Authored By: Sarah
01 Dec 2022

Multi-factor Authentication Market Share to Grow at 21.41% CAGR Over 2023-2027 

The multi-factor authentication market share is expected to grow at a CAGR of 21.41% between 2022 and 2027. The innovative features and user interfaces and the emergence of cloud-based multi-factor authentication provide a promising ground for the multi-factor authentication market. 

Technavio’s analysis on “Multi-factor Authentication Market by Component, Deployment, and Geography - Forecast and Analysis 2023-2027” reveals that the availability of 3G and 4G networks will further boost online transactions, leading to the increased adoption of multi-factor authentication solutions and services during the forecast period.

Multi-factor Authentication Market Share to Grow at 21.41% CAGR Over 2023-2027

Services to be the Fastest-Growing Multi-factor Authentication Market 

The multi-factor authentication market is segmented by component (services and products), deployment (on-premises and cloud),?and geography (APAC, North America, Europe, Middle East and Africa, and South America).

The increased number of data breaches and cyber-attacks and the growing adoption of BYOD among enterprises will increase the service segment growth during the forecast period. North America will account for 35% market growth, where the US government is one of the key adopters of advanced authentication solutions.

Increase in the Cost of OTP Tokens Pose a Significant Challenge 

An increase in the cost of OTP tokens has become a major challenge to the adoption of multifactor authentication. Factors such as the high initial deployment and replacement costs have increased the total cost of OTP tokens which will hamper the growth of the market in focus during the forecast period.

Major Multi-factor Authentication Market Vendors 

The market structure is fragmented, and the vendors are implementing various strategies such as technological innovations to compete in the market.  

Some of the major multi-factor authentication market vendors are Beyond Identity Inc., Broadcom Inc., Duo, Security Inc., Entrust Corp., FEITIAN Technologies Co. Ltd., ForgeRock Inc., Frontegg, Fujitsu Ltd., FusionAuth, HID Global Corp., Microsoft Corp., NEC Corp., Okta Inc., OneSpan Inc., Quest Software Inc., RSA Security LLC, SecureAuth Corp., TransUnion, Yubico AB. The company offers multi-factor authentication namely Entrust Identity MFA. Through the digital security segment, the company renders Identity and Access Management, Digital Signing, Digital Certificates, and Public Key Infrastructure.

Download the Free PDF Sample Report for highlights on the market size, growth momentum, regional growth opportunities, vendor analysis, and other factors influencing the market growth.   

Key Data Covered in the Multi-factor Authentication Market Report  

  • Precise market size estimation during the forecast period 2023-2027. 

  • CAGR of the multi-factor authentication market forecast during 2023-2027.  

  • Market-level data on units, average selling prices, and values of the multi-factor authentication market share.  

  • Prediction of the upcoming trends, drivers, and factors that challenge the multi-factor authentication market.  

  • Multi-factor authentication market growth across APAC, North America, Europe, Middle East and Africa, and South America.

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