Multi factor authentication market driven by rise in ID theft

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According to the latest research from Marketsandmarkets the multi factor authentication market is projected to grow from USD 11.1 billion in 2021 to USD 23.5 billion by 2026, at a compound annual growth rate of 16.2% during the forecast period. Major driving factors for the MFA market include rise in security breaches, fraud, and data identity thefts, surge in use of BYOD/ IoT devices, high demand for cloud-based MFA solutions and services, high volume of online transactions, and stringent government regulations.

The services segment includes various services that are required to deploy, execute, and maintain the MFA solutions and services in an organisation. As the adoption of the MFA solution increases, the demand for these services is also expected to increase. The analysts suggest that during Covid-19, the growing concern of data breaches and privacy compliance regulations is making companies focus on adopting MFA solutions to achieve compliance, improved data security, and better flexibility in operations. They also found that major MFA vendors are widely supporting organisations with quick support services in such unprecedented times. Financial services, healthcare, and the e-commerce industry verticals have witnessed huge data losses due to security breaches. As a result, they are highly dependent on MFA solutions for strengthening their cybersecurity capabilities.

Banking & financials are the largest end-users

The Covid-19 outbreak has impacted every possible vertical across the globe, especially high-profile and high-value data verticals such as BFSI, healthcare, and government. With the increasing cyber threat landscape and risk surface, the demand for MFA solutions is also rising. MFA takes a holistic approach to create a layer of defence and make it difficult for an unauthorised person to gain access. The BFSI vertical is an early adopter of cutting-edge MFA solutions as they possess highly sensitive financial data. Financial institutions increasingly understand the value of technological advancements to improve the customer experience and protect themselves and their customers against the consequences of security breaches. These institutions also have a deep understanding of how MFA solutions could be used to combat threats posed by fraud and identity theft. Various government mandates, such as PSD2 and PCI-DSS, necessitate financial institutions to meet the terms and standards related to the privacy of customer data. MFA solutions and services also help the BFSI industry vertical deliver robust security, secure identities, and manage regulatory compliances.

North America holds the largest share

North America has several prominent market players delivering MFA solutions to all end-users in the region. The US and Canada both have strong economic conditions and are expected to be major contributors to the MFA markets growth. The geographical presence, significant research and development activities, partnerships, and acquisitions and mergers are the major factors for deploying MFA and services.

Main market players

Key and innovative vendors in the MFA market, according to the research report, include Micro Focus, Broadcom, Microsoft, Onespan, Okta, Thales, RSA Security, Duo Security, Ping Identity, HID Global, ESET, Forgerock, Cyberark, Onelogin, Secureauth, Oracle, Salesforce, Secret Double Octopus, Silverfort, Trusona, Fusionauth, Hypr, Keyless and Luxchain.

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