Key Players in the MFA Market 2023 Focusing on Innovation to Meet Growing Demand for Secure, User-friendly, and Cost-effective MFA Solutions
Executive Summary
The global multi-factor authentication (MFA) market is expected to grow from USD 15.2 billion in 2023 to USD 34.8 billion by 2028, at a CAGR of 18.0% during the forecast period. The growth of the MFA market is attributed to the increasing number of cyberattacks and data breaches, the growing adoption of cloud-based applications and services, and the increasing regulatory compliance requirements.
Four-factor authentication (4