Global Multi-Factor Authentication Market Size Study, by Deployment (On-premises, Cloud), by Component (Services, Product), and Regional Forecasts 2022-2032

Description

Global Multi-Factor Authentication Market is valued at approximately USD 23.53 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 28.83% over the forecast period 2024-2032. Multi-Factor Authentication (MFA) is an advanced security protocol that enhances the protection of sensitive information and systems by requiring users to present multiple forms of verification before accessing their accounts. Unlike traditional single-password methods, MFA combines distinct authentication factors-such as passwords, security tokens, and biometric identifiers to create a multi-layered defense against unauthorized access, ensuring only authorized individuals can gain entry to critical resources. The market's growth is fueled by the rising incidence of cyber threats, the increasing complexity of online transactions, and the stringent regulatory requirements for data security. Industries such as finance, healthcare, and e-commerce are increasingly adopting MFA solutions to safeguard sensitive information and maintain compliance with regulatory standards. Additionally, the growing adoption of cloud-based MFA solutions, which offer scalability, ease of implementation, and cost-effectiveness, is further propelling market expansion.

A significant trend driving the market is the emergence of cloud-based MFA solutions, which are gaining traction due to their lower maintenance costs and the flexibility they offer to organizations. As businesses continue to migrate to cloud environments, the demand for robust security measures like MFA becomes more critical. The increasing reliance on digital platforms for transactions and communication underscores the need for secure authentication methods, further boosting market growth. However, challenges such as the high cost of OTP tokens and the complexity of integrating MFA into existing systems may impede the market's growth.

The key regions considered for the global Multi-Factor Authentication Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is a dominating region in the Multi-Factor Authentication Market in terms of revenue. The market growth in the region is being attributed to factors including stringent regulatory requirements, technological advancements, and the high adoption rate of security solutions in the region. The presence of key market players and the increasing focus on cybersecurity in the U.S. further contribute to the region's leadership in the market. Whereas, the market in Asia Pacific is anticipated to grow at the fastest rate over the forecast period fueled by increasing frequency of cyberattacks targeting businesses and individuals, coupled with stringent data privacy regulations. The region's growing digital economy and e-commerce landscape, along with the rising adoption of cloud-based services, are further propelling the demand for robust security solutions like MFA.

Major market players included in this report are:

Duo Security Inc.
Entrust Corp.
FEITIAN Technologies Co. Ltd.
Frontegg
Fujitsu Ltd.
FusionAuth
Giesecke Devrient GmbH
HID Global Corp.
NEC Corp.
Okta Inc.
OneSpan Inc.
Quest Software Inc.
Beyond Identity Inc.
Broadcom Inc.
Microsoft Corp.

The detailed segments and sub-segments of the market are explained below:

By Deployment:

On-premises
Cloud

By Component:

Services
Product

By Region:

North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Middle East & Africa
Saudi Arabia
South Africa
RoMEA

Years considered for the study are as follows:

Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with country-level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand-side and supply-side analysis of the market.

Chapter 1. Global Multi-Factor Authentication (MFA) Market Executive Summary

1.1. Global Multi-Factor Authentication Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. By Deployment
- 1.3.2. By Component
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

Chapter 2. Global Multi-Factor Authentication Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
  - 2.3.3.1. Availability
  - 2.3.3.2. Infrastructure
  - 2.3.3.3. Regulatory Environment
  - 2.3.3.4. Market Competition
  - 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
  - 2.3.4.1. Regulatory frameworks
  - 2.3.4.2. Technological Advancements
  - 2.3.4.3. Environmental Considerations
  - 2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3. Global Multi-Factor Authentication Market Dynamics

3.1. Market Drivers
- 3.1.1. Innovative features and user interfaces
- 3.1.2. Growth of online transactions
3.2. Market Challenges
- 3.2.1. High costs of OTP tokens
3.3. Market Opportunities
- 3.3.1. Adoption of cloud-based MFA solutions
- 3.3.2. Expansion in emerging markets

