Multi-factor Authentication Market size to grow by USD 20,806.45 million from 2022 to 2027|Innovative features and user interfaces to boost the market growth- Technavio

NEW YORK, July 7, 2023 /PRNewswire/ — The multi-factor authentication market size is estimated to grow by USD 20,806.45 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 21.41% during the forecast period. The growth momentum will be progressing. For more insights on the historical (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report

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Multi-factor Authentication Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on component (services and products), deployment (on-premises and cloud), and geography (North America, Europe, APAC, South America, and the Middle East and Africa). 

• The market share growth in the services segment will be significant during the forecast period. The key factors driving the growth are increasing online transactions and e-commerce and the digitalization of financial and welfare services. The multi-factor authentication services are getting popular among organizations because they prevent people from gaining unauthorized access to important information. Access to the service can only be allowed after the identity is approved. Hence, these factors are expected to drive segment growth during the forecast period.

Geography Overview
The multi-factor authentication market is segmented by geography (North America, Europe, APAC, South America, and the Middle East and Africa). The report provides actionable insights and estimates the contribution of all regions to the growth of the global multi-factor authentication market.

• North America is estimated to contribute 35% to the growth of the market during the forecast period. The adoption of multi-factor authentication is high in the region. This is due to the technologically developed countries in the region. The key factor for the rise in adoption is the increase in regulatory requirements for large banks and Payment Card Industry (PCI) companies in the region. Furthermore, to safeguard confidential data from external threats, governments are increasing their spending. Hence, these factors are expected to drive the market in the region during the forecast period.

Insights on the market contribution of various segments, including country and region wise historic data (2017 to 2021), and forecast market size (2023 to 2027) – Download a Sample Report

Multi-factor Authentication Market – Market Dynamics
Key Drivers

Innovative features and user interfaces are key factors driving the market growth. Many companies are increasing their online services, which is leading to a rise in online transactions. As a result, the frequency of cyberattacks is increasing on websites where many online transactions take place. The availability of 3G and 4G networks are other factors driving the market.  In addition, high-speed mobile broadband services have enabled users to use more business applications. Hence, these new features and their benefits are expected to drive market growth during the forecast period.

Major Trends

The emergence of cloud-based multi-factor authentication is the major trend in the market. Many companies in adopting cloud-based multi-factor authentication solutions and services because of rising maintenance costs for hardware and software-based models. The adoption of technologies such as tokenization, biometric authentication, and others by implementing various models by cloud service providers, so that they can offer security and safety of data on the cloud. Hence, the increasing demand for cloud-based models is expected to drive market growth during the forecast period.

Significant Challenges

The increase in the cost of OTP tokens may restrict market growth.  The total cost of OTP tokens has increased because of high initial deployment and replacement costs. This cost includes initial pricing and licensing fees, infrastructure and hardware requirements, token warranty, and efforts and resources required for managing the solution. The lack of stiff competition is also another factor increasing the high initial deployment and replacement costs. Hence, these factors are expected to drive market growth during the forecast period.

Insights on Market Drivers, trends, & Challenges, historical period(2017 to 2021), and forecast period(2023 to 2027)- Request a sample report!

What are the key data covered in this Multi-factor Authentication Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the multi-factor authentication market between 2023 and 2027
• Precise estimation of the size of the multi-factor authentication market and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the multi-factor authentication market across North America, Europe, APAC, South America, and the Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of multi-factor authentication market vendors.

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Related Reports:

The advanced authentication market is estimated to grow at a CAGR of 14.85% between 2022 and 2027. The size of the market is forecast to increase by USD 34,366.94 million. Furthermore, this report extensively covers market segmentation by technology (biometrics and multi-factor authentication), type (large enterprise and SME), and geography (North America, Europe, APAC, South America, and the Middle East and Africa).  The increasing volume of online transactions is a key factor driving the market growth during the forecast period.

The authentication and brand protection market size is estimated to grow at a CAGR of 7.75% between 2022 and 2027. The market size is forecast to increase by USD 1,560.14 million. Furthermore, this report extensively covers market segmentation by technology (non-digital and digital), method (smartphone authentication and blockchain authentication), and geography (North America, Europe, APAC, South America, and the Middle East and Africa). The increasing volume of online transactions is a key factor driving the market growth during the forecast period.

