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.
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Multi-factor
Authentication Market Report Highlights
- 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.
About Us:
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, the company offers
market intelligence studies ensuring relevant and fact-based research across a
range of industries including technology, chemicals, materials, healthcare and
energy.
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