Multifactor Authentication Market Estimated at US$ 51.37 Billion by 2031, TMR Study

The latest research study released by Transparency Market Research on “Multifactor Authentication Market Forecast to 2021-2031 ″ research provides accurate economic, global, and country-level predictions and analyses. It provides a comprehensive perspective of the competitive market as well as an in-depth supply chain analysis to assist businesses in identifying major changes in industry practices. The market report also examines the current state of the Multifactor Authentication industry, as well as predicted future growth, technological advancements, investment prospects, market economics, and financial data.

Multifactor Authentication market is estimated to attain a valuation of US$ 51.37 Bn by the end of 2031, states a study by Transparency Market Research (TMR). Besides, the report notes that the market is prognosticated to expand at a CAGR of 16.08% during the forecast period, 2021-2031

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Multifactor Authentication Market: Overview

According to Transparency Market Research’s latest research report on the global multifactor authentication market for the historical period 2017–2019 and the forecast period 2021–2031, usage of multifactor authentication in various end use sector such as healthcare, retail, etc. is expected to boost the global multifactor authentication market during the forecast period

Smartphone Authentication Apps Continue to Grow in Popularity: Key Driver of Global Multifactor Authentication Market

• Use of smartphones as an authentication method via soft tokens has been gaining popularity for the past few years. Apps, SMS, and telephony services are available in smartphones, and they are considered to be a highly rapid and secure way to deploy multi-factor authentication.
• Various apps can be used across tablets, laptops, and phones. Some of them can support only laptops, while others support phones.
• Presently, excessive integration of smartphones is expected to be a key factor driving the multifactor authentication system market
• Demand over complex maintenance, high usage service limit, and increased initial investment are also boosting the multifactor authentication market

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Rise in Regulation to Drive Global Market

• Stringent government regulations to increase the adoption of MFA solutions are expected to drive the multifactor authentication market
• The ever-changing and dangerous landscape has resulted in a slew of new government rules, including General Data Protection Regulation (GDPR), Payment Services Directive 2 (PSD2), and Anti-Money Laundering Directive 5 (AMLD5)
• These regulations have made it obligatory for every business to have sound identity authentication checks integrated into their system in order to combat frauds such as money laundering, identity theft, and terrorist funding
• Stringent compliances and regulations have been a primary driver for the rapid adoption of MFA (Multifactor Authentication) solutions among organizations, owing to the large penalties assessed for non-compliance with regulatory mandates

Competitor Analysis:

The significant players operating in the global Multifactor Authentication market are

Thales Group,Micro Focus,Broadcom,Microsoft,OneSpan,Okta,RSA Security,Duo Security,Ping Identity,HID Global,ForgeRock,CyberArk,OneLogin,Oracle

Market Segmentation –

• Authentication Type
  • Password Authentication
  • Passwordless Authentication

• Model type
  • Two Factor Authentication
  • Three Factor Authentication
  • Four Factor Authentication
  • Five Factor Authentication

• Component
  • Solutions
  • Hardware
  • Services

• End Use
  • IT & Telecommunication
  • BFSI
  • Retail
  • Healthcare
  • Others (Media & Entertainment, e- Commerce, etc.)

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Multifactor Authentication Market: Key Developments

• In March 2021, Okta entered into a definitive agreement to acquire Auth0 for US$ 6.5 Bn. Okta, which has focused on serving businesses with products for IAM, SSO, MFA, cloud directory services, would be strengthened by the acquisition of Auth0, which focuses more on serving customer identity and access markets. The acquisition is expected to close in July 2021.
• In June 2020, Okta Inc. announced that it was coordinating with CrowdStrike Inc. Netskope, and Proofpoint, Inc. to help organizations implement an integrated, zero trust security strategy required to protect dynamic and remote working environments
• In April 2020, Microsoft announced the commercial release of a more simplified Azure Active Directory registration process that adds multifactor authentication (MFA) and self-service password reset features for end users. This MFA plus self-service password registration process is presently at the ‘general availability’ (GA) release stage.

This Report lets you identify the opportunities in Multifactor Authentication Market by means of a region:

• North America (the United States, Canada, and Mexico)
• Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
• Asia-Pacific (China, Japan, Korea, India, Australia, and Southeast Asia (Indonesia, Thailand, Philippines, Malaysia, and Vietnam))
• South America (Brazil etc.) The Middle East and Africa (North Africa and GCC Countries)

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