The global multi-factor authentication (MFA) market size is
expected to reach USD 17.76 billion by 2025, according to a new study by Grand
View Research, Inc., experiencing a CAGR of 15.07% during the forecast period.
Increasing implementation of BYOD and cloud-based services across enterprises,
along with the growing security regulations and mandates, is benefiting market
growth.
Multi-factor authentication is an emerging
category of the identity access management that involves use of multiple
methods of authentication to verify a user’s identity. Authentication of user
identity ensures secure online transactions, log on to online services, and
access to corporate resources. Compromised credentials are the main cause of
data breaches. Multi-factor authentication is used by organizations to
implement an additional layer of security that requires users to authenticate
via knowledge, possession, and inherence factors to gain access to corporate
and social networks.
Advancements in biometric technologies,
hardware and software applications, and cloud-based authentication services are
projected to provide extensive growth opportunities to the market. However, issues
related to cost and complexity involved in implementing MFA solutions and the
ever-changing security regulations and compliances are expected to restrain
market growth.
Browse full research report on Multi-factor
Authentication Market:
https://www.grandviewresearch.com/industry-analysis/multi-factor-authentication-market
Further key
findings from the study suggest:
- North America and Europe were the key revenue
contributors in 2017. The key factors contributing to the growth of the
regions are advanced infrastructure and accelerated adoption of smart
devices
- The two factor authentication model will
continue to dominate the market until 2025, representing more than 75.0%
of the overall revenue.
- The three factor authentication model is
anticipated to exhibit the highest CAGR of close to 17.0% over the
forecast period
- The BFSI sector will be the most prominent
application segment during the forecast period, followed by retail and
e-commerce.
- The Asia Pacific market is estimated to post a
CAGR of about 19.0% over the forecast period
- Increasing investments in cloud technologies,
BYOD, and mobility solutions are poised to provide a fillip to the
multi-factor authentication market
- The key market players include RSA Security,
Symantec Corporation, CA Technologies, Gemalto, Safran, and Vasco Data
Security International.
Browse request sample of this report by
Grand View Research: https://www.grandviewresearch.com/industry-analysis/multi-factor-authentication-market/request/rs1
Grand
View Research has segmented the multi-factor authentication market based on
model, application, and region:
Multi-Factor
Authentication Model Outlook (Revenue, USD Million, 2014 - 2025)
- Two Factor
Authentication
- Three Factor
Authentication
- Four Factor
Authentication
- Five Factor
Authentication
Multi-Factor
Authentication Application Outlook (Revenue, USD Million, 2014 - 2025)
- BFSI
- Government &
Defense
- Healthcare
- Travel &
Immigration
- Retail &
E-commerce
- Others
Multi-Factor
Authentication Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- India
- Japan
- Rest of the World
(RoW)
- Brazil
- Mexico
- Others
About Grand View Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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