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 : May, 2021 | Semiconductor & Electronics

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.

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

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

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?