Market Overview:
The global multi-factor authentication software market is expected to grow at a CAGR of 16.5% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing need for security and safety among organizations, rising instances of cyber-attacks, and growing demand for cloud-based authentication solutions. Based on type, the global multi-factor authentication software market can be segmented into cloud-based and on-premises solutions. Cloud-based solutions are expected to witness higher growth during the forecast period as they offer several advantages such as scalability, flexibility, and cost efficiency over on-premises solutions. On the basis of application, small and medium enterprises (SMEs) are expected to account for a larger share of the global multi factor authentication software market during the forecast period owing to their growing need for enhanced security against cyber threats.
Product Definition:
Multi-factor authentication (MFA) is a security process that requires more than one method of authentication to verify the user's identity. The three most common factors are something you know (a password), something you have (a security token), and something you are (biometric identification). MFA software is a type of program that provides multi-factor authentication for users logging in to their computers or networks. MFA software can be used with or without hardware tokens, and can be implemented as part of a company's existing login system or as a standalone application.
Cloud-based:
Cloud-based multi-factor authentication software is a type of security software that uses cloud technology to store data. It helps in storing and securing multiple user credentials such as financial information, emails, social media accounts, and other private data. The rise in the number of cyberattacks across the globe has increased concerns among users for secure storage of their sensitive information on various cloud platforms.
On-premises:
Multi-factor authentication software is used to enhance security in organizations. It requires an additional step for logging on to a system or network. The additional factor includes information such as knowledge-based and possession-based factors which are usually passwords, OTP tokens, voice recognition, and biometrics among others. This technology helps in providing strong authentication without the help of a third party called as theFactor yoke (FATY).
Application Insights:
The large enterprises segment dominated the market in 2017. Factors such as size, complexity and volume of transactions increase the risk of fraud and thus multi-factor authentication is required for these applications. The SMEs' application segment is expected to witness a high growth rate over the forecast period owing to factors such as low cost, easy to deploy MFA solutions that provide robust security for online transactions and data access.
The increasing number of cyberattacks are driving businesses towards multi-factor authentication solutions since it provides an additional layer of security by requiring users to enter a second factor (password or code) along with their username/password before they can access any protected resources or perform any sensitive activities. In addition, companies are also focusing on strengthening customer relationships by offering secure channels for customers across all channels which includes physical world (malls & shops), mobile world (SMS & mails) and online world (website & apps).
Regional Analysis:
The North American regional market dominated the global multi-factor authentication software market in 2016. The growth of this region can be attributed to the presence of a large number of small and medium enterprises (SMEs) in the region, which are increasingly adopting cloud-based MFA solutions to secure their business operations. Moreover, an increase in cyberattacks is further driving SMEs and large enterprises alike towards multi-factor authentication solutions for user identification and verification purposes.
Asia Pacific is expected to emerge as the fastest growing regional market over the forecast period owing to increasing government initiatives aimed at strengthening online security infrastructure across various countries such as China, India, Australia among others will drive industry growth over next few years. Furthermore, increasing investments by prominent players such as CA Technologies; Symantec Corporation; Rapid7 Inc.; LogRhythm Inc.; Zscaler Ltd.
Growth Factors:
- Increasing demand for Multi-Factor Authentication Software from small and medium businesses (SMBs) due to the increasing number of cyber-attacks on these businesses.
- The growing awareness among users about the need for Multi-Factor Authentication Software to protect their online identities and data from cyber threats.
- The increasing adoption of Multi-Factor Authentication Software by government organizations and other large enterprises to meet the stringent security requirements of these organizations.
- The growing demand for cloud-based Multi-Factor Authentication Software solutions due to the ease of deployment and management offered by these solutions.
- The rising trend of Bring Your Own Device (BYOD) in enterprises, which is driving the demand for mobile multi factor authentication software
Scope Of The Report
Report Attributes
Report Details
Report Title
Multi-Factor Authentication Software Market Research Report
By Type
Cloud-based, On-premises
By Application
Small and Medium Enterprises (SMEs), Large Enterprises
By Companies
Google Authenticator, Duo Security, RSA Security, Authy, SecureAuth, Idaptive Next-Gen Access, PingID, WatchGuard, Symantec, Silverfort
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
171
Number of Tables & Figures
120
Customization Available
Yes, the report can be customized as per your need.
Global Multi-Factor Authentication Software Market Report Segments:
The global Multi-Factor Authentication Software 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
Small and Medium Enterprises (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:
- Google Authenticator
- Duo Security
- RSA Security
- Authy
- SecureAuth
- Idaptive Next-Gen Access
- PingID
- WatchGuard
- Symantec
- Silverfort
Highlights of The Multi-Factor Authentication Software 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:
- Small and Medium Enterprises (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 Software 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 software is a security feature that uses more than one method to verify a user's identity. Common methods include passwords, PINs, and biometric data such as fingerprints or facial recognition scans. Multi-factor authentication can help protect your online accounts from unauthorized access by requiring users to enter two different types of information in order to log in.
Some of the key players operating in the multi-factor authentication software market are Google Authenticator, Duo Security, RSA Security, Authy, SecureAuth, Idaptive Next-Gen Access, PingID, WatchGuard, Symantec, Silverfort.
The multi-factor authentication software market is expected to grow at a compound annual growth rate of 16.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Multi-Factor Authentication Software 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 Software Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Multi-Factor Authentication Software 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 Software 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 Software Market Size & Forecast, 2018-2028
4.5.1 Multi-Factor Authentication Software Market Size and Y-o-Y Growth
4.5.2 Multi-Factor Authentication Software Market Absolute $ Opportunity
Chapter 5 Global Multi-Factor Authentication Software 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 Software 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 Software 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 Software Market Size Forecast by Applications
6.2.1 Small and Medium Enterprises (SMEs)
6.2.2 Large Enterprises
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Multi-Factor Authentication Software 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 Software 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 Software Analysis and Forecast
9.1 Introduction
9.2 North America Multi-Factor Authentication Software 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 Software 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 Software Market Size Forecast by Applications
9.10.1 Small and Medium Enterprises (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 Software Analysis and Forecast
10.1 Introduction
10.2 Europe Multi-Factor Authentication Software 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 Software 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 Software Market Size Forecast by Applications
10.10.1 Small and Medium Enterprises (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 Software Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Multi-Factor Authentication Software 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 Software 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 Software Market Size Forecast by Applications
11.10.1 Small and Medium Enterprises (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 Software Analysis and Forecast
12.1 Introduction
12.2 Latin America Multi-Factor Authentication Software 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 Software 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 Software Market Size Forecast by Applications
12.10.1 Small and Medium Enterprises (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 Software Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Multi-Factor Authentication Software 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 Software 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 Software Market Size Forecast by Applications
13.10.1 Small and Medium Enterprises (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 Software Market: Competitive Dashboard
14.2 Global Multi-Factor Authentication Software Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Google Authenticator
14.3.2 Duo Security
14.3.3 RSA Security
14.3.4 Authy
14.3.5 SecureAuth
14.3.6 Idaptive Next-Gen Access
14.3.7 PingID
14.3.8 WatchGuard
14.3.9 Symantec
14.3.10 Silverfort
