MFA Market Overview:
The multifactor authentication (MFA) market is growing rapidly due to the increasing number of cyberattacks. MFA is a security process that requires users to provide two or more pieces of evidence to verify their identity before gaining access to a system or application. This makes it more difficult for attackers to gain unauthorized access, even if they have stolen a user's password.
The global MFA market size was valued at USD 15.6 billion in 2023 and is projected to reach USD 37.4 billion by 2030, growing at a CAGR of 15.70% from 2023 to 2030.
The growth of the MFA market is being driven by a number of factors, including:
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The increasing number of cyberattacks: The number of cyberattacks is growing rapidly, and traditional passwords are no longer enough to protect users from these attacks. MFA provides an additional layer of security that can help to prevent unauthorized access.
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The growing adoption of cloud computing: Cloud computing is becoming increasingly popular, and this is increasing the need for MFA. Cloud-based applications are often accessed from a variety of devices and locations, which makes them more vulnerable to attack. MFA can help to protect these applications by requiring users to provide additional verification factors, even when they are accessing them from a remote location.
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The increasing use of mobile devices: Mobile devices are becoming increasingly popular, and this is also increasing the need for MFA. Mobile devices are often lost or stolen, which can make them a target for attackers. MFA can help to protect mobile devices by requiring users to provide additional verification factors, even when they are accessing applications from their devices.
The key players in the MFA market include Google, Microsoft, Okta, Auth0, OneLogin, Cisco, IBM, Symantec, Gemalto, and Yubico. These companies are developing innovative MFA solutions to meet the growing demand for this technology.
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The MFA market is segmented by authentication type, model type, component, end-user, and region.
By authentication type, the market is segmented into two-factor authentication (2FA), three-factor authentication (3FA), four-factor authentication (4FA), and five-factor authentication (5FA). 2FA is the most common type of MFA, and it requires users to provide two verification factors, such as a password and a one-time password (OTP). 3FA requires users to provide three verification factors, such as a password, an OTP, and a biometric factor. 4FA and 5FA require users to provide even more verification factors.
By model type, the market is segmented into push notification, SMS, voice call, email, and others. Push notification is the most common model type, and it requires users to provide an OTP that is sent to their mobile device. SMS is another common model type, and it requires users to provide an OTP that is sent to their mobile phone. Voice call is less common, but it can be a more secure option than SMS. Email is the least common model type, but it can be a more convenient option for users.
By component, the market is segmented into software and hardware. Software is the most common component, and it includes MFA solutions that are deployed on-premises or in the cloud. Hardware is less common, but it can be a more secure option.
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By end-user, the market is segmented into BFSI, healthcare, government, retail, IT and telecom, and others. BFSI is the largest end-user segment, and it is driven by the need to protect financial data. Healthcare is another large end-user segment, and it is driven by the need to protect patient data. Government is also a significant end-user segment, and it is driven by the need to protect sensitive government data.
By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the largest market for MFA, and it is driven by the high adoption of cloud computing and mobile devices in the region. Europe is the second largest market, and it is driven by the increasing number of cyberattacks in the region. Asia Pacific is the fastest growing market, and it is driven by the growing adoption of MFA in emerging economies such as India and China.
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