Multi-factor Authentication Market 2023-2027: A Descriptive Analysis of Parent Market, Five Forces Model, Market Dynamics, & Segmentation - Technavio

NEW YORK, Nov. 23, 2022 /PRNewswire/ -- According to Technavio, the global multi-factor authentication market size is projected to grow by USD 20806.45 million from 2022 to 2027. The market is estimated to grow at a CAGR of 21.41% during the forecast period. Moreover, the growth momentum will accelerate. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 35%.

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Technavio categorizes the global multi-factor authentication market as a part of the IT consulting and other services market, which covers companies offering IT consulting and system integration services, application services, electronic data processing services, business process outsourcing services, infrastructure services, and Internet services. The global IT consulting and other services market covers companies that provide information technology consulting and information management services. Technavio calculates the IT consulting and other services market size based on combined revenue generated by companies engaged in the provision of all types of IT services. It includes the annual revenues generated by the companies through the execution of the IT services contracts. 

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The global multi-factor authentication market is fragmented, and the five forces analysis covers–

• Bargaining Power of Buyers
• Threat of New Entrants
• Threat of Rivalry
• Bargaining Power of Suppliers
• Threat of Substitutes
• Interpretation of Porter's Five Forces model helps to strategize the business, for entire details - buy report!
   

The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Technavio has segmented the market based on component, deployment, and region.

• The services segment will grow at the highest rate during the forecast period for several reasons. Firstly, the increasing usage of multi-factor authentication solutions and services in organizations is driving growth. Companies leverage multi-factor authentication solutions to prevent unauthorized access to critical data. The increasing number of data breaches and cyberattacks and the growing adoption of BYOD among enterprises will have a positive impact on the market. 

By geography, the global multi-factor authentication market is segmented into North America, Europe, APAC, South America, and the Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global multi-factor authentication market.

• North America held 35% of the global multi-factor authentication market in 2022. The market in the region is estimated to grow at the fastest pace during the forecast period. The adoption of multi-factor authentication is high in North America, a region that is more technologically advanced than others. The rise in regulatory requirements for large banks and payment card industry (PCI) companies are driving the adoption of multi-factor authentication in the region. In addition, advances in authentication solutions have fueled market growth. Stringent government regulations compel enterprises to incorporate multi-factor authentication into their credential authentication paradigm. Such factors will drive the multi-factor authentication market in the region during the forecast period.

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• Increase in volume of online transactions is driving the multi-factor authentication market growth.
• Financial transactions are vulnerable to cyberattacks. Hence, many organizations have started employing authentication methods, such as phone-based authentication, software OTP tokens, hardware OTP tokens, and e-mail.
• E-commerce represents a small portion of retail purchases in the US. Hence, there are ample opportunities in the e-commerce market in the US.
• Mobile operators provide high-speed mobile broadband services, which are necessary to avail of cloud-computing services. The availability of 3G and 4G networks will further increase online transactions, which will drive the adoption of multi-factor authentication solutions and services during the forecast period.

• The emergence of cloud-based multi-factor authentication is a key trend influencing the multi-factor authentication market growth.
• Many companies are adopting cloud-based multi-factor authentication solutions and services.
• To ensure the security and safety of data on the cloud, cloud service providers are adopting technologies such as tokenization and biometric authentication.
• The demand for multi-factor authentication for securing the data and information in the cloud environment will provide various opportunities to multi-factor authentication solution providers and cloud service providers, which will support the growth of the global multi-factor authentication market during the forecast period. 

• The increase in the cost of OTP tokens may hinder the multi-factor authentication market growth.
• The high initial deployment and replacement costs have increased the total cost of OTP tokens, which includes the initial pricing and licensing fees, infrastructure and hardware requirements, token warranty, and efforts and resources required for deploying and managing the solution.
• A small number of vendors controls the market, and the lack of stiff competition is resulting in high initial deployment and replacement costs. Thus, the increasing cost of OTP tokens will hamper the growth of the market during the forecast period.

Drivers, Trends, and Challenges are the factors of market dynamics, which state about consequences and sustainability of the businesses. Find some insights from a free sample report!

