- 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
- 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.
- Two-Factor Authentication segment is expected to dominate the market with a market share of 55.87% due to its balance of strong security and user convenience.
