Multi-Factor Authentication Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030
Multi-Factor Authentication Market: Overview
Multi-factor authentication (MAF) is fast becoming commonplace in preventing any unauthorized access to sign-in to any digital systems or securing online identity. It can two-factor, three-, four- and five-factor, depending upon the levels of authentication needed for a system or business end. Multi-factor authentication makes a unique combination of passwords with Personal Identification Number (PIN), biometric, or OTPs. The rationale behind the growing adoption of MAF is increasing the security and reducing the risk of compromise of the factors that hackers utilize for gaining an unauthorized access.
Most common attacks stems from sharing of passwords either across mobile devices or to different persons. Growing awareness about the phishing attacks, web app attacks, brute force attacks, and point of sale compromises have made for compelling business proposition for adoption of the system in the MAF market. MAF also protects the sensitive data of the user if their hardware are stolen, typically the case of lost mobile phones.
Multi-Factor Authentication Market: Key Trends
The drive for multi-factor authentication (MAF) market comes on the heels of the growing number of security breaches that involve compromised passwords. The growing number of BYOD devices is another trend spurring the demand prospects. Another key factor propelling the users to go MAF is the growing use of public cloud.
Need for improving the security of data across mobile devices hybrid or on-premises environments is another key factor that has fueled the adoption of MAF. The strides in the cloud-based services for businesses is thus a key determinant of generating huge revenue prospects in identity theft protection.
Multi-Factor Authentication Market: Competitive Dynamics and Key Developments
In recent months, growing number of devices used for enterprise work has spurred the demand for MAF. In this regard, users are becoming critical of systems that do not hinder their sign-in experience when they use MAF. Thus, technology companies are unveiling MAF services and solutions keeping this end-user aspect in mind. This means that a growing number of solutions are evaluated in terms of flexibility and vendors, which sets the constant opportunity for players to expand their offering. The company’s security policies of a specific sector may be a defining factor in propelling product development avenues in the multi-factor authentication (MAF) market.
Some of the well-entrenched players in the multi-factor authentication (MAF) market include
Multi-Factor Authentication Market: Regional Assessment
On the regional front, Asia Pacific has emerged as a promising regional market in recent months, and is expected to rise at promising CAGR during the forecast period. A great deal of the recently swelling demand has been from the trend of digitization of operations in the BFSI sector.
A growing number of companies in the insurance and finances sector are transitioning their customer interactions on digital devices and storing confidential data on the cloud. These companies are becoming conscious of strengthening their security systems with robust protocols such as PSD2 and PCI-DSS. Strides being made in the demand for cutting-edge financial technology in other sectors has propelled the adoption of MAF in different ways to cater to the demand for end-use industries. North America has also been a prominent region in the multi-factor authentication (MAF) market. This stems from the fact that extensive research in online security systems, presence of many top providers of MAF solutions and software, and favorable regulatory environments.
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