Global Multifactor Authentication Market, By Model (Two-Factor Authentication, Multifactor with Three-Factor Authentication, Multifactor with Four-Factor Authentication and Multifactor with Five-Factor Authentication), Deployment (On-premises and On-cloud), Organization Type (Small and Medium Scale Enterprises and Large Enterprises), Application (Banking and Finance, Government, Travel and Immigration, Military and Defense, Commercial Security, Healthcare, Consumer Electronics and Others), Country (U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia- Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, UAE, Egypt, Israel, Rest of Middle East & Africa) Industry Trends and Forecast to 2028.
Data Bridge Market Research analyses that the multifactor authentication market will exhibit a CAGR of around 16.59% for the forecast period of 2021-2028. Growing focus of the manufacturers on technological advancements and innovations, increasing adoption of multifactor authentication technology for a wide range of applications such as banking and finance, government, travel and immigration, military and defense, commercial security, healthcare, consumer electronics, and others and growing cases of cyber-attacks or cyber threats are the major factors attributable to the growth of multifactor authentication market. Therefore, in terms of market value, the multifactor authentication market would rocket up to USD 35.01 billion by 2028.
Multifactor authentication is a security framework that offers multistep authentication to finally validate the individual’s authority. In other words, the multifactor authentication systems require more than one authentication detail to finally grant access to the individual.
The increased focus on the technological advancements involved in biometric and cloud-based authentication services is one of the major factors fostering the growth of multifactor authentication market. Rising demand for bring your own device (BYOD) technology and surging adoption of cloud-based services are some other indirect market growth determinants. Stringent government regulations to increase the adoption of MFA solutions will further generate lucrative multifactor authentication market growth opportunities.
However, high response time in higher order authentication models will act as industrial display market growth restraint. Lack of awareness related to MFA among enterprises will further derail the market growth rate. Also, high complexities involved in applying MFA solutions will further pose challenges for the market growth.
This multifactor authentication market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on multifactor authentication market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Multifactor Authentication Market Scope and Market Size
The multifactor authentication market is segmented on the basis of model, deployment, organization type, and application. The growth amongst these segments will help you analyse meagre growth segments in the industries, and provide the users with valuable market overview and market insights to help them make strategic decisions for identification of core market applications.
- On the basis of model, the multifactor authentication market is segmented into two-factor authentication, multifactor with three-factor authentication, multifactor with four-factor authentication and multifactor with five-factor authentication. Two-factor authentication segment is sub-segmented into smart card with pin, smart card with biometric technology, biometric technology with pin, two-factor biometric technology, and one time password with pin. Multifactor with three-factor authentication segment is sub-segmented into smart card with pin and biometric technology, smart card with two-factor biometric technologies, pin with two-factor biometric technologies, three-factor biometric technology.
- On the basis of deployment, the multifactor authentication market is segmented into on-premises and on-cloud.
- On the basis of organization type, the multifactor authentication market is segmented into small and medium scale enterprises and large enterprises.
- On the basis of application, the multifactor authentication market is segmented into banking and finance, government, travel and immigration, military and defense, commercial security, healthcare, consumer electronics, and others.
Multifactor Authentication Market Country Level Analysis
The multifactor authentication market is analysed and market size insights and trends are provided by country, model, deployment, organization type, and application as referenced above.
The countries covered in the multifactor authentication market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America region dominates the market and will continue to flourish its trend of dominance during the forecast period. Rise in the adoption of advanced technologies and rising proliferation of smartphones are the major factors fostering the market growth rate in this region. Asia-Pacific, on the other hand, is projected to score the highest CAGR for the forecast period owing to the rising digitization of the economies.
The country section of the multifactor authentication market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Multifactor Authentication Market Share Analysis
The multifactor authentication market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to multifactor authentication market.
The major players covered in the multifactor authentication market report are Safran, Thales Group, NEC Corporation, 3M, Broadcom., Messe Frankfurt, Broadcom., FUJITSU, OneSpan., HID Global Corporation, ASSA ABLOY, RSA Security LLC, SUPREMA., Crossmatch, Censornet, IDEMIA, ZKTECO CO., LTD., Watchdata Co., Ltd., SecurEnvoy Ltd, and Entrust Corporation. among other domestic and global players. Market share data is available for Global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Customization Available : Global Multifactor Authentication Market
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