The latest report by IMARC Group, titled “Multi-Factor Authentication Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” finds that the global multi-factor authentication market exhibited strong growth during 2015-2020. Looking forward, the market is expected to grow at a CAGR of around 17% during 2021-2026.
Multi-factor authentication (MFA) refers to a security system that uses an additional layer of security to authenticate the user’s identity and offers secure transactions over the internet. It consists of an amalgamation of biometric, logical and physical procedures to surpass the security system. Multi-factor authentication requires a security token, one-time password (OTP), and user-specific biometric verification. This layered system provides improved security surveillance and data security. As a result, it finds application in various end use sectors such as banking, financial services, and insurance (BFSI), healthcare, government, defense, travel and transport, and logistics industries.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Multi-Factor Authentication Market Trends:
The market is primarily driven by the increasing number of online frauds, security breaches, and cyber-attacks. This has resulted in the launch of data security standards across large, medium, and small industries. Besides this, the rising stringency in regulations to protect sensitive data is propelling the market growth. For instance, governments across various countries have implemented regulations, including General Data Protection Regulation (GDPR), Payment Services Directive 2 (PSD2), and Anti-Money Laundering Directive 5 (AMLD5), for safeguarding sensitive data against any form of security transgression. In addition to this, there have been increasing investments in the implementation of MFA to support services, training, SMS gateway, and hardware and software tokens. Along with this, investments in cloud technology and the adoption of bring-your-own-devices (BYOD) trend across enterprises are also escalating the demand for MFA solutions. Furthermore, the introduction of authentication-as-a-service solutions offering advanced security and authentication to organizations is fueling the market growth.
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Key Market Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
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Key highlights of the Report:
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