DUBLIN–(BUSINESS WIRE)–Added Multi-Factor Authentication Market – Forecasts from 2022 to 2027 report ResearchAndMarkets.com Offer.
The multi-factor authentication market is projected to grow at a CAGR of 16.88% during the forecast period and reach US$34.497 billion by 2027, compared to US$11.543 billion in 2020.
The main benefit of MFA is that it increases organizational security by requiring users to identify themselves with more than just a username and password. Although usernames and passwords are important, they are vulnerable to brute force attacks and easily compromised.
Enforcing the use of an MFA factor that serves as a fingerprint or physical hardware key increases the organization’s confidence in its security. The increasing adoption of cloud-based networks in core operations by several private and public organizations and the resulting threat of security breaches are increasing the demand for multi-factor authentication solutions in the market. The global MFA market landscape is segmented based on model type, applications, and geographic regions.
The increasing adoption of cloud computing and rising security breaches are attributed to the growth of the MFA market.
The advent of cloud computing has meant that MFA has become even more undeniable. As businesses migrate to cloud computing technology, security has become a top concern. The number of security breaches has grown exponentially in recent years. According to the Identity Theft Resource Center’s 2021 Data Breach Report, data breaches increased by 68% in that year compared to the previous year. Banks and financial service providers, for example, are more susceptible to such attacks.
According to statistical conclusions from HM Revenue and Customs, the UK’s tax and customs agency, there were more than 450 COVID 19-related financial assistance scams between August 2020 and July 2021. Additionally, in December 2021, a crypto trading platform, Bitmart, suffered a cyber attack in which hackers siphoned off a whopping $200 million worth of assets. In November of the same year, hackers broke into a decentralized finance platform, bZx, and reportedly stole an estimated $55 million.
Also, earlier that same month, the FBI issued an alert related to increasing scams involving cryptocurrency ATMs and QR codes. Several such cyber attacks are driving organizations and individuals to adopt better and stronger authentication solutions. Consequently, additional security measures must be implemented to ensure that access is restricted to the appropriate personnel only. In addition, MFA prompts additional authentication factors that are more difficult to impersonate or crack using brute force methods.
Increasingly stringent compliances and initiatives by multiple organizations to develop and deploy better authentication solutions are adding additional impetus to the growth of the MFS market.
The growing concerns about cyber security and the initiatives of the companies to seek a better security solution to limit the security breach is one of the major factors attributed to the rise in demand for the threat intelligence market. Amid rising data breaches, the strict regulations being issued by different governments from multiple regions continue to drive the market. The European General Data Protection Regulation, Brazil’s Lei Geral de Protecao de Dados, the California Consumer Privacy Act, China’s Personal Data Protection Act, India’s Personal Data Protection Act and Nigeria’s Data Protection Regulation are some of the most important examples. Failure to comply with these regulations would result in hefty fines of up to 5% of global sales. In such a scenario, to meet the increasing demand, the authentication solution providers are preparing to develop new offerings and various other strategic implementations to expand the brand presence and meet the needs of their customers.
The increasing trend of digitization forces companies to use efficient, safe and reliable preventive solutions. At the same time, digitization is also changing authentication solutions like never before. Such changes are expected to propel the MFA market forward in the forecast period.
While MFA solutions help strengthen corporate security, they also come with some drawbacks and are not without risks either. First, setting up multi-factor authentication can be tedious, time-consuming, and expensive. As the number of authentication factors increases, so does the time it takes to perform a single action. Furthermore, actions employed by cyber criminals such as sim swapping or switching can give them easy access to user’s physical SIM card and access IDs. Such factors are expected to hamper market growth.
Three Factor Authentication
Four Factor Authentication
Five Factor Authentication
travel and transportation
According to geography
Main topics covered:
2. RESEARCH METHOD
4. MARKET DYNAMICS
5. MULTI-FACTOR AUTHENTICATION BY MODEL
6. MULTI-FACTOR AUTHENTICATION BY APPLICATION
7. MULTI-FACTOR AUTHENTICATION BY GEOGRAPHY
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
9. COMPANY PROFILES
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