Multi-Factor Authentication Market Expected to Generate $40,000 Million by 2030, Growing At a CAGR of 18%

WILMINGTON, DE, UNITED STATES, October 20, 2023 /EINPresswire.com/ -- According to a recent report published by Allied Market Research, titled, Multi-Factor Authentication Market By Authentication type (Password and Password Less), Model Type (Two-Factor Authentication, Three-Factor Authentication, Four-Factor Authentication, and Five-Factor Authentication), Component (Hardware, Solution, and Services) and End User (BFSI, Government, Travel & Immigration, Military &Defense, Commercial Security, IT, Telecommunication, Healthcare, Media & Entertainment, and Others) : Global Opportunity Analysis and Industry Forecast, 2021-2030“.

The global multi-factor authentication market size was valued at $10,300 million in 2020, and is projected to reach $40,000 million by 2030, registering a CAGR of 18% from 2021 to 2030.

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In term of design, multi-factor authentication solutions are non-intrusive and it has no impact on the rest of organization's digital infrastructure and digital services, thereby creating a high secure operation. In addition, modern multi-factor authentication solutions are available to organizations in the form of APIs that can be integrated seamlessly with the organization’s login pages. This flexibility and feasibility of multi-factor authentication solutions promise great opportunities for future growth of the multi-factor authentication market.

Technological advancements, proliferation of smartphones, enhanced network connectivity, and high adoption rate of digital services are a number of the key factors supplementing the expansion of the regional market. Moreover, growing cases of cyber-attacks are triggering the adoption of multi-factor authentication solutions in North America. Presence of major technology players such as CA Technologies; Symantec Corporation; Vasco Data Security International, Inc.; and RSA Security LLC is anticipated to assist the market in North America to realize tremendous traction over the forecast period. The expansion of the market in North America can primarily be attributed to the presence of key multi-factor authentication market trends, investments and innovations, strict regulatory environment, and technology adoption rates.

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Competitive Analysis:
The competitive environment of Multi-Factor Authentication Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, Multi-Factor Authentication Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.

Key Players:
Microsoft
Broadcom
Onespan
Okta
Micro Focus
Thales
Rsa Security
Duo Security (Cisco)
Ping Identity
Hid Global and Many More

Based on region, North America contributed to the highest share in 2020, accounting for around two-fifths of the total share, and is expected to continue its dominant share by 2030. However, Asia-Pacific is estimated to register the largest CAGR of 19.8% during the forecast period

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According to CXOs of major companies, the multifactor authentication market is experiencing a rapid growth . Over the past few decades, the world has been experiencing a gradual change toward digitization of various services from entertainment to critical financial and security. This shift toward online and digital services increased further during the COVID-19 pandemic. For instance, JPMorgan Chase Bank, a major banking services provider based in the U.S., reported around 6% increase in their digital services in their third quarter of 2020 and 10% increase in their number of mobile and smartphone-based users for year 2020 in previous years. These trends showcase shift toward rising internet applications and hence, growth in need for adding higher security to them.

The multifactor authentication market is competitive and comprises a number of regional and global vendors competing based on factors such as cost of solutions & services, reliability, efficiency of products, and support services. The market is concentrated with major players consuming 45-50% of the share. The degree of concentration is expected to remain same during the forecast period. Additionally, modern multifactor authentication solutions are available to organizations in the form of APIs that can be integrated seamlessly with the organization’s login pages.

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