Multi-Factor Authentication Market revenue to reach USD 364.4 Billion by 2035, says Research Nester
Key multi-factor authentication market players include Broadcom Inc., Thales, Open Text Corporation, Oracle, Microsoft, Duo, Broadcom, and SQUARE ENIX CO., LTD.
New York, Nov. 20, 2023 (GLOBE NEWSWIRE) — The global multi-factor authentication market size is predicted to expand at ~18.2% CAGR between 2023 and 2035. The market is projected to garner a revenue of USD 364.4 billion by the end of 2035, up from a revenue of ~USD 49 billion in the year 2022.Cyberattacks’ escalating frequency and sophistication have compelled organizations to adopt more robust security measures in turn boosting the market growth. In a survey conducted it was found that, in 2022, organizations around the world recorded a total of 493.33 million ransomware attacks, also the average cost of infringements resulting from stolen or compromised identification documents was USD 4.5 million. MFA provides an effective defined mechanism against unauthorized access and compromises, making it a crucial solution for safeguarding sensitive information.
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The proliferation of remote work and the Bring Your Device (BYOD) trend have expanded the attack surface for cybercriminals. MFA is crucial in securing remote access to corporate networks, cloud services, and critical applications. The proportion working from home has increased to 12.7% of total employed persons and 28.2% work in hybrids as of 2023, providing surplus opportunities for the multi-factor authentication industry. The multi-factor authentication (MFA) market is a rapidly growing sector within the broader cybersecurity industry. MFA is a security approach that requires users to provide two or more forms of verification before granting access to a system, application, or data.
Increasing Cloud Computing Adoption across the Globe to Boost Market Growth
The migration of businesses to cloud-based platforms has increased the need for robust authentication solutions. MFA ensures secure access to cloud services and prevents unauthorized users from gaining access to sensitive data stored in the cloud, and with 61% of businesses switching workloads to the cloud in 2020, the markets for MFA is constantly increasing. The ubiquity of smartphones and mobile devices has enabled the adoption of mobile-based MFA methods, such as biometric authentication and one-time passwords delivered via SMS or mobile apps, providing convenient yet secure ways to verify user identities. with global smartphone network subscriptions reaching 6.4 billion in 2022, the use of MFA increased several folds. Technological advancements have led to the development of innovative MFA methods, such as behavioral biometrics, geolocation, and hardware tokens. These emerging solutions offer improved user experiences while maintaining a high level of data protection. The MFA market has experienced significant growth in recent years and is expected to continue expanding. As the number of cyber threats and data breaches rises, organizations are increasingly adopting MFA to strengthen their security measures.
Multi-Factor Authentication Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Escalating Cybersecurity Threats to Drive the Market Growth in North America Region
The multi-factor authentication market in North America region is estimated to garner the largest revenue by the end of 2035. The North American region, particularly the United States, faces relentless cybersecurity threats. Data breaches, ransomware attacks, and identity theft are widespread concerns. As these threats continue to evolve, the importance of robust digital security, including MFA, is accentuated. According to the Identity Theft Resource Center, there were 1,862 data breaches reported in the United States in 2020, resulting in the exposure of over 300 million records. North American organizations, especially those in healthcare, finance, and e-commerce, are required to adhere to strict data protection regulations. Compliance with these mandates necessitates the adoption of MFA to enhance security and protect sensitive customer and patient information. The rapid expansion of remote work has amplified the need for secure remote access. MFA is integral to ensuring that remote employees can access company resources securely, especially as the traditional perimeter has expanded to include home networks and personal devices. Traditional password-based authentication is inherently vulnerable. The high incidence of data breaches due to password-related issues underscores the need for MFA. By requiring multiple authentication methods, MFA mitigates the risks associated with weak passwords and credential theft.
