Digital Identity Solutions Market worth $49 5 billion by 2026 - Exclusive Report by MarketsandMarkets finanznachrichten.de - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from finanznachrichten.de Daily Mail and Mail on Sunday newspapers.
The Worldwide Multi-Factor Authentication Industry is Expected to Reach $23 5 Billion by 2026 at a CAGR of 16 2% from 2021 yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
Multi-Factor Authentication Market worth $23.5 billion by 2026 - Exclusive Report by MarketsandMarkets Multi-Factor Authentication Market by Component (Hardware, Solutions, and Services), Model Type (Two, Three, Four, and Five-Factor), Organization Size, End User (BFSI, Healthcare, Media and Entertainment, Government), and Region - Global Forecast to 2026
, published by MarketsandMarkets, the market size is projected to grow from USD 11.1 billion in 2021 to USD 23.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 16.2% during the forecast period. Major driving factors for the MFA market include rise in security breaches, fraud, and data identity thefts, surge in use of BYOD/ IoT devices, high demand for cloud-based MFA solutions and services, high volume of online transactions, and stringent government regulations.
By component, the services segment to register the highest growth rate during the forecast period
The services segment includes various services that are required to deploy, execute, and maintain the MFA solutions and services in an organization. As the adoption of the MFA solution increases, the demand for these services is also expected to increase. During COVID-19, the growing concern of data breaches and privacy compliance regulations is making companies focus on adopting MFA solutions to achieve compliance, improved data security, and better flexibility in operations. Major MFA vendors are widely supporting organizations with quick support services in such unprecedented times. Financial services, healthcare, and the e-commerce industry verticals have witnessed huge data losses due to security breaches. As a result, they are highly dependent on MFA solutions for strengthening their cybersecurity capabilities.