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The multifactor authentication market is expected to witness CAGR of 16.3% during the forecast period. The multifactor authentication system is an authentication method that provides an extra layer of security so as to authenticate a user’s identity and provide secure transactions over the internet. It needs a security token, one-time password (OTP), and user-specific biometric verification, thus providing enhanced security surveillance and data security. The MFA system is adopted in various industry verticals like BFSI, healthcare, government, defense, travel and transport, and logistics industries. The rising number of online frauds, security breaches, cyber-attacks, and mounting stringent regulations to protect sensitive data will accelerate the growth of the global multifactor authentication market. Furthermore, the increased investment to implement MFA in supporting services, training, SMS gateway, and hardware and software tokens and rising investment in cloud technology and BYOD will further propel the growth of the multifactor authentication market.

The multifactor authentication (MFA) market refers to the industry involved in providing solutions and services for enhancing authentication security by employing multiple factors. Multifactor authentication is a security mechanism that requires users to verify their identity using two or more distinct authentication factors, such as something they know (e.g., password), something they have (e.g., mobile device), or something they are (e.g., biometric traits like fingerprint or face recognition).

The MFA market has been growing rapidly due to the increasing need for stronger security measures in various sectors, including banking, finance, healthcare, government, and enterprise. The market growth is driven by the rising incidents of cyber threats, data breaches, and identity theft, which have highlighted the limitations of traditional password-based authentication methods.

Several factors contribute to the growth of the multifactor authentication market:

Increasing Security Concerns: Organizations and individuals are becoming more aware of the vulnerabilities of single-factor authentication methods. MFA provides an additional layer of security, making it difficult for unauthorized users to gain access.

Regulatory Compliance: Government regulations and industry standards, such as the Payment Card Industry Data Security Standard (PCI DSS) and General Data Protection Regulation (GDPR), require organizations to implement stronger authentication measures. This drives the adoption of MFA solutions.

Mobile Device Proliferation: The widespread use of smartphones and other mobile devices has opened up new avenues for MFA implementation. Mobile-based authentication methods, such as one-time passwords (OTP) and biometric authentication, are gaining popularity.

Cloud Computing and Remote Workforce: The shift towards cloud-based services and the rise of remote workforces have increased the demand for MFA solutions to secure access to critical resources and data from anywhere.

Advancements in Biometrics: Biometric authentication technologies, such as fingerprint, facial recognition, and iris scanning, have become more reliable and accessible, driving the adoption of MFA solutions that incorporate biometric factors.

Integration with Identity and Access Management (IAM) Solutions: MFA is often integrated with IAM solutions to provide a comprehensive security framework. This integration streamlines user access management and strengthens overall security.

In June 2022, Ping Identity announced further development of the PingOne cloud platform and dynamic authentication solution at Identityiverse 2022. The PingOne cloud platform provides the entire Ping Identity portfolio from a single cloud administrator, solving personal and customer identity use cases. In addition, with dynamic authentication and attribute-based access control (ABAC), PingAuthorize allows enterprises to comply with data protection regulations, reduce fraud, and increase sensitive transactions and data. A central location is available for authentication.

The COVID-19 outbreak has led to a substantial increase in the number of BYOD devices owing to the increased work-from-home solutions, resulting in an increase in the number of devices that have access to enterprise resources. The mounting adoption of BYOD devices will lead to the adoption of multifactor authentication solutions in enterprises.  

Browse 63 market data Tables and 40 Figures spread through 300 Pages and in-depth TOC on " Multifactor Authentication Market by Model Type (Two-Factor Authentication (Smart Card with Pin, Smart Card with Biometric Technology, Biometric Technology with Pin, Two-Factor Biometric Technology, and One-Time Password with Pin), Multifactor with Three-Factor Authentication (Smart Card with Pin and Biometric Technology, Smart Card with Two-Factor Biometric Technology, Pin with Two-Factor Biometric Technologies, and Three-Factor Biometric Technology), Multifactor with Four-Factor Authentication, and Multifactor with Five-Factor Authentication), by Component (Solutions, Hardware, and Services), by Authentication Type (Password Authentication and Passwordless Authentication), by Industry Vertical (BFSI, Government, Travel and Immigration, Military and Defense, Commercial Security, IT, Telecommunication, Healthcare, Media and Entertainment, and Other Verticals (Education, and Retail, and eCommerce)), and Region - Global Forecast to 2030"

By industry vertical, the healthcare segment is anticipated to witness substantial growth during the forecast period.