What are the key data covered in this multi-factor authentication market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the multi-factor authentication market between 2023 and 2027
• Precise estimation of the size of the multi-factor authentication market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the multi-factor authentication market industry across APAC, North America, Europe, Middle East and Africa, and South America
• Thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of multi-factor authentication market vendors

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1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Component
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Deployment
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global multi-factor authentication market 2017 - 2021
• Exhibit 18: Historic Market Size – Data Table on Global multi-factor authentication market 2017 - 2021 ($ million)

• 4.2 Component Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Component Segment 2017 - 2021 ($ million)

• 4.3 Deployment Segment Analysis 2017 - 2021
• Exhibit 20: Historic Market Size – Deployment Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Historic Market Size

• 5.1 Global multi-factor authentication market 2023 - 2027
• Exhibit 23: Historic Market Size (value) – Data Table on Global multi-factor authentication market 2023 - 2027 ($ million)
• Exhibit 24: Historic Market Size (volume) – Data Table on Global multi-factor authentication market 2023 - 2027 ($ million)

• 5.2 Global multi-factor authentication market by Segment – Historic Analysis 2023 - 2027 
• Exhibit 25: Historic Market Size (value) - Data Table on Global multi-factor authentication market Segment 2023 - 2027 ($ million)

• 5.3 Global multi-factor authentication market by Segment – Historic Analysis 2023 - 2027 
• Exhibit 26: Historic Market Size (value) - Data Table on Global multi-factor authentication market Segment 2023 - 2027 ($ million)

• 5.4 Global multi-factor authentication market by Segment – Historic Analysis 2023 - 2027 
• Exhibit 27: Historic Market Size (value) - Data Table on Global multi-factor authentication market Segment 2023 - 2027 ($ million)

• 5.5 Global multi-factor authentication market by Segment – Historic Analysis 2023 - 2027 
• Exhibit 28: Historic Market Size (value) - Data Table on Global multi-factor authentication market Segment 2023 - 2027 ($ million)

• 5.6 Global multi-factor authentication market by Segment – Historic Analysis 2023 - 2027 
• Exhibit 29: Historic Market Size (value) - Data Table on Global multi-factor authentication market Segment 2023 - 2027 ($ million)

6 Five Forces Analysis

• 6.1 Five forces summary 
• Exhibit 30: Five forces analysis - Comparison between2022 and 2027

• 6.2 Bargaining power of buyers 
• Exhibit 31: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 6.3 Bargaining power of suppliers 
• Exhibit 32: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 6.4 Threat of new entrants 
• Exhibit 33: Threat of new entrants – Impact of key factors in 2022 and 2027

• 6.5 Threat of substitutes 
• Exhibit 34: Threat of substitutes – Impact of key factors in 2022 and 2027

• 6.6 Threat of rivalry 
• Exhibit 35: Threat of rivalry – Impact of key factors in 2022 and 2027

• 6.7 Market condition 
• Exhibit 36: Chart on Market condition - Five forces 2022 and 2027

7 Market Segmentation by Component

• 7.1 Market segments 
• Exhibit 37: Chart on Component - Market share 2022-2027 (%)
• Exhibit 38: Data Table on Component - Market share 2022-2027 (%)

• 7.2 Comparison by Component 
• Exhibit 39: Chart on Comparison by Component
• Exhibit 40: Data Table on Comparison by Component

• 7.3 Services - Market size and forecast 2022-2027
• Exhibit 41: Chart on Services - Market size and forecast 2022-2027 ($ million)
• Exhibit 42: Data Table on Services - Market size and forecast 2022-2027 ($ million)
• Exhibit 43: Chart on Services - Year-over-year growth 2022-2027 (%)
• Exhibit 44: Data Table on Services - Year-over-year growth 2022-2027 (%)

• 7.4 Products - Market size and forecast 2022-2027
• Exhibit 45: Chart on Products - Market size and forecast 2022-2027 ($ million)
• Exhibit 46: Data Table on Products - Market size and forecast 2022-2027 ($ million)
• Exhibit 47: Chart on Products - Year-over-year growth 2022-2027 (%)
• Exhibit 48: Data Table on Products - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Component 
• Exhibit 49: Market opportunity by Component ($ million)

