Latest News- Multifactor Authentication Market in South Korea: Password-based authentication is expected to lead the Type segment during 2025-2029

The Multifactor Authentication Market in South Korea is being driven by Introduction of Out-of-Band (OOB) authentication

The Multifactor Authentication Market in South Korea is expected to grow at a CAGR of 42.1% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 5489.1 million. In South Korea's business landscape, the increasing maintenance costs associated with traditional hardware and software-based two-factor and three-factor authentication systems have spurred a significant shift towards cloud-based multifactor authentication solutions. This transition is driven by the growing demand for cloud-based authentication, which offers several advantages over traditional methods. Companies are attracted to cloud-based multifactor authentication due to its ease of installation and upgrading, pay-as-you-go pricing model, zero maintenance costs, reduced reliance on internal IT personnel, and enhanced reliability and scalability. Furthermore, cloud-based multifactor authentication provides secure access to networks and applications, safeguards users, and addresses compliance requirements for the protection of regulated data. 

Get more information on Multifactor Authentication Market in South Korea by requesting a sample report

Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Password-based authentication
  • Password-less authentication
• Component
  • Service
  • Product
• Deployment
  • On premises
  • Cloud
• Service Type
  • Two-factor authentication systems
  • Three-factor authentication systems
  • Four-factor authentication systems
  • Five-factor authentication systems
  • customized multi-factor authentication systems
• Geography
  • South Korea

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

• Introduction of Out-of-Band (OOB) authentication
• 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:

• Rise in number of technical defects
• Increase in cost of OTP tokens
• Lack of awareness related to multifactor authentication among enterprises

Benefits of Buying Global Multifactor Authentication Market in South Korea Research Report by Technavio

Rich Experience: 20+ years leading global market research, trusted insights across industries.

Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.

Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.

Market Scope in Multifactor Authentication Market in South Korea Research Report

Request Free Sample

Find out which segment is leading the market by accessing the free PDF report

Research Analysis Overview

In South Korea, the multifactor authentication market is witnessing significant growth due to increasing cyber threats, data breaches, and phishing attacks. Password-less authentication solutions, such as biometric scanners, smart cards, security tokens, facial recognition, and fingerprint scanning, are gaining popularity for their ability to enhance security measures in heterogeneous IT environments. Three-factor and four-factor authentication are being adopted for commercial security and enterprise mobility in response to the rising need for data protection in cloud services and remote work. Capital investment in authentication solutions is on the rise, driven by the user convenience they offer and the need to meet data security standards in banking and finance. Physical authenticators, such as smart cards and security tokens, are being used alongside behavioral biometrics and SMS gateway for two-factor authentication. The market for authentication services is expected to continue growing, with support services and operational continuity being key areas of focus. Cloud technologies are also playing a crucial role in the market's expansion, enabling seamless remote access and integration with heterogeneous IT environments.

Market Research Overview

In the dynamic IT landscape of South Korea, the Multifactor Authentication (MFA) market is gaining significant traction as businesses prioritize network security and endpoint protection. This market caters to various sectors, including security awareness training, vulnerability management, password management, single sign-on (SSO), cloud security, and more. As part of the global Internet services and infrastructure market, South Korea's MFA market contributes to the revenue generated by companies providing these services, such as IT security, cloud computing, data centers, and cloud networking and storage infrastructure. Technavio's market analysis calculates the size of the global Internet services and infrastructure market based on the combined revenues of these companies, emphasizing the importance of MFA solutions in enhancing overall security and compliance in the digital business environment.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/