Market Overview:
The global multi-factor authentication technology 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 adoption of multi-factor authentication technology by various end users, such as medical institutions, financial institutions, government organizations, telecommunications companies, and others. Multi-factor authentication technology offers enhanced security against online threats and helps protect user data from unauthorized access. This has led to an increase in the demand for multi-factor authentication solutions among various end users across the globe.
Product Definition:
Multi-factor Authentication (MFA) is a security process that requires more than one type of authentication from an individual to verify their identity. MFA can be used in both corporate and personal settings and is most commonly implemented as a two-factor authentication process, which requires individuals to provide two forms of identification (e.g., username and password, fingerprint scan and password). Multi-factor authentication can also include additional factors such as location data or time-based One Time Passwords (OTP). The use of MFA helps protect organizations against cyberattacks by verifying the identities of users before they are granted access to sensitive data or systems.
Two-Factor:
The two-factor authentication technology is used to verify the identity of a user, which requires not only their password but also an additional verification code sent via text message or generated on the smartphone. The technology helps protect sensitive information by providing additional security layers and preventing unauthorized access.
The multi-factor authentication technology market is expected to witness significant growth over the forecast period owing to increasing cyber threats and data breaches across organizations globally.
Three-Factor:
Three-factor authentication technology is used to verify the claimed identity of a user through multiple verification methods. The technologies are based on three different factors which include something you have ( Factors 1 & 2: password, tokens, certificates), something you are ( Factors 3 & 4: fingerprint, face recognition), and somethings you do (Factors 5 & 6: voice recognition and smart cards). These technologies help in providing security by proving ownership for an account or a product.
Application Insights:
The financial institutions segment dominated the market in 2017 and is expected to maintain its dominance over the forecast period. The growing adoption of MFA solutions by banks, payment gateways, e-commerce companies, and other service providers to secure transactions as well as user data is one of the key factors driving this segment. Furthermore, increasing awareness among organizations regarding data breaches will drive their interest in multi-factor authentication technologies further.
Telecommunication companies are also increasingly adopting multi-factor authentication solutions to protect customer information and enhance security over mobile phones or internet connections. Other applications include medical institutions that use it for protecting patient records from frauds or intruders; government institutes that use it for securing access control; entertainment venues that use it for preventing unauthorised access to their systems & accounts; telecommunications company servers containing valuable information which needs protection against hackers & malware; healthcare network servers containing valuable information which needs protection against hackers & malware etc.
Regional Analysis:
The market in Asia Pacific and South America is expected to grow at a significant rate over the forecast period. The growth can be attributed to increasing government regulations regarding data security, rising incidences of cyber-attacks, and growing adoption of MFA solutions by critical infrastructure sectors such as banking & financial services (BFS), healthcare & medical (HMD), government, telecom sector among others. Moreover, increasing number of retail establishments in these regions coupled with rapidly expanding IT sector is anticipated to drive the demand for multi-factor authentication solutions over the forecast period.
North America accounted for a substantial share owing to early adoption of MFA technologies by various organizations such as banks and financial institutions; educational institutes; governments amongst others. Furthermore, presence of key industry players with extensive experience in developing robust two-factor/multi-factor authentication solutions will fuel regional growth during the forecast years.
Growth Factors:
- Increased concern for data security and privacy among organizations of all sizes
- The need to comply with regulations such as PCI DSS, HIPAA, and GDPR
- The growing number of cyber-attacks and data breaches
- The increasing use of cloud-based services and mobile devices
- Advances in authentication technology that make multi-factor authentication more user-friendly
Scope Of The Report
Report Attributes
Report Details
Report Title
Multi-factor Authentication Technology Market Research Report
By Type
Two-Factor, Three-Factor, Four-Factor, Five-Factor
By Application
Medical, Financial Institutions, The Government, Entertainment, Telecommunications, Other
By Companies
OT-Morpho (IDEMIA), Secid, NEC, GEMALTO, RSA SECURITY, HID GLOBAL, CA TECHNOLOGIES, VASCO DATA SECURITY INTERNATIONAL, CROSSMATCH, Okta, SafeNet Authentication Service, SecureAuth IdP, Symantec Corporation, Vasco
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
186
Number of Tables & Figures
131
Customization Available
Yes, the report can be customized as per your need.
