Latest News- Multi-Factor Authentication Market: Services is expected to lead the Component segment during 2025-2029

The Multi-Factor Authentication Market is being driven by Increase in volume of online transactions

The Multi-Factor Authentication Market is expected to grow at a CAGR of 33.1% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 59443.7 million. Out-of-Band (OOB) authentication is a multi-factor security solution that enhances the protection of user accounts against unauthorized access. By utilizing a separate communication channel, OOB technology ensures secure verification of user identities for high-risk transactions. This methodology is particularly effective in preventing fraud, as it requires the presence of two distinct networks to authenticate a user. OOB authentication is an economical multi-factor authentication alternative to more complex biometric or key-based systems. Enterprises are increasingly adopting OOB technology to secure their financial and non-financial transactions, providing an additional layer of security beyond traditional one-factor authentication methods. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Component
  • Services
  • Products
• Deployment
  • On-premises
  • Cloud
• Product Type
  • Two-Factor Authentication
  • Three-Factor Authentication
  • Others
• End-user
  • BFSI
  • IT and telecommunications
  • Healthcare
  • Government
  • Others
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increase in volume of online transactions
• High-level security provided by hardware OTP tokens
• Growing adoption of BYOD among enterprises

However, the market also witnesses some limitations, which are as follows:

• Increase in cost of OTP tokens
• Inconvenience of bearing hardware tokens and vulnerability to threats
• Rise in the number of technical defects

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Market Scope in Multi-Factor Authentication Market Research Report

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Research Analysis Overview

In the evolving landscape of Multi-Factor Authentication (MFA), various technologies are shaping the future of secure access control. Passwordless authentication, zero trust security, and contextual authentication are key trends. Biometric fusion, behavioral biometrics, and security tokenization offer enhanced security. Cryptographic authentication, quantum-resistant cryptography, and post-quantum cryptography ensure data protection. Blockchain for authentication, decentralized identity, and federated identity management offer decentralized and secure digital identities. Digital signatures, secure communication, data masking, and data redaction ensure data privacy. Security monitoring tools, logs, dashboards, alerts, training programs, and certifications fortify the defense against cyber threats.

Market Research Overview

The global IT consulting and other services market, encompassing IT consulting and system integration, application, electronic data processing, business process outsourcing, infrastructure, and Internet services, is anticipated to experience significant growth. Key driving factors include increasing government investments in advanced IT infrastructure to address skill gaps and enhance security. Multi-factor authentication, including authentication factors such as biometric, two-factor, one-time passwords, and password managers, will be crucial components of this growth. Technavio's market analysis calculates the market size based on combined revenues from IT consulting and information management services, incorporating IT service contracts.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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Website: www.technavio.com/