Market Overview:
Multi-factor authentication (MFA) is a security process that requires more than one method of authentication from independent categories of credentials to verify the user’s identity. MFA solutions are used to protect online accounts from unauthorized access. They are also used to protect enterprise networks and data from cyberattacks. The global multi-factor authentication (MFA) solutions market is expected to grow at a CAGR of 16.5% during the forecast period 2018-2030. The global multi-factor authentication (MFA) solutions market can be segmented on the basis of type, application, and region. On the basis of type, the market can be divided into cloud based and on-premises MFA solutions. Cloud based MFA solutions are growing in popularity due to their ease of use and low cost as compared to on-premises MFA solutions. On the basis of application, SMEs and large enterprises are two major segments in the global multi-factor authentication (MFA) Solutions market . Large enterprises account for a larger share in terms of revenue as they have greater security needs than SMEs . 5 %duringthefo recastperiod2018 - 2030 .
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Product Definition:
Multi-factor authentication (MFA) is a security process that requires more than one form of identification to verify the user’s identity. Typically, MFA requires the user to provide something they know (password, PIN), something they have (smart card, phone), and something they are (fingerprint, facial recognition). MFA solutions can be used in both on-premises and cloud-based environments.
Organizations use MFA to protect against unauthorized access to data and systems. By requiring multiple forms of identification, MFA makes it more difficult for attackers to gain access through stolen or guessed passwords. Additionally, MFA can help organizations meet compliance requirements such as PCI DSS 3.2 and HIPAA Security Rule §164.312(a)(2)(i).
Cloud Based:
Multi-factor authentication (MFA) solutions are gaining popularity among enterprises owing to the rise in security breaches and fraudulent activities. The companies are increasingly adopting cloud-based MFA solutions as they help in reducing the cost incurred on maintaining a physical infrastructure for providing access control to employees working from remote locations. Moreover, it also helps organizations with regulatory compliances such as HIPPA, PCI DSS, and GDPR along with offering enhanced data protection at rest and during transmission.
On-premises:
On-premises is a computer software implementation within the organization's own data center or servers. The on-premises solutions are used to generate and verify the digital signatures for all of the company’s important documents such as contracts, purchase orders, etc. These solutions also offer features such as data encryption and access control which helps in securing critical information at rest and during transit.
Application Insights:
The Small and Medium-sized Enterprises (SMEs) segment held the largest share of over 70% in 2017. The growth can be attributed to the fact that majority of SMEs lack MFA solutions, which makes it easy for hackers to access their accounts. Thus, SMEs are adopting multi-factor authentication solutions at a rapid pace as they understand the importance of security against cyberattacks.
The Large Enterprise segment is expected to register a significant CAGR over the forecast period owing to an increase in data breaches and phishing attacks across large enterprises globally. In addition, increasing awareness among large enterprises regarding online safety is driving them towards multi-factor authentication solutions.
Regional Analysis:
The market in North America is expected to grow at a significant rate over the forecast period. The growth can be attributed to the presence of major players such as CA Technologies; Symantec Corporation; and RSA Security LLC, which offer multi-factor authentication solutions for cloud, on-premises, and mobile devices. Moreover, increasing government regulations related to data security are also driving the demand for MFA solutions in this region. For instance, according to Gramm-Leach-Bliley (GLB) Act section 1101(f), financial institutions including banks are required to implement reasonable measures against money laundering activities using their products or services. This act has driven financial institutions such as banks and payment processors in North America adopt multi-factor authentication solutions for their employees working with customer information or funds/transactions of more than 000 USD per day/per institution.
Growth Factors:
- Increased concern for data security and privacy: Multi-factor authentication is an effective way to protect against unauthorized access to data and systems. As organizations become more aware of the risks associated with data breaches, they are increasingly turning to MFA solutions as a way to mitigate those risks.
- The rise of BYOD: With employees increasingly using their own devices for work, it is important for organizations to have a way to ensure that only authorized users can access sensitive information. Multi-factor authentication provides that level of security by requiring multiple forms of identification before granting access.
- The growth of cloud computing: As businesses move more operations online, the need for secure authentication increases. Multi-factor authentication helps protect cloud-based resources by ensuring that only authorized users can access them.
Scope Of The Report
Report Attributes
Report Details
Report Title
Multi-Factor Authentication (MFA) Solutions Market Research Report
By Type
Cloud Based, On-premises
By Application
SMEs, Large Enterprises
By Companies
Duo Security, Google, LastPass, Authy, Ping Identity, OneLogin, RSA, Auth0, WatchGuard, SecureAuth, Secret Double Octopus, CyberArk, Microsoft, Silverfort, Broadcom, Yubico, RingCaptcha, Salesforce, IDEE, GateKeeper, IBM, OAuth.io, Okta, Twilio, HID Global, ESET, LogMeIn
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
230
Number of Tables & Figures
161
Customization Available
Yes, the report can be customized as per your need.