Based on industry vertical, the global multifactor authentication market is divided into BFSI, government, travel and immigration, military and defense, commercial security, IT, telecommunication, healthcare, media and entertainment, and other verticals (education, and retail, and eCommerce). The healthcare sector has grown significantly and has adopted digitalization in maintaining healthcare records. The developed countries are using expensive technology such as computer systems, medical equipment to the devices attached or embedded in the human body like fitness monitors or digital pacemakers. These have an increased threat from hackers, resulting in the growth of the multifactor authentication market.

Global Multifactor Authentication Market Segmentation Analysis

Segment	Categorization	Leading Category
Model Type	Two-Factor Authentication (Smart Card with Pin, Smart Card with Biometric Technology, Biometric Technology with Pin, Two-Factor Biometric Technology, and One-Time Password with Pin), Multifactor with Three-Factor Authentication (Smart Card with Pin and Biometric Technology, Smart Card with Two-Factor Biometric Technology, Pin with Two-Factor Biometric Technologies, and Three-Factor Biometric Technology), Multifactor with Four-Factor Authentication, and Multifactor with Five-Factor Authentication	Two-Factor Authentication (Largest) Multifactor with Five-Factor Authentication (Fastest)
Component	Solutions, Hardware, and Services	Service (Highest)
Authentication Type	Password Authentication and Passwordless Authentication	Password Authentication (Largest) Passwordless Authentication (Fastest)
Industry Vertical	BFSI, Government, Travel and Immigration, Military and Defense, Commercial Security, IT, Telecommunication, Healthcare, Media and Entertainment, and Other Verticals (Education, and Retail, and eCommerce)	BFSI (Largest) Healthcare (Significant Growth)
Region	North America, Europe, Asia-Pacific, and Rest of the World	North America (Largest) Asia-Pacific (Fastest)

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“North America to hold the largest regional market share in 2022.”

North America is anticipated to have the largest share in the multifactor authentication market owing to the presence of major vendors, investments and innovations, stringent regulatory environment, and increased technology adoption rates.

Some of the major players in the global multifactor authentication market include Broadcom, OneSpan, Okta, Microsoft, RSA Security LLC, Safran, Thales Group, SUPREMA, Ping Identity, and Fujitsu.

Scope of the Report

Report Metric	Details
Market Size Available for the Years in the Study	2018–2030
Historical Period	2018–2022
Base Year	2022
Forecast Period	2022–2030
Segments Covered in the Study	Model Type, Component, Authentication Type, Industry Vertical, and Region
Geographies Covered in the Study	North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)
Companies Covered in the Study	Broadcom, OneSpan, Okta, Microsoft, RSA Security LLC, Safran, Thales Group, SUPREMA,Ping Identity, and Fujitsu.

Global Multifactor Authentication Market Coverage

Model Type Insight and Forecast 2018-2030

• Two-Factor Authentication
  • Smart Card with Pin
  • Smart Card with Biometric Technology
  • Biometric Technology with Pin
  • Two-Factor Biometric Technology
  • One-Time Password with Pin
• Multifactor with Three-Factor Authentication
  • Smart Card with Pin and Biometric Technology
  • Smart Card with Two-Factor Biometric Technology
  • Pin with Two-Factor Biometric Technologies
  • Three-Factor Biometric Technology
• Multifactor with Four-Factor Authentication
• Multifactor with Five-Factor Authentication

Component Insight and Forecast 2018-2030

• Solutions
• Hardware
• Services

Authentication Type Insight and Forecast 2018-2030

• Password Authentication
• Passwordless Authentication

Industry Vertical Insight and Forecast 2018-2030

• BFSI
• Government
• Travel and Immigration
• Military and Defense
• Commercial Security
• IT
• Telecommunication
• Healthcare
• Media and Entertainment
• Other Verticals (Education, and Retail, and eCommerce

Geographical Segmentation

Multifactor Authentication Market by Region

North America

• By Model Type
• By Component
• By Authentication Type
• By Industry Vertical
• By Country – U.S., Canada, and Mexico

Europe

• By Model Type
• By Component
• By Authentication Type
• By Industry Vertical
• By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

• By Model Type
• By Component
• By Authentication Type
• By Industry Vertical
• By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

• By Model Type
• By Component
• By Authentication Type
• By Industry Vertical
• By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries