The multifactor authentication market was valued at USD 6.10 Billion in 2017 and is expected to reach USD 23.38 Billion by 2026 growing at a high compound annual growth rate (CAGR) of 16.10% from 2018 to 2026. With the rise in internet penetration and decreasing cost of internet connection, e-commerce market is increasing at a significant rate owing to which the demand for multifactor authentication is expected to propel during the projected period. In addition, rise in the adoption of IoT and BYOD in corporate organizations coupled with the rising incidence of data-loss due to theft and unsuitable mode of data transmission and collection are further estimated to create significant demand for the multifactor authentication market during the forecast period. Government across the developing nations are further modifying their public-record infrastructures and are implementing stringent rules to organize the demographic data. This is further expected to boost the global multifactor authentication industry during the forecasted period.
The multi factor authentication (MFA) market has been segmented based on authentication type which is further divided into two-factor, three-factor and four-factor. Based on application, the multi-factor authentication market has been segmented into BFSI, healthcare, government authorities, IT & communication, defense, Ecommerce and others. Increasing adoption of IoT coupled with rapid adoption of technologies such as biometrics, OTP protection system and mobile and internet banking is expected to drive the BFSI segment during the forecast period. In addition, increasing prevalence of illegal transfer of money from bank accounts, fraudulent activities in ATM counters and increasing numbers of payment gateways are further estimated to be the prime reasons owing to which BGSI segment is expected to witness highest demand till 2026. Moreover, government is further expected to have massive demand for multifactor authentication during the forecast period owing to the rising population coupled with approach towards adopting modernization.
The global market has been geographically segmented into Asia-Pacific, Europe, North America, Latin America, the Middle East and Africa region. In addition to this, North America region holds the largest market share. The reason may be attributed to the greater public and private awareness regarding data-safety and technologically improved IT infrastructures. In addition, high demand for exports and outsourcing is another prime reason that has increased the demand for multifactor authentication across the North America region. However, Asia-Pacific region is expected to witness highest growth owing to the increasing demand for e-commerce and healthcare sectors. Increasing patient data coupled with rising adoption of online based patient monitoring services and patient migration is expected to create ample opportunities for Asia-Pacific market during the forecast period.
Some of the key players in the global multifactor authentication market include CA Technologies, Crossmatch, Duo Security, Gemalto, HID Global Corporation, Microsoft Corporation, NEC Corporation, SecureAuth Corporation, Symantec Corporation and Vasco.
· Government Authorities
· IT & Communication
· North America
o Rest of Europe
· Asia Pacific
o Rest of Asia Pacific
· Middle East and Africa
o South Africa
o Rest of Middle East and Africa
· Latin America
o Rest of Latin America