Global Multi-Factor Authentication (MFA) Solutions Market Report Segments:
The global Multi-Factor Authentication (MFA) Solutions market is segmented on the basis of:
Types
Cloud Based, On-premises
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
SMEs, Large Enterprises
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Duo Security
- Google
- LastPass
- Authy
- Ping Identity
- OneLogin
- RSA
- Auth0
- WatchGuard
- SecureAuth
- Secret Double Octopus
- CyberArk
- Microsoft
- Silverfort
- Broadcom
- Yubico
- RingCaptcha
- Salesforce
- IDEE
- GateKeeper
- IBM
- OAuth.io
- Okta
- Twilio
- HID Global
- ESET
- LogMeIn
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Highlights of The Multi-Factor Authentication (MFA) Solutions Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Cloud Based
- On-premises
- By Application:
- SMEs
- Large Enterprises
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Multi-Factor Authentication (MFA) Solutions Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Multi-factor authentication (MFA) solutions are a way to increase the security of your online accounts by requiring two or more factors in order for someone to access your account. These factors can include something you know, like a password, and something you have, like an authenticator app. MFA solutions can also require you to provide verification information from another source, such as a bank account or government ID. By using multiple layers of security, MFA helps protect your personal information from being accessed by unauthorized users.
Some of the major players in the multi-factor authentication (mfa) solutions market are Duo Security, Google, LastPass, Authy, Ping Identity, OneLogin, RSA, Auth0, WatchGuard, SecureAuth, Secret Double Octopus, CyberArk, Microsoft, Silverfort, Broadcom, Yubico, RingCaptcha, Salesforce, IDEE, GateKeeper, IBM, OAuth.io, Okta, Twilio, HID Global, ESET, LogMeIn.
The multi-factor authentication (mfa) solutions market is expected to register a CAGR of 16.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Multi-Factor Authentication (MFA) Solutions Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Multi-Factor Authentication (MFA) Solutions Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Multi-Factor Authentication (MFA) Solutions Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Multi-Factor Authentication (MFA) Solutions Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Multi-Factor Authentication (MFA) Solutions Market Size & Forecast, 2018-2028
4.5.1 Multi-Factor Authentication (MFA) Solutions Market Size and Y-o-Y Growth
4.5.2 Multi-Factor Authentication (MFA) Solutions Market Absolute $ Opportunity
Chapter 5 Global Multi-Factor Authentication (MFA) Solutions Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Multi-Factor Authentication (MFA) Solutions Market Size Forecast by Type
5.2.1 Cloud Based
5.2.2 On-premises
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Multi-Factor Authentication (MFA) Solutions Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Multi-Factor Authentication (MFA) Solutions Market Size Forecast by Applications
6.2.1 SMEs
6.2.2 Large Enterprises
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Multi-Factor Authentication (MFA) Solutions Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Multi-Factor Authentication (MFA) Solutions Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Multi-Factor Authentication (MFA) Solutions Analysis and Forecast
9.1 Introduction
9.2 North America Multi-Factor Authentication (MFA) Solutions Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Multi-Factor Authentication (MFA) Solutions Market Size Forecast by Type
9.6.1 Cloud Based
9.6.2 On-premises
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Multi-Factor Authentication (MFA) Solutions Market Size Forecast by Applications
9.10.1 SMEs
9.10.2 Large Enterprises
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Multi-Factor Authentication (MFA) Solutions Analysis and Forecast
10.1 Introduction
10.2 Europe Multi-Factor Authentication (MFA) Solutions Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Multi-Factor Authentication (MFA) Solutions Market Size Forecast by Type
10.6.1 Cloud Based
10.6.2 On-premises
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Multi-Factor Authentication (MFA) Solutions Market Size Forecast by Applications
10.10.1 SMEs
10.10.2 Large Enterprises
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Multi-Factor Authentication (MFA) Solutions Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Multi-Factor Authentication (MFA) Solutions Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Multi-Factor Authentication (MFA) Solutions Market Size Forecast by Type
11.6.1 Cloud Based
11.6.2 On-premises
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Multi-Factor Authentication (MFA) Solutions Market Size Forecast by Applications
11.10.1 SMEs
11.10.2 Large Enterprises
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Multi-Factor Authentication (MFA) Solutions Analysis and Forecast
12.1 Introduction
12.2 Latin America Multi-Factor Authentication (MFA) Solutions Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Multi-Factor Authentication (MFA) Solutions Market Size Forecast by Type
12.6.1 Cloud Based
12.6.2 On-premises
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Multi-Factor Authentication (MFA) Solutions Market Size Forecast by Applications
12.10.1 SMEs
12.10.2 Large Enterprises
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Multi-Factor Authentication (MFA) Solutions Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Multi-Factor Authentication (MFA) Solutions Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Multi-Factor Authentication (MFA) Solutions Market Size Forecast by Type
13.6.1 Cloud Based
13.6.2 On-premises
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Multi-Factor Authentication (MFA) Solutions Market Size Forecast by Applications
13.10.1 SMEs
13.10.2 Large Enterprises
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Multi-Factor Authentication (MFA) Solutions Market: Competitive Dashboard
14.2 Global Multi-Factor Authentication (MFA) Solutions Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Duo Security
14.3.2 Google
14.3.3 LastPass
14.3.4 Authy
14.3.5 Ping Identity
14.3.6 OneLogin
14.3.7 RSA
14.3.8 Auth0
14.3.9 WatchGuard
14.3.10 SecureAuth
14.3.11 Secret Double Octopus
14.3.12 CyberArk
14.3.13 Microsoft
14.3.14 Silverfort
14.3.15 Broadcom
14.3.16 Yubico
14.3.17 RingCaptcha
14.3.18 Salesforce
14.3.19 IDEE
14.3.20 GateKeeper
14.3.21 IBM
14.3.22 OAuth.io
14.3.23 Okta
14.3.24 Twilio
14.3.25 HID Global
14.3.26 ESET
14.3.27 LogMeIn