Global Multi-factor Authentication Technology Market Report Segments:
The global Multi-factor Authentication Technology market is segmented on the basis of:
Types
Two-Factor, Three-Factor, Four-Factor, Five-Factor
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
Medical, Financial Institutions, The Government, Entertainment, Telecommunications, 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:
- OT-Morpho (IDEMIA)
- Secid
- NEC
- GEMALTO
- RSA SECURITY
- HID GLOBAL
- CA TECHNOLOGIES
- VASCO DATA SECURITY INTERNATIONAL
- CROSSMATCH
- Okta
- SafeNet Authentication Service
- SecureAuth IdP
- Symantec Corporation
- Vasco
Highlights of The Multi-factor Authentication Technology 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-Factor
- Three-Factor
- Four-Factor
- Five-Factor
- By Application:
- Medical
- Financial Institutions
- The Government
- Entertainment
- Telecommunications
- 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 Technology 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 technology is a process that uses more than one factor to verify the identity of a user. Common factors used in multi-factor authentication include: password, PIN, and biometric data such as fingerprints or facial recognition scans.
Some of the major players in the multi-factor authentication technology market are OT-Morpho (IDEMIA), Secid, NEC, GEMALTO, RSA SECURITY, HID GLOBAL, CA TECHNOLOGIES, VASCO DATA SECURITY INTERNATIONAL, CROSSMATCH, Okta, SafeNet Authentication Service, SecureAuth IdP, Symantec Corporation, Vasco.
The multi-factor authentication technology 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 Technology 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 Technology Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Multi-factor Authentication Technology 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 Technology 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 Technology Market Size & Forecast, 2018-2028
4.5.1 Multi-factor Authentication Technology Market Size and Y-o-Y Growth
4.5.2 Multi-factor Authentication Technology Market Absolute $ Opportunity
Chapter 5 Global Multi-factor Authentication Technology 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 Technology Market Size Forecast by Type
5.2.1 Two-Factor
5.2.2 Three-Factor
5.2.3 Four-Factor
5.2.4 Five-Factor
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Multi-factor Authentication Technology 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 Technology Market Size Forecast by Applications
6.2.1 Medical
6.2.2 Financial Institutions
6.2.3 The Government
6.2.4 Entertainment
6.2.5 Telecommunications
6.2.6 Other
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Multi-factor Authentication Technology 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 Technology 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 Technology Analysis and Forecast
9.1 Introduction
9.2 North America Multi-factor Authentication Technology 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 Technology Market Size Forecast by Type
9.6.1 Two-Factor
9.6.2 Three-Factor
9.6.3 Four-Factor
9.6.4 Five-Factor
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 Technology Market Size Forecast by Applications
9.10.1 Medical
9.10.2 Financial Institutions
9.10.3 The Government
9.10.4 Entertainment
9.10.5 Telecommunications
9.10.6 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 Technology Analysis and Forecast
10.1 Introduction
10.2 Europe Multi-factor Authentication Technology 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 Technology Market Size Forecast by Type
10.6.1 Two-Factor
10.6.2 Three-Factor
10.6.3 Four-Factor
10.6.4 Five-Factor
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 Technology Market Size Forecast by Applications
10.10.1 Medical
10.10.2 Financial Institutions
10.10.3 The Government
10.10.4 Entertainment
10.10.5 Telecommunications
10.10.6 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 Technology Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Multi-factor Authentication Technology 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 Technology Market Size Forecast by Type
11.6.1 Two-Factor
11.6.2 Three-Factor
11.6.3 Four-Factor
11.6.4 Five-Factor
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 Technology Market Size Forecast by Applications
11.10.1 Medical
11.10.2 Financial Institutions
11.10.3 The Government
11.10.4 Entertainment
11.10.5 Telecommunications
11.10.6 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 Technology Analysis and Forecast
12.1 Introduction
12.2 Latin America Multi-factor Authentication Technology 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 Technology Market Size Forecast by Type
12.6.1 Two-Factor
12.6.2 Three-Factor
12.6.3 Four-Factor
12.6.4 Five-Factor
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 Technology Market Size Forecast by Applications
12.10.1 Medical
12.10.2 Financial Institutions
12.10.3 The Government
12.10.4 Entertainment
12.10.5 Telecommunications
12.10.6 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 Technology Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Multi-factor Authentication Technology 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 Technology Market Size Forecast by Type
13.6.1 Two-Factor
13.6.2 Three-Factor
13.6.3 Four-Factor
13.6.4 Five-Factor
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 Technology Market Size Forecast by Applications
13.10.1 Medical
13.10.2 Financial Institutions
13.10.3 The Government
13.10.4 Entertainment
13.10.5 Telecommunications
13.10.6 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 Technology Market: Competitive Dashboard
14.2 Global Multi-factor Authentication Technology Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 OT-Morpho (IDEMIA)
14.3.2 Secid
14.3.3 NEC
14.3.4 GEMALTO
14.3.5 RSA SECURITY
14.3.6 HID GLOBAL
14.3.7 CA TECHNOLOGIES
14.3.8 VASCO DATA SECURITY INTERNATIONAL
14.3.9 CROSSMATCH
14.3.10 Okta
14.3.11 SafeNet Authentication Service
14.3.12 SecureAuth IdP
14.3.13 Symantec Corporation
14.3.14 Vasco
