Multifactor Authentication Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028

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Multifactor Authentication Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028

Status : August, 2020 | Semiconductor & Electronics | PPT format

Report Digest

Global Multifactor Authentication Market: An Overview

Multifactor authentication (MFA) is a security system that requires more than one method of authentication from independent categories of credentials to verify the user's identity for a login or other transaction. MFA systems are rising in demand, thanks to increased need for cyber-security solutions which are low-cost, rely on adopted security framework, and meet the growing challenges of real-time security. The rising need for such solutions across government, and private companies wherein specialisation in IT falls behind considerably are expected to emerge as major drivers for growth in the near future. Several major tech companies have faced the wrath of cyber-attacks and continuous cases of widespread theft of data across county governments, and various corporations are expected to drive significant growth for the global multifactor authentication market.

Global Multifactor Authentication Market: Notable Developments

The FBI recently issued a warning for online shoppers during the holiday seasons. The major security agency warned online shoppers about sharing critical information like debit card pin, numbers, and others as usual. However, surprisingly the agency also called on shoppers to use more multifactor authentication to protect their online data. The agency said that hackers were watching online shopping carts to steal personal information and all means necessary to prevent cases of e-skimming are essential for legitimate transactions through websites and mobile apps. Sweeping warnings like these drive home the importance of multifactor authentication and promise new opportunities for growth for players in the global multifactor authentication market.

Microsoft, one of the biggest players in the cloud technology has put multifactor authentication at the heart of all AI related applications on Azure. The company has opened its services to Android and other mobile devices alike to improve security with multifactor authentication. The licensing will allow organizations to allow the use of multifactor authentication to provide secure access to users. This is likely to provide a major boost to multifactor authentication as many companies using its services will likely get to test the feature with their employees and the new experience can lead to new opportunities for players in the multifactor authentication market.

Global Multifactor Authentication Market: Drivers and Trends

Recently, several companies like Adobe, Sony were hacked which resulted in severe financial losses for the concerned companies as well as potential losses for their users who lost financial data. The hacks have also occurred at various counties, wherein huge sums of money was paid as ransom for causing further damage to the systems. The rise in cyber-attacks, ill-prepared systems, and difficult to adapt current IT security infrastructure are expected to drive significant growth for players in the global multifactor authentication market. The rising demand for clouds, high penetration of smartphones, and increasing mobility for employees are also expected to emerge as key drivers of growth in the global multifactor authentication market. The widespread demand for security solutions, the high costs of IT operations, and lack of specialisation in the area for key sectors like finance are also expected to result in major growth for players in the multifactor authentication market.

Global Multifactor Authentication Market: Geographical Analysis

The global multifactor authentication market report will cover all the key regions of the globe including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, the global multifactor authentication market will witness considerable growth in North America. The adoption of these solutions by major tech companies like Google, Microsoft, among others and recent warnings by security agencies like FBI will drive significant growth for players in the multifactor authentication market in the near future.

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.