8 Market Segmentation by Deployment

• 8.1 Market segments 
• Exhibit 50: Chart on Deployment - Market share 2022-2027 (%)
• Exhibit 51: Data Table on Deployment - Market share 2022-2027 (%)

• 8.2 Comparison by Deployment 
• Exhibit 52: Chart on Comparison by Deployment
• Exhibit 53: Data Table on Comparison by Deployment

• 8.3 On-premises - Market size and forecast 2022-2027
• Exhibit 54: Chart on On-premises - Market size and forecast 2022-2027 ($ million)
• Exhibit 55: Data Table on On-premises - Market size and forecast 2022-2027 ($ million)
• Exhibit 56: Chart on On-premises - Year-over-year growth 2022-2027 (%)
• Exhibit 57: Data Table on On-premises - Year-over-year growth 2022-2027 (%)

• 8.4 Cloud - Market size and forecast 2022-2027
• Exhibit 58: Chart on Cloud - Market size and forecast 2022-2027 ($ million)
• Exhibit 59: Data Table on Cloud - Market size and forecast 2022-2027 ($ million)
• Exhibit 60: Chart on Cloud - Year-over-year growth 2022-2027 (%)
• Exhibit 61: Data Table on Cloud - Year-over-year growth 2022-2027 (%)

• 8.5 Market opportunity by Deployment 
• Exhibit 62: Market opportunity by Deployment ($ million)

9 Customer Landscape

• 9.1 Customer landscape overview 
• Exhibit 63: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

10 Geographic Landscape

• 10.1 Geographic segmentation 
• Exhibit 64: Chart on Market share by geography 2022-2027 (%)
• Exhibit 65: Data Table on Market share by geography 2022-2027 (%)

• 10.2 Geographic comparison 
• Exhibit 66: Chart on Geographic comparison
• Exhibit 67: Data Table on Geographic comparison

• 10.3 North America - Market size and forecast 2022-2027
• Exhibit 68: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 69: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 70: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 71: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 10.4 Europe - Market size and forecast 2022-2027
• Exhibit 72: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 75: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 10.5 APAC - Market size and forecast 2022-2027
• Exhibit 76: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 79: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 10.6 South America - Market size and forecast 2022-2027
• Exhibit 80: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 83: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 10.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 84: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 87: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 10.8 US - Market size and forecast 2022-2027
• Exhibit 88: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 91: Data Table on US - Year-over-year growth 2022-2027 (%)

• 10.9 China - Market size and forecast 2022-2027
• Exhibit 92: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 95: Data Table on China - Year-over-year growth 2022-2027 (%)

• 10.10 Germany - Market size and forecast 2022-2027
• Exhibit 96: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 99: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 10.11 UK - Market size and forecast 2022-2027
• Exhibit 100: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 102: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 103: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 10.12 Japan - Market size and forecast 2022-2027 
• Exhibit 104: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 105: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 106: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 107: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 10.13 Market opportunity by geography 
• Exhibit 108: Market opportunity by geography ($ million)

11 Drivers, Challenges, and Trends

• 11.1 Market drivers

• 11.2 Market challenges

• 11.3 Impact of drivers and challenges 
• Exhibit 109: Impact of drivers and challenges in 2022 and 2027

• 11.4 Market trends

12 Vendor Landscape

• 12.1 Overview

• 12.2 Vendor landscape 
• Exhibit 110: Overview on Criticality of inputs and Factors of differentiation

• 12.3 Landscape disruption 
• Exhibit 111: Overview on factors of disruption

• 12.4 Industry risks 
• Exhibit 112: Impact of key risks on business

13 Vendor Analysis

• 13.1 Vendors covered 
• Exhibit 113: Vendors covered

• 13.2 Market positioning of vendors 
• Exhibit 114: Matrix on vendor position and classification

• 13.3 Broadcom Inc. 
• Exhibit 115: Broadcom Inc. - Overview
• Exhibit 116: Broadcom Inc. - Business segments
• Exhibit 117: Broadcom Inc. - Key news
• Exhibit 118: Broadcom Inc. - Key offerings
• Exhibit 119: Broadcom Inc. - Segment focus

