Global Multi-Factor Authentication Market Report 2022-2027: Proliferation of Cloud-Based MFA Solutions and Services & Adoption of Interconnected Devices in the IoT Environment Presents Opportunities
DUBLIN, Aug. 12, 2022 /PRNewswire/ -- The "Multi-Factor Authentication Market by Component (Hardware, Solutions, and Services), Model Type (Two, Three, Four, Five-factor), Organization Size, Vertical (BFSI, Healthcare, Media & Entertainment, Government) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The MFA market size is projected to grow from an estimated value of USD 12.9 Billion in 2022 to USD 26.7 Billion by 2027, at a Compound Annual Growth Rate (CAGR) of 15.6% from 2022 to 2027. The demand for MFA is driven by the need for more secure digital payments and rising breaches and threats. There is also a growing demand for AI/ ML-powered MFA solutions to identify any suspicious activity and detect any anomalous user behavior in real-time.
Based on vertical, the BFSI segment to hold the largest market size during the forecast period.
The overall market for the MFA technology is categorized into several applications, based on its end user usage, such as BFSI, government, military & defense, travel & immigration, commercial security, healthcare, IT, telecom, media & entertainment, and others.
The BFSI vertical is expected to hold the largest market size among other end-users. Financial companies are increasingly embracing digital transformation. The BFSI organizations possess highly confidential and sensitive information (financial data of customers, user IDs, passwords, and other personal information). Hence, this vertical is the major adopter of MFA solutions to avoid any instances of fraud or identity theft. In addition, government mandates such as
Personal Information Protection and Electronic Documents Act (PIPEDA), Gramm-Leach-Bliley Act (GLBA), Federal Financial Institutions Examination Council (FFIEC), along with standards that include Payment Card Industry Data Security Standard (PCI DSS) and Sarbanes-Oxley Act (SOX), require financial institutions to ensure protection from cyber criminals.
Key Topics Covered:
For more information about this report visit https://www.researchandmarkets.com/r/vjyl81
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SOURCE Research and Markets