Selbyville, Delaware, Aug. 24, 2021 (GLOBE NEWSWIRE) --
According to latest report “Multi-Factor Authentication Market by Component (Solution, Service), Authentication Model (Two-Factor, Three-Factor, Four-Factor), Application (BFSI, Government & Defense, Healthcare, Tourism and Hospitality, Retail, IT & Telecom), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of multi-factor authentication will cross $20 billion by 2027. The Increasing investments in cloud infrastructure and strong focus of smartphone manufacturers on launching products with built-in security & privacy features are expected to significantly contribute to the market growth.
The market expansion is attributed to the rising concerns over securing sensitive data across enterprises. Enterprises are increasingly encouraging employees to adopt BYOD policies to cut down infrastructure costs and increase enterprise agility. Most of these devices have weak or no data security protocols, posing severe threats to enterprise networks and business-critical data. Since BYOD devices are not managed by the internal IT teams, the risk of losing unencrypted data is further compounded. MFA solutions enable organizations to secure data on employees’ devices, providing a robust layer of security over passwords and biometric authentication. This also ensures data protection in the case of device thefts or losses as encrypted data cannot be decrypted without the authentic encryption key.
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The solution segment dominated more than 65% of the multi-factor authentication market share in 2020. The growing number of cyberattacks globally is creating a huge demand to adopt authentication measures such as a text messages or fingerprint scanners to access accounts & safeguard enterprises from brute force attacks and data breaches. Solution providers are conducting multiple strategic initiatives to fast-track the innovation process in the MFA technology to offer sustainable solutions to the end-user.
The four-factor authentication is projected to witness 10% growth rate through 2027 led by the increasing developments in commercial infrastructure, with the use of four types of identity-confirming credentials such as possession, inherence, knowledge, and location factors. The increasing adoption of four-factor systems across enterprises and government agencies to provide excessive security is anticipated to support the industry growth during the forecast timeframe.
The tourism & hospitality sector in the multi-factor authentication market is poised to showcase a significant growth over the forecast period due to the increasing demand for security tokens & biometric verification methods to confirm an employee’s identity across tourist attractions such as amusement parks & museums. The tourism & hospitality industry processes a huge amount of sensitive consumer data daily, such as credit card details, names & addresses, making the hospitality sector an ideal target for cybercriminals to carry out identity theft crimes and credit card frauds.
Europe multi-factor authentication market is estimated to cross USD 5 billion by 2027 owing to the favorable government initiatives and compliance regulations, mandating companies to adopt advanced security measures. Several regional enterprises are focusing on acquiring local players to offer innovative solutions.
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Major players operating in the MFA market are Apersona, Inc., Broadcom Inc., Censornet Ltd., Cisco Systems, Inc, Confident Technologies, Inc., are Deepnet Security Ltd. Companies operating in the market are focusing on developing innovative solutions.
Table of Contents (ToC) of the report:
Chapter 3 Multi-Factor Authentication (MFA) Market Insights
3.1 Introduction
3.2 Industry segmentation
3.3 Impact of COVID-19 outbreak
3.3.1 Global outlook
3.3.2 Regional outlook
3.3.3 Industry value chain
3.3.4 Competitive landscape
3.4 Industry ecosystem analysis
3.4.1 Software providers
3.4.2 Hardware providers
3.4.3 Cloud service providers
3.4.4 System integrator
3.4.5 End users
3.4.6 Vendor matrix
3.5 Industry evolution
3.6 Technology & innovation landscape
3.6.1 Advanced Analytics
3.6.2 Transactional
3.6.3 Collaborative
3.6.4 Trade Promotion Optimization (TPO)
3.6.5 Optimization & collaboration
3.6.6 Single photon technology
3.7 Regulatory landscape
3.8 Technology and innovation landscape
3.8.1 Baked in Authentication
3.8.2 Out Of Band Authentication
3.8.3 Built In Fingerprint Readers
3.9 Investment portfolio
3.10 Industry impact forces
3.10.1 Growth drivers
3.10.2 Industry pitfall & challenges
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
Browse Complete Table of Contents (ToC) @
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
