According to the latest report by IMARC Group, titled
: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global multi-factor authentication market experienced robust growth during 2012-2019. Multi-factor authentication (MFA) is a security system intended to protect network, database, device or a physical location with the use of a multi-layered verification process. It requires unique credentials to confirm the user’s identity for the login or any transaction to be made. Other than the username and password, it entails additional authorization factors, including personal security questions, facial recognition, badges, USB devices, security token, one-time password (OTP), behavioral analysis and risk score. Since it is generally a challenging task to decrypt multiple authentication factors, the use of MFA security systems has gained immense traction across the globe.