints. In addition, it delivers an in-depth analysis of the structure and possibility of global and regional industries.

The global multifactor authentication (MFA) market size was US$ 10.9 billion in 2021. The global multifactor authentication (MFA) market is forecast to grow to US$ 35.9 billion by 2030, registering a compound annual growth rate (CAGR) of 15.3% during the forecast period from 2022 to 2030.

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Multifactor authentication is a sophisticated security technique that includes two or more validation steps so that users can access components, online accounts, and Virtual Private Networks (VPN). The increasing number of verification processes will reduce the likelihood of security breaches such as hacking and data theft, making MFA systems a helpful choice to save the data.

COVID-19 Impact Analysis

The COVID-19 outbreak was observed to be beneficial for the multifactor authentication (MFA) market as the players witnessed significant revenue growth. During the pandemic, cyber-based attack cases increased abruptly. Thus, industries started adopting MFA solutions in order to keep the data safe. Moreover, the work-from-home culture prompted the demand for MFA solutions, so the data stays safe from any theft. Thus, the global multifactor authentication (MFA) market is witnessing considerable growth due to the COVID-19 pandemic.

Regional Analysis

Because of increasing smartphone usage, technological advancements, rising consumption of digital services, and improved network connectivity, North America is expected to dominate the multifactor authentication (MFA) market. Additionally, the increasing number of cyber-attacks and the presence of key firms such as CA Technologies, Vasco Data Security International Inc., Symantec Corporation, and others will contribute to the region’s growth.

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Factors Influencing the Market

The growing number of cyber-attacks during the COVID-19 pandemic will fuel the growth of the market during the forecast period.
The growing trend of remote working is likely to prompt the growth of the global multifactor authentication (MFA) market. Due to the remote working culture, the chances of cyberattacks are increasing. The U.S. Department of homeland security registered around 250% hike in the number of data breaches and cyber-related attacks on federal systems in 2020. Thus, the data depicts the necessity to take measures in order to boost security, which will create a positive scope for the multifactor authentication (MFA) market.

Favorable government policies and efforts to improve privacy will play a notable role in the multifactor authentication (MFA) market growth. Government policies, such as the European Union’s General Data Protection Regulation (GDPR), intending to improve customer data protection, are likely to benefit the global multifactor authentication (MFA) market. Additional policies, such as the European Payment Service Providers Directive 2 (PSD2) and the California Consumer Privacy Act of 2018 (CCPA) in the United States, will drive the growth of the global multifactor authentication (MFA) market.
The complexity of the multifactor authentication (MFA) may hamper the market growth during the study period.

Competitors in the Market

Microsoft
Broadcom
Onespan
Okta
Micro Focus
Thales
RSA Security
Duo Security (Cisco)
Ping Identity
Hid Global
Other Prominent Players
Market Segmentation

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The global multifactor authentication (MFA) market segmentation focuses on Authentication Type, Model, Component, End-User, and Region.

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 prominent players

By Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America

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Final Report will add the analysis of the impact of COVID-19 on this industry.”

In the highly import dependent Multifactor Authentication (Mfa) Market, a large number of indigenous manufacturers of syringes and needles have managed to come up. However, it does not mean that imports are low for this market. Imports, as in the case with other medical devices, are quite high but the domestic manufacturers have been able to tap foreign markets through increasing exports. The target base of consumers is growing steadily which is expected to significantly boost sales in the market.

The report provides a snapshot of the Multifactor Authentication (Mfa) Market. It begins with the introduction section which mentions the features and uses of syringes and needles along with a brief description of the various phases in their development. The market overview section provides an insight into the market and highlights the market size. Import and export figures for syringes and needles, both in terms of volume and value have been provided in the next section. It also includes the regional break-up of the imports and exports.

An analysis of the drivers explains the factors leading to the growth of the market which include increasing need of insulin doses, increasing demand for vaccines, improving health infrastructure, growing incidence of diseases, changing demographics and health check-up packages. Some of the major challenges to the market are illegal recycling of syringes and needles and problems associated with usage. Government legislation in the market has been discussed in the next section.

The competition section highlights the features of the major players operating in the market. A brief profile of the major domestic and foreign players in the market along with their financials has been included in this section. A section providing strategic recommendations has been given at the end of the report which gives effective solutions to existing and potential players for improving market share and increasing profitability

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