Based on component, MFA services have witnessed a growing demand in recent years. The services segment includes various services that are required to deploy, execute, and maintain MFA platforms in organisations. The services in the MFA market are crucial as they provide robust support for proper functioning and integration of software and hardware-based solutions. MFA services comprise technical support services that require the effective integration of MFA solutions.

With the increasing demand for MFA solutions in high-growth markets such as APAC and MEA, there is a significant demand for training and education services to spread awareness about various MFA solutions and the provision of training pertaining to the effective deployment of MFA solutions. Financial services, healthcare, and the ecommerce industry verticals have witnessed huge data losses due to security breaches. As a result, they are highly dependent on MFA solutions for strengthening their cyber security capabilities.

The growing concern of data breaches and privacy compliance regulations, especially due to the Covid-19 outbreak, is making companies focus on adopting MFA solutions and services to achieve compliance, improve data security, and enable better flexibility in operations. Major MFA vendors are widely supporting organisations in such unprecedented times with their 365/24/7 services.

SME's show most growth

Based on an organisation's size, it is the SME segment that the researchers found to be growing at the highest CAGR during the forecast period. SMEs are more prone to cyber fraud due to limited resources, availability of IT personnel, and budget constraints; and are looking forward to adopting MFA software to save their money, time, resources, and assets. With small businesses slowly moving to the cloud, there is a significant need for MFA. Every data is important and hackers must not be given the leverage to access it. Hence, according to Marketsandmarkets, small businesses are actively investing in MFA solutions to enhance their security posture.

Geographically North America is the strongest region

North America is estimated to account for the highest market share in the MFA market. The region comprises some of the key vendors that offer MFA solutions and services; some of them are Microsoft, Broadcom, Onespan, Okta, Cisco, Ping Identity, among others. By country, the US is expected to hold the largest market share owing to the growing cyber threatscape. Banks and federal agencies in the US employ MFA solutions proactively to authenticate everyone in the system. The changing working scenarios because of Covid-19, BYOD trend, IoT, adherence to compliance and regulations, and elevating risks, such as BEC, phishing, malware, and other advanced threats, are prompting organisations in North America to adopt MFA solutions.

Some key market players

Key and innovative vendors in the MFA market, and named by the analysts in the research include Microsoft, Broadcom, Onspan, Okta, Micro Focus, Thales, RSA Security, Cisco, Ping Identity, HID Global, ESET, Yubico, Forgerock, Cyberark, Onelogin, Secureauth, Oracle, Salesforce, Secret Double Octopus, Silverfort, Trusona, Fusionauth, Hypr, Keyless and Luxchain.