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Multi-Factor Authentication Market worth $23.5 billion by 2026 - Exclusive Report by MarketsandMarkets

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. ....

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Multi-Factor Authentication Market worth $23.5 billion by 2026 - Exclusive Report by MarketsandMarkets™

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. ....

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Multi-Factor Authentication Market Leaders: Global Industry Report, Size, Share, Growth and Forecast 2020-2025 – Business

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. ....

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