Chapter 4. Global Multi-Factor Authentication Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
4.3. Top investment opportunity
4.4. Top winning strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

Chapter 5. Global Multi-Factor Authentication Market Size & Forecasts by Deployment 2022-2032

5.1. Segment Dashboard
5.2. Global Multi-Factor Authentication Market: Deployment Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 5.2.1. On-premises
- 5.2.2. Cloud

Chapter 6. Global Multi-Factor Authentication Market Size & Forecasts by Component 2022-2032

6.1. Segment Dashboard
6.2. Global Multi-Factor Authentication Market: Component Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 6.2.1. Services
- 6.2.2. Product

Chapter 7. Global Multi-Factor Authentication Market Size & Forecasts by Region 2022-2032

7.1. North America Multi-Factor Authentication Market
- 7.1.1. U.S. Multi-Factor Authentication Market
  - 7.1.1.1. Deployment breakdown size & forecasts, 2022-2032
  - 7.1.1.2. Component breakdown size & forecasts, 2022-2032
- 7.1.2. Canada Multi-Factor Authentication Market
  - 7.1.2.1. Deployment breakdown size & forecasts, 2022-2032
  - 7.1.2.2. Component breakdown size & forecasts, 2022-2032
7.2. Europe Multi-Factor Authentication Market
- 7.2.1. U.K. Multi-Factor Authentication Market
- 7.2.2. Germany Multi-Factor Authentication Market
- 7.2.3. France Multi-Factor Authentication Market
- 7.2.4. Spain Multi-Factor Authentication Market
- 7.2.5. Italy Multi-Factor Authentication Market
- 7.2.6. Rest of Europe Multi-Factor Authentication Market
7.3. Asia-Pacific Multi-Factor Authentication Market
- 7.3.1. China Multi-Factor Authentication Market
- 7.3.2. India Multi-Factor Authentication Market
- 7.3.3. Japan Multi-Factor Authentication Market
- 7.3.4. Australia Multi-Factor Authentication Market
- 7.3.5. South Korea Multi-Factor Authentication Market
- 7.3.6. Rest of Asia Pacific Multi-Factor Authentication Market
7.4. Latin America Multi-Factor Authentication Market
- 7.4.1. Brazil Multi-Factor Authentication Market
- 7.4.2. Mexico Multi-Factor Authentication Market
- 7.4.3. Rest of Latin America Multi-Factor Authentication Market
7.5. Middle East & Africa Multi-Factor Authentication Market
- 7.5.1. Saudi Arabia Multi-Factor Authentication Market
- 7.5.2. South Africa Multi-Factor Authentication Market
- 7.5.3. Rest of Middle East & Africa Multi-Factor Authentication Market

Chapter 8. Competitive Intelligence

8.1. Key Company SWOT Analysis
8.2. Top Market Strategies
8.3. Company Profiles
- 8.3.1. Duo Security Inc.
  - 8.3.1.1. Key Information
  - 8.3.1.2. Overview
  - 8.3.1.3. Financial (Subject to Data Availability)
  - 8.3.1.4. Product Summary
  - 8.3.1.5. Market Strategies
- 8.3.2. Entrust Corp.
- 8.3.3. FEITIAN Technologies Co. Ltd.
- 8.3.4. Frontegg
- 8.3.5. Fujitsu Ltd.
- 8.3.6. FusionAuth
- 8.3.7. Giesecke Devrient GmbH
- 8.3.8. HID Global Corp.
- 8.3.9. NEC Corp.
- 8.3.10. Okta Inc.
- 8.3.11. OneSpan Inc.
- 8.3.12. Quest Software Inc.
- 8.3.13. Beyond Identity Inc.
- 8.3.14. Broadcom Inc.
- 8.3.15. Microsoft Corp.

Chapter 9. Research Process

9.1. Research Process
- 9.1.1. Data Mining
- 9.1.2. Analysis
- 9.1.3. Market Estimation
- 9.1.4. Validation
- 9.1.5. Publishing
9.2. Research Attributes