Table of Contents

1 Executive Summary

• 1.1 Market Overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Component
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Deployment
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global – Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global multi-factor authentication market 2017 – 2021 
• Exhibit 18: Historic Market Size – Data Table on Global multi-factor authentication market 2017 – 2021 ($ million)

• 4.2 Component Segment Analysis 2017 – 2021 
• Exhibit 19: Historic Market Size – Component Segment 2017 – 2021 ($ million)

• 4.3 Deployment Segment Analysis 2017 – 2021 
• Exhibit 20: Historic Market Size – Deployment Segment 2017 – 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 – 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 ($ million)

• 4.5 Country Segment Analysis 2017 – 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis – Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition – Five forces 2022 and 2027

6 Market Segmentation by Component

• 6.1 Market segments
• Exhibit 30: Chart on Component – Market share 2022-2027 (%)
• Exhibit 31: Data Table on Component – Market share 2022-2027 (%)

• 6.2 Comparison by Component 
• Exhibit 32: Chart on Comparison by Component
• Exhibit 33: Data Table on Comparison by Component

• 6.3 Services – Market size and forecast 2022-2027 
• Exhibit 34: Chart on Services – Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Services – Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Services – Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Services – Year-over-year growth 2022-2027 (%)

• 6.4 Products – Market size and forecast 2022-2027 
• Exhibit 38: Chart on Products – Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Products – Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Products – Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Products – Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Component 
• Exhibit 42: Market opportunity by Component ($ million)

7 Market Segmentation by Deployment

• 7.1 Market segments
• Exhibit 43: Chart on Deployment – Market share 2022-2027 (%)
• Exhibit 44: Data Table on Deployment – Market share 2022-2027 (%)

• 7.2 Comparison by Deployment 
• Exhibit 45: Chart on Comparison by Deployment
• Exhibit 46: Data Table on Comparison by Deployment

• 7.3 On-premises – Market size and forecast 2022-2027 
• Exhibit 47: Chart on On-premises – Market size and forecast 2022-2027 ($ million)
• Exhibit 48: Data Table on On-premises – Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Chart on On-premises – Year-over-year growth 2022-2027 (%)
• Exhibit 50: Data Table on On-premises – Year-over-year growth 2022-2027 (%)

• 7.4 Cloud – Market size and forecast 2022-2027 
• Exhibit 51: Chart on Cloud – Market size and forecast 2022-2027 ($ million)
• Exhibit 52: Data Table on Cloud – Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Chart on Cloud – Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Cloud – Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Deployment 
• Exhibit 55: Market opportunity by Deployment ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 56: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation
• Exhibit 57: Chart on Market share by geography 2022-2027 (%)
• Exhibit 58: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 59: Chart on Geographic comparison
• Exhibit 60: Data Table on Geographic comparison

• 9.3 North America – Market size and forecast 2022-2027 
• Exhibit 61: Chart on North America – Market size and forecast 2022-2027 ($ million)
• Exhibit 62: Data Table on North America – Market size and forecast 2022-2027 ($ million)
• Exhibit 63: Chart on North America – Year-over-year growth 2022-2027 (%)
• Exhibit 64: Data Table on North America – Year-over-year growth 2022-2027 (%)

• 9.4 Europe – Market size and forecast 2022-2027 
• Exhibit 65: Chart on Europe – Market size and forecast 2022-2027 ($ million)
• Exhibit 66: Data Table on Europe – Market size and forecast 2022-2027 ($ million)
• Exhibit 67: Chart on Europe – Year-over-year growth 2022-2027 (%)
• Exhibit 68: Data Table on Europe – Year-over-year growth 2022-2027 (%)

• 9.5 APAC – Market size and forecast 2022-2027 
• Exhibit 69: Chart on APAC – Market size and forecast 2022-2027 ($ million)
• Exhibit 70: Data Table on APAC – Market size and forecast 2022-2027 ($ million)
• Exhibit 71: Chart on APAC – Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on APAC – Year-over-year growth 2022-2027 (%)

• 9.6 South America – Market size and forecast 2022-2027 
• Exhibit 73: Chart on South America – Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Data Table on South America – Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Chart on South America – Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on South America – Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa – Market size and forecast 2022-2027 
• Exhibit 77: Chart on Middle East and Africa – Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Data Table on Middle East and Africa – Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)

• 9.8 US – Market size and forecast 2022-2027 
• Exhibit 81: Chart on US – Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Data Table on US – Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Chart on US – Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on US – Year-over-year growth 2022-2027 (%)

• 9.9 China – Market size and forecast 2022-2027 
• Exhibit 85: Chart on China – Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on China – Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on China – Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on China – Year-over-year growth 2022-2027 (%)

• 9.10 Germany – Market size and forecast 2022-2027 
• Exhibit 89: Chart on Germany – Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on Germany – Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on Germany – Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on Germany – Year-over-year growth 2022-2027 (%)

