Market Overview:
The global multi-factor authentication service market is expected to grow at a CAGR of 16.5% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing adoption of multi-factor authentication by enterprises and other applications, such as education and banking & financial services. Multi-factor authentication is a process that requires more than one type of verification for user identification or access approval. It uses two or more factors, such as something you know (password), something you have (smart card), and something you are (fingerprint). The use of multiple factors helps reduce the risk of unauthorized access to systems and data. North America is expected to hold the largest share in the global multi-factor authentication service market in 2018, followed by Europe and Asia Pacific.
Product Definition:
Multi-factor Authentication Service is used to protect user's account from unauthorized access. It requires the user to provide two or more pieces of evidence (factors) to verify their identity. This service is important because it helps protect user's account from unauthorized access.
Two Factors:
Multi-factor authentication (MFA) is a combination of two factor authentication technologies such as time stamp and one-time password. The additional security layer provides an extra measure of protection to the user by requiring multiple verification before allowing access to sensitive information or transaction.
The increasing need for securing critical data across organizations has led to the growing adoption of MFA services, which is expected to drive market growth over the forecast period.
More Than Two Factors:
The more than two factor authentication (MTA) uses three or more authentication factors to verify the user identity and ensure that an unauthorized person cannot rely on a single means of identification. The most common types of multi-factor authentication include knowledge based, possession based, and possessionless methods.
In the case of knowledge-based methods, one authenticates by using some information related to the transaction such as customer name, address etc.
Application Insights:
The enterprises segment held the largest share of over 60.0% in 2017. The growing need for multi-factor authentication to secure access to corporate networks, sensitive data and assets is expected to drive the demand for MFA solutions among enterprises. Multi-factor authentication helps in reducing the risk of unauthorized access, thereby making it difficult for hackers to gain entry into a system with stolen credentials or fraudulent identity information.
The education sector is anticipated register notable growth over the forecast period owing to increasing incidences of cyberattacks and data breaches that have resulted in huge monetary losses for educational institutions worldwide. In order to prevent such incidents from occurring again and safeguard user credentials, organizations are moving away from single factor authentication towards multi- factor authenticators which include both hardware as well as software components authenticating users through one time passwords (OTAs). Furthermore, government mandates across various countries require schools/colleges/universities etc.
Regional Analysis:
The market in Asia Pacific is expected to grow at a significant rate over the forecast period. The growth can be attributed to increasing government regulations and mandates for data security, rising cyber-attacks, and growing adoption of MFA solutions by enterprises as a best practice. In addition, increasing number of internet users in the region has created huge potential for market growth over the next few years.
North America was valued at USD X million in 2017 owing to high demand from enterprises and rapid adoption by SMEs/micro businesses. The regional market is driven by continuous rollout of new infrastructure that enables multi-factor authentication across various applications such as email, online banking, network access control systems among others.
Growth Factors:
- Increasing demand for online security: The increasing use of the internet and the growing number of cyber-attacks are some of the key factors that are driving the demand for multi-factor authentication services.
- Proliferation of connected devices: The proliferation of connected devices is also fueling the growth of this market as these devices can be easily hacked if proper security measures are not in place. Multi-factor authentication helps to protect these devices from unauthorized access.
- Stringent government regulations: Governments across the globe are implementing stringent regulations mandating multi-factor authentication for accessing sensitive data and systems. This is another major driver for this market’s growth.
Scope Of The Report
Report Attributes
Report Details
Report Title
Multi-factor Authentication Service Market Research Report
By Type
Two Factors, More Than Two Factors
By Application
Education, Enterprises, Other
By Companies
Cisco, Google, LogMeIn, TWILIO, Ping Identity, OneLogin, RSA Security, Okta, WatchGuard, CyberArk Software, SecureAuth, Microsoft, Thales
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
172
Number of Tables & Figures
121
Customization Available
Yes, the report can be customized as per your need.
Global Multi-factor Authentication Service Market Report Segments:
The global Multi-factor Authentication Service market is segmented on the basis of:
Types
Two Factors, More Than Two Factors
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
Education, Enterprises, Other
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:
- Cisco
- Google
- LogMeIn
- TWILIO
- Ping Identity
- OneLogin
- RSA Security
- Okta
- WatchGuard
- CyberArk Software
- SecureAuth
- Microsoft
- Thales
Highlights of The Multi-factor Authentication Service 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:
- Two Factors
- More Than Two Factors
- By Application:
- Education
- Enterprises
- Other
- 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 Service 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) is a security feature that requires two or more factors to be entered in order for someone to access their account. These factors can include a password, a one-time code sent to your phone, or an authenticator app. MFA helps protect your account from unauthorized access by requiring additional verification steps before logging in.
Some of the key players operating in the multi-factor authentication service market are Cisco, Google, LogMeIn, TWILIO, Ping Identity, OneLogin, RSA Security, Okta, WatchGuard, CyberArk Software, SecureAuth, Microsoft, Thales.
The multi-factor authentication service 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 Service 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 Service Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Multi-factor Authentication Service 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 Service 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 Service Market Size & Forecast, 2018-2028
4.5.1 Multi-factor Authentication Service Market Size and Y-o-Y Growth
4.5.2 Multi-factor Authentication Service Market Absolute $ Opportunity
Chapter 5 Global Multi-factor Authentication Service 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 Service Market Size Forecast by Type
5.2.1 Two Factors
5.2.2 More Than Two Factors
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Multi-factor Authentication Service 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 Service Market Size Forecast by Applications
6.2.1 Education
6.2.2 Enterprises
6.2.3 Other
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Multi-factor Authentication Service 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 Service 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 Service Analysis and Forecast
9.1 Introduction
9.2 North America Multi-factor Authentication Service 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 Service Market Size Forecast by Type
9.6.1 Two Factors
9.6.2 More Than Two Factors
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 Service Market Size Forecast by Applications
9.10.1 Education
9.10.2 Enterprises
9.10.3 Other
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 Service Analysis and Forecast
10.1 Introduction
10.2 Europe Multi-factor Authentication Service 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 Service Market Size Forecast by Type
10.6.1 Two Factors
10.6.2 More Than Two Factors
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 Service Market Size Forecast by Applications
10.10.1 Education
10.10.2 Enterprises
10.10.3 Other
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 Service Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Multi-factor Authentication Service 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 Service Market Size Forecast by Type
11.6.1 Two Factors
11.6.2 More Than Two Factors
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 Service Market Size Forecast by Applications
11.10.1 Education
11.10.2 Enterprises
11.10.3 Other
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 Service Analysis and Forecast
12.1 Introduction
12.2 Latin America Multi-factor Authentication Service 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 Service Market Size Forecast by Type
12.6.1 Two Factors
12.6.2 More Than Two Factors
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 Service Market Size Forecast by Applications
12.10.1 Education
12.10.2 Enterprises
12.10.3 Other
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 Service Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Multi-factor Authentication Service 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 Service Market Size Forecast by Type
13.6.1 Two Factors
13.6.2 More Than Two Factors
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 Service Market Size Forecast by Applications
13.10.1 Education
13.10.2 Enterprises
13.10.3 Other
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 Service Market: Competitive Dashboard
14.2 Global Multi-factor Authentication Service Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Cisco
14.3.2 Google
14.3.3 LogMeIn
14.3.4 TWILIO
14.3.5 Ping Identity
14.3.6 OneLogin
14.3.7 RSA Security
14.3.8 Okta
14.3.9 WatchGuard
14.3.10 CyberArk Software
14.3.11 SecureAuth
14.3.12 Microsoft
14.3.13 Thales