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Growing Regulatory Frameworks to Propel the Growth in the Europe Region
The Europe multi-factor authentication market is estimated to garner the highest CAGR by the end of 2035. The European region faces persistent and evolving cybersecurity threats, including data breaches, ransomware attacks, and identity theft. These threats emphasize the critical importance of robust digital security measures, with MFA at the forefront. According to the European Union Agency for Cybersecurity (ENISA), the number of reported cybersecurity incidents across Europe increased by 12% in 2020. Regulatory bodies across Europe have implemented strict data protection laws, making it imperative for organizations to adopt advanced security measures. Compliance with GDPR and other regional regulations is a powerful catalyst for the adoption of MFA to enhance data security and privacy. The expansion of remote work and workforce mobility has reshaped access control requirements. MFA is essential in enabling secure remote access for employees, ensuring that they can connect to corporate networks and resources from various locations, including home offices. Traditional password-based authentication remains a weak link in security. European organizations are increasingly aware of the vulnerabilities associated with passwords and are adopting MFA to reduce the risks of unauthorized access and data breaches.
Multi-Factor Authentication, Segmentation by Authentication Type
- Password Authentication
- Passwordless Authentication
Amongst these segments, the passwordless authentication segment in multi-factor authentication market is anticipated to hold the largest share over the forecast period. The persistent increase in cyberattacks, data breaches, and identity theft incidents underscores the critical need for enhanced security measures. Passwords have proven to be a weak link, making passwordless authentication an attractive solution to mitigate these risks. Traditional password-based authentication methods are inherently vulnerable. Weak passwords, password reuse, and phishing attacks contribute to the high prevalence of data breaches. Passwordless authentication provides a more secure alternative, eliminating the reliance on passwords. The 2020 Verizon Data Breach Investigations Report revealed that 81% of data breaches were caused by weak or stolen passwords. Regulatory bodies worldwide, including those in the United States and the European Union, have introduced data protection laws mandating the use of strong authentication methods. Passwordless authentication helps organizations comply with these regulations by enhancing security and safeguarding sensitive data.
Multi-Factor Authentication, Segmentation by Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
Amongst these segments, the large enterprises segment in multi-factor authentication market is anticipated to hold a significant share over the forecast period. The ability to achieve cost savings as operations grow is a fundamental driver for large enterprises. Through bulk purchasing, streamlined processes, and efficient resource allocation, large enterprises can lower their per-unit production costs, increase profit margins, and remain competitive in their respective markets. Large enterprises are known to benefit from economies of scale, enabling them to reduce costs by up to 10% per unit when operations expand. Large enterprises often have dedicated R&D departments and innovation budgets, enabling them to lead in product development and technology innovation. Their investment in research drives growth by facilitating the creation of new products, services, and technologies that meet evolving market demands. Large enterprises have the resources and international presence to expand into new markets and seize opportunities worldwide. Their global reach enables them to tap into diverse customer bases, establish supply chains, and diversify revenue streams, contributing to overall growth. The adoption of digital technologies and automation is accelerating growth in large enterprises. Digital transformation initiatives enhance efficiency, improve customer experiences, and enable data-driven decision-making, positioning large companies for long-term success.
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Few of the well-known industry leaders in multi-factor authentication market that are profiled by Research Nester are Broadcom Inc., Thales, Open Text Corporation, Oracle, Microsoft, Duo, Broadcom, and SQUARE ENIX CO., LTD., and other key market players.
Recent Development in the Multi-Factor Authentication Market
- Trust Stamp has introduced a biometric multifactor authentication solution based on Biometric MFA. The Biometric MFA automates reliable identity assurance with only a selfie. It adds a second and third authentication factor by verifying that the data from the selfie is still active and irreversibly tokenizing it, doing away with the requirement for passcodes from SMS, email, authenticator applications, or hardware tokens.
- OneSpanTM, a firm that secures digital agreements, today unveiled its most recent high-assurance identity verification and authentication tools. These tools are intended to boost the security, confidence, and trust that have grown to be essential to how we communicate and carry out significant digital transactions.
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