Worldwide Multi-Factor Authentication Industry to 2027 - by Component, Authentication Model Type, Organization Size, Industry and Region
DUBLIN, Dec. 8, 2022 /PRNewswire/ -- The "Global Multi-Factor Authentication Market: Trends and Forecast (2022-2027)" report has been added to ResearchAndMarkets.com's offering.
This report also includes a discussion of technological, regulatory and competitive elements as well as economic trends affecting the market. It explains the major drivers and regional dynamics of the global MFA market and current trends within the industry. This report concludes with detailed profiles of the main vendors in the global market.
The demand for MFA, requiring additional proof of identity beyond a simple username and password is gaining widespread acceptance, worldwide. The rising number of identity thefts and breaches, as well as the increased use of IoT/BYOD devices, are driving up demand for MF. Face recognition, voice analysis and iris recognition are used by organizations to authenticate and verify employees. Post pandemic, there has been a dramatic increase in cyber-based attacks boosting demand for MFA solutions.
MFA offers better security preparedness, reducing the risk of identity compromise by as much as 99.9% over passwords, alone. Hackers use compromised identities to gain a foothold in the organization, avoiding detection for an average of 100 days. With more than 300 million fraudulent sign-in attempts targeting Microsoft cloud services every day, the Microsoft Group Program Manager for Identity Security and Protection stated that enabling an MFA solution blocks 99.9% of these unauthorized login attempts.
Strong MFA offers high assurance factors: fast identity online (FIDO) security keys and smart cards to authenticate users. Strong MFA schemes apply the multi-layered approach. Data analytics determine which accounts and transactions require extra scrutiny and which could be simplified without introducing additional risk.
The growing adoption of MFA by enterprises in various industries is expected to drive the market's growth, positively. Financial organizations are facing the reality that customer experience, from registration to login, preferences and beyond, is the new battleground. Companies respond by adopting authentication technologies that improve the experience. Adaptive MFA, for instance, establishes policies for high-risk interactions, setting minimal authentication requirements for more routine interactions. The BFSI industry is using it for core banking, trade finance, international payment and online banking. MFA is common in other industries (healthcare, retail and segments that need to secure
The next generation of MFA mechanisms combine impregnable security and ease of use, ensuring that users have a frictionless experience while preventing hackers from finding and exploiting loopholes. North America accounts for the largest market share of the global MFA market, followed by Europe and Asia Pacific. Key market participants include Broadcom Inc., Duo Security Inc., Entrust Corp., ForgeRock Inc., Thales DIS, HID Global Corp., Microsoft Corp., Okta Inc., OneLogin Inc., OneSpan Inc., Oracle Corp., Ping Identity Corp., RSA Security LLC, SecureAuth Corp. and Yubico AB, among others.
Key Topics Covered:
Chapter 1 Introduction
Chapter 2 Summary and Highlights
Chapter 3 Market Overview
Chapter 4 Market Dynamics
Chapter 5 Technology Snapshot
Chapter 6 Market Breakdown by Component
Chapter 7 Market Breakdown by Authentication Model Type
Chapter 8 Market Breakdown by Organization Size
Chapter 9 Market Breakdown by Industry
Chapter 10 Market Breakdown by Region
Chapter 11 Patent Analysis
Chapter 12 Company Profiles
Chapter 13 Appendix: List of Abbreviations
For more information about this report visit https://www.researchandmarkets.com/r/uxfkwf
Research and Markets
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