• 13.4 Entrust Corp. 
• Exhibit 120: Entrust Corp. - Overview
• Exhibit 121: Entrust Corp. - Product / Service
• Exhibit 122: Entrust Corp. - Key news
• Exhibit 123: Entrust Corp. - Key offerings

• 13.5 ForgeRock Inc. 
• Exhibit 124: ForgeRock Inc. - Overview
• Exhibit 125: ForgeRock Inc. - Product / Service
• Exhibit 126: ForgeRock Inc. - Key news
• Exhibit 127: ForgeRock Inc. - Key offerings

• 13.6 Fujitsu Ltd. 
• Exhibit 128: Fujitsu Ltd. - Overview
• Exhibit 129: Fujitsu Ltd. - Business segments
• Exhibit 130: Fujitsu Ltd. - Key offerings
• Exhibit 131: Fujitsu Ltd. - Segment focus

• 13.7 HID Global Corp. 
• Exhibit 132: HID Global Corp. - Overview
• Exhibit 133: HID Global Corp. - Product / Service
• Exhibit 134: HID Global Corp. - Key offerings

• 13.8 Microsoft Corp. 
• Exhibit 135: Microsoft Corp. - Overview
• Exhibit 136: Microsoft Corp. - Business segments
• Exhibit 137: Microsoft Corp. - Key news
• Exhibit 138: Microsoft Corp. - Key offerings
• Exhibit 139: Microsoft Corp. - Segment focus

• 13.9 NEC Corp. 
• Exhibit 140: NEC Corp. - Overview
• Exhibit 141: NEC Corp. - Business segments
• Exhibit 142: NEC Corp. - Key news
• Exhibit 143: NEC Corp. - Key offerings
• Exhibit 144: NEC Corp. - Segment focus

• 13.10 Okta Inc. 
• Exhibit 145: Okta Inc. - Overview
• Exhibit 146: Okta Inc. - Product / Service
• Exhibit 147: Okta Inc. - Key offerings

• 13.11 OneSpan Inc. 
• Exhibit 148: OneSpan Inc. - Overview
• Exhibit 149: OneSpan Inc. - Product / Service
• Exhibit 150: OneSpan Inc. - Key offerings

• 13.12 Quest Software Inc. 
• Exhibit 151: Quest Software Inc. - Overview
• Exhibit 152: Quest Software Inc. - Product / Service
• Exhibit 153: Quest Software Inc. - Key offerings

• 13.13 RSA Security LLC 
• Exhibit 154: RSA Security LLC - Overview
• Exhibit 155: RSA Security LLC - Product / Service
• Exhibit 156: RSA Security LLC - Key offerings

• 13.14 SecureAuth Corp. 
• Exhibit 157: SecureAuth Corp. - Overview
• Exhibit 158: SecureAuth Corp. - Product / Service
• Exhibit 159: SecureAuth Corp. - Key offerings

• 13.15 Thales 
• Exhibit 160: Thales - Overview
• Exhibit 161: Thales - Business segments
• Exhibit 162: Thales - Key offerings
• Exhibit 163: Thales - Segment focus

• 13.16 TransUnion 
• Exhibit 164: TransUnion - Overview
• Exhibit 165: TransUnion - Business segments
• Exhibit 166: TransUnion - Key offerings
• Exhibit 167: TransUnion - Segment focus

• 13.17 Yubico AB 
• Exhibit 168: Yubico AB - Overview
• Exhibit 169: Yubico AB - Product / Service
• Exhibit 170: Yubico AB - Key offerings

14 Appendix

• 14.1 Scope of the report

• 14.2 Inclusions and exclusions checklist 
• Exhibit 171: Inclusions checklist
• Exhibit 172: Exclusions checklist

• 14.3 Currency conversion rates for US$ 
• Exhibit 173: Currency conversion rates for US$

• 14.4 Research methodology 
• Exhibit 174: Research methodology
• Exhibit 175: Validation techniques employed for market sizing
• Exhibit 176: Information sources

• 14.5 List of abbreviations 
• Exhibit 177: List of abbreviations

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Email: [email protected]
Website: www.technavio.com/

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