US & Canada, Sept. 30, 2024 (GLOBE NEWSWIRE) — According to a new comprehensive report from The Insight Partners, the global multi-factor authentication market is observing significant growth owing to rising adoption of BYOD trends and stringent government regulations.

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The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the multi-factor authentication market comprises a vast array of software, hardware, and services that are expected to register strength during the coming years.

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Overview of Report Findings:

      1.   Market Growth: The multi-factor authentication market is expected to reach US$ 55.04 billion by 2031 from US 14.44 billion in 2023, at a CAGR of 18.2% during the forecast period. An increasing number of cyberattacks has driven the demand for multi-factor authentication systems in the market. Multi-factor authentication (MFA) is an authentication method that involves a multi-step account login process rather than just a password. A multi-factor authentication (MFA) solution needs the user to provide two or more verification parameters to gain access to their resources such as an application, online account, or a VPN.

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      2.   Technological Innovations: Usage of AI in multi factor authentication (MFA) has emerged as a powerful tool to bolster security measures and protect sensitive information. By leveraging AI technology, organizations can enhance the effectiveness and resilience of their multi-factor authentication solutions, thereby mitigating potential risks and fortifying their digital identities. Technologies such as AI can be used in many ways to improve the security of multi-factor authentication systems.

      3.   Increasing Volume of Online Transactions: The digital payments ecosystem has gained traction in recent years. The internet penetration and the rise in the usage of smartphones are a few of the prominent factors boosting the growth of digital payments. The rise in online shopping and the advancement of the e-commerce sector has significantly increased after the onset of the COVID-19 crisis, which has led to the growth of online financial transactions. According to the information by The World Bank in “Global Findex Database 2021,” ~40% of adults in the developing economies, excluding China, made a digital merchant payment by phone, card, or the internet; over one-third of adults in developing economies paid a utility bill directly from an account.

      4.   Geographical Insights: In 2023, North America led the market with a substantial revenue share, followed by Europe and APAC. North America is expected to register the highest CAGR during the forecast period.

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Market Segmentation:

• Based on components, the multi-factor authentication market is bifurcated into software, hardware, and services. The software segment held a larger share of the multi-factor authentication market in 2023.
• By authentication type, the multi-factor authentication market is segmented into password based authentication and passwordless authentication. The password based authentication segment held the largest share of the multi-factor authentication market in 2023.

• In terms of model type, the multi-factor authentication market is divided into two factor authentication, three factor authentication, four factor authentication, and five factor authentication. The two factor authentication segment held a larger share of the multi-factor authentication market in 2023.
• In terms of end user, the multi-factor authentication market is divided into IT and telecom, BFSI, education, government, healthcare, and others. The IT and telecom segment held a larger share of the multi-factor authentication market in 2023.

• The multi-factor authentication market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.

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Competitive Strategy and Development:

• Key Players: A few major companies operating in the multi-factor authentication market include Microsoft, Thales., Okta, OneSpan, HID Global Corporation, Cisco Systems, Inc., Ping Identity., RSA Security, and CyberArk Software Ltd.
• Trending Topics: Adaptive Authentication, Biometric advancements, Mobile authentication, Artificial Intelligence.

Global Headlines on Multi-factor Authentication:

• “OneSpan launched passwordless, phishing-resistant authentication for a secure workforce.”
• “Entrust Launched Zero Trust Ready Solutions for Passwordless Authentication, Next-Generation HSM, and Multi-Cloud Key Compliance”

• “Microsoft released system-preferred multi-factor authentication.”
• “Thales expanded passwordless authentication for Microsoft Azure active directory customers with new phishing-resistant hybrid authenticators.”

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Conclusion:

Digital security is important in today’s business environment as businesses and users store crucial and sensitive information online. There is an increase in interaction with services, applications, and data that are stored over the Internet. A data breach or misuse of this online stored information could lead to serious financial theft, business disruption, and loss of privacy. In such a scenario, multi-factor authentication solutions can provide protection, creating an additional layer of security to block unauthorized users from accessing online accounts. Businesses use multi-factor authentication solutions to validate user identities and also to provide quick and convenient access to authorized users. The impact caused by the COVID-19 crisis forced many companies to adopt remote work solutions, making multi-factor authentication a requirement to protect the company’s data. A majority of companies have started to deploy multi-factor authentication solutions. Further, the adoption of MFA was largely driven by government regulations for enhanced cybersecurity to protect consumer data. Moreover, the growing number of cyberattacks and rising BYOD trends are significantly driving organizations to adopt and deploy multi-factor authentication solutions.

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The report from The Insight Partners, therefore, provides several stakeholders—including component providers, system technology integrators, system manufacturers and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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