Multi-Factor Authentication Market
Multi-Factor Authentication Market - By Component, By Model, By End-Users & Global Region - Market Size, Trends, Opportunity, Forecast 2021-2026Request Sample Request Discount
Pandemic disrupted the entire world and affected many industries.
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Multi-factor Authentication (MFA) is a verification process that needs the user to provide two or more authentication factors to get access to a resource such as online account, an application, or a VPN. It is a core component of an identity and access management (IAM) policy. The aim of multi-factor authentication is to create a layered defense against cyber-crime that makes it more difficult for an unauthorized person to access a target, such as a physical location, network, computing device, or database. If one of the factors has been compromised by an unauthorized user or hacker, the chances that the factor also being compromised are very low; hence, multiple authentication factors provides a higher level of assurance about the user’s identity.
MFA offers various benefits such as meeting the regulatory compliances; easy implementation; and addition of next-level security, even remotely.
COVID Impact Analysis
The COVID-19 epidemic has significantly pushed demand for the Multi-Factor Authentication. This is attributed to the fact that the growing number of enterprises are altering their business models and adopting remote working solutions leading to the escalated demand for enhanced cyber security as hackers see a huge opportunity to hack into company networks. This is major factor leading to the growth of the multi-factor authentication market during the pandemic. Multi-factor authentication is significantly helping keep remote workers and corporate networks secure during the COVID-19 crisis.
Various countries around the globe have imposed a complete lockdown for more than two months as a result of the COVID-19 epidemic, which has had an impact on most of the industry verticals. However, the impact on the technology sector has been comparatively low. For instance, the manufacturing plants all across the world have been shut down, and automobile sales have plummeted. On the contrary, despite the downturn, the sectors associated with the cyber security services, internet service providers (ISPs), information technology (IT) infrastructure, and data centers have experienced huge demand increase as a result of the shift towards home and remote working. This has also led to the demand for multi-factor authentication to reduce or eliminate the cybersecurity risk.
On the other hand, several companies are launching new multi-factor authentication products during the pandemic, further boosting growth of the market. For instance, in April 2020, HID Global, an American manufacturer of secure identity products has launched WorkforceID Authentication, giving enterprises a cloud solution for issuing, using, and managing digital identity credentials for physical as well as logical access control. The organizations can use HID WorkforceID Authentication to simplify, streamline, and secure logins by users to applications throughout the enterprise environment.
Top Impacting Factors
The factors such as significant growth in cases of cyberattacks, fraud, and data identity thefts, and data breaches across organizations; and increasing stringency in regulations to protect sensitive data are primarily driving growth of the global multi-factor authentication market. In addition to this, growing adoption of digitalization across developing and developed economies has pushed the need for enhanced data security solutions to ensure optimal functioning of infrastructures. Further boosting growth of the market. Moreover, rapid increase in investments across the enterprise mobility, cloud technologies along with the increasing adoption of Bring your own device (BYOD) trend among the enterprises is anticipated to boost adoption of multi-factor authentication solutions around the globe. Also, the emergence of authentication-as-a-service solutions, which offer advanced authentication and security to organizations, is projected to boost market growth.
However, high cost coupled with the technical complexities while implementation of multi-factor authentication solutions may hamper growth of the market to some extent during the forecast period.
On the other hand, key market players such as CA Technologies; RSA Security LLC; Vasco Data Security International, Inc.; and Symantec Corporation are significantly investing in research and development of new authentication products, solutions, and services. This factor creates lucrative growth opportunities for growth of the global multi-factor authentication market during forecast period. Furthermore, high volume of online transactions is projected to be opportunistic for the market growth in upcoming years.
On the basis region, the Global Multi-Factor Authentication Market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East and Africa. North America accounted for the largest share in the Multi-Factor Authentication Market. This is mainly attributed to the enhanced network connectivity, proliferation of smartphones, and huge growth in adoption rate of digital services. In addition to this, significant rise in number of cyber-attacks cases are generating the demand for multi-factor authentication solutions in North America.
However, the Asia-Pacific is expected to grow at the highest growth rate during the forecast period. Growth of this region is mainly driven by the growing spend on connected devices, increased investments across the technologies such as cloud and internet of things (IoT), and spiraling demand for digital services. Moreover, mounting emphasis on the security of personal data as well as authentication of online transactions, along with the increased stringent regulatory compliances further boosts demand for multi-factor authentication solutions.
There is proliferation of cloud-based multi-factor authentication solutions and services across the globe. For instance, Azure Active Directory (Azure AD) Multi-Factor Authentication (MFA) is a cloud based solution which helps safeguard access to data and applications, providing additional layer of security. In addition, rising adoption trend of interconnected devices in the IoT environment further creates lucrative growth opportunities for the market growth.
Moreover, smart-phone apps are continuing to grow in popularity. Hence, the need to secure these apps boosts demand for multi-factor authentication solutions.
Global Multi-Factor Authentication market segmentation is based on the component, model, end user, and region. On the basis of component, the market is segmented into solutions, hardware, and services. Based on the model, the multi-factor authentication market is segmented into two factor authentication, three factor authentication, four factor authentication, and five factor authentication. Based on the end user, it is segregated into BFSI, government, travel and immigration, military and defense, healthcare, media and entertainment, commercial security, IT, telecommunication and others. Based on the region, it is segregated into North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
The global Multi-Factor Authentication market is consolidated with the presence of major players in the market such as Vasco Data Security International, Inc., Symantec Corporation, RSA Security LLC, Fujitsu Ltd., NEC Corporation, Gemalto N.V., 3M, aPersona, Inc., CA Technologies, Safran SA, and other players.
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