• 9.11 UK – Market size and forecast 2022-2027 
• Exhibit 93: Chart on UK – Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on UK – Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on UK – Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on UK – Year-over-year growth 2022-2027 (%)

• 9.12 Japan – Market size and forecast 2022-2027 
• Exhibit 97: Chart on Japan – Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on Japan – Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on Japan – Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on Japan – Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 101: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 102: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 103: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 104: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 105: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 106: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 107: Matrix on vendor position and classification

• 12.3 Broadcom Inc.
• Exhibit 108: Broadcom Inc. – Overview
• Exhibit 109: Broadcom Inc. – Business segments
• Exhibit 110: Broadcom Inc. – Key news
• Exhibit 111: Broadcom Inc. – Key offerings
• Exhibit 112: Broadcom Inc. – Segment focus

• 12.4 Entrust Corp.
• Exhibit 113: Entrust Corp. – Overview
• Exhibit 114: Entrust Corp. – Product / Service
• Exhibit 115: Entrust Corp. – Key news
• Exhibit 116: Entrust Corp. – Key offerings

• 12.5 ForgeRock Inc.
• Exhibit 117: ForgeRock Inc. – Overview
• Exhibit 118: ForgeRock Inc. – Product / Service
• Exhibit 119: ForgeRock Inc. – Key news
• Exhibit 120: ForgeRock Inc. – Key offerings

• 12.6 Fujitsu Ltd.
• Exhibit 121: Fujitsu Ltd. – Overview
• Exhibit 122: Fujitsu Ltd. – Business segments
• Exhibit 123: Fujitsu Ltd. – Key offerings
• Exhibit 124: Fujitsu Ltd. – Segment focus

• 12.7 HID Global Corp.
• Exhibit 125: HID Global Corp. – Overview
• Exhibit 126: HID Global Corp. – Product / Service
• Exhibit 127: HID Global Corp. – Key offerings

• 12.8 Microsoft Corp.
• Exhibit 128: Microsoft Corp. – Overview
• Exhibit 129: Microsoft Corp. – Business segments
• Exhibit 130: Microsoft Corp. – Key news
• Exhibit 131: Microsoft Corp. – Key offerings
• Exhibit 132: Microsoft Corp. – Segment focus

• 12.9 NEC Corp.
• Exhibit 133: NEC Corp. – Overview
• Exhibit 134: NEC Corp. – Business segments
• Exhibit 135: NEC Corp. – Key news
• Exhibit 136: NEC Corp. – Key offerings
• Exhibit 137: NEC Corp. – Segment focus

• 12.10 Okta Inc.
• Exhibit 138: Okta Inc. – Overview
• Exhibit 139: Okta Inc. – Product / Service
• Exhibit 140: Okta Inc. – Key offerings

• 12.11 OneSpan Inc.
• Exhibit 141: OneSpan Inc. – Overview
• Exhibit 142: OneSpan Inc. – Product / Service
• Exhibit 143: OneSpan Inc. – Key offerings

• 12.12 Quest Software Inc.
• Exhibit 144: Quest Software Inc. – Overview
• Exhibit 145: Quest Software Inc. – Product / Service
• Exhibit 146: Quest Software Inc. – Key offerings

• 12.13 RSA Security LLC
• Exhibit 147: RSA Security LLC – Overview
• Exhibit 148: RSA Security LLC – Product / Service
• Exhibit 149: RSA Security LLC – Key offerings

• 12.14 SecureAuth Corp.
• Exhibit 150: SecureAuth Corp. – Overview
• Exhibit 151: SecureAuth Corp. – Product / Service
• Exhibit 152: SecureAuth Corp. – Key offerings

• 12.15 Thales
• Exhibit 153: Thales – Overview
• Exhibit 154: Thales – Business segments
• Exhibit 155: Thales – Key offerings
• Exhibit 156: Thales – Segment focus

• 12.16 TransUnion
• Exhibit 157: TransUnion – Overview
• Exhibit 158: TransUnion – Business segments
• Exhibit 159: TransUnion – Key offerings
• Exhibit 160: TransUnion – Segment focus

• 12.17 Yubico AB
• Exhibit 161: Yubico AB – Overview
• Exhibit 162: Yubico AB – Product / Service
• Exhibit 163: Yubico AB – Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 164: Inclusions checklist
• Exhibit 165: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 166: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 167: Research methodology
• Exhibit 168: Validation techniques employed for market sizing
• Exhibit 169: Information sources

• 13.5 List of abbreviations
• Exhibit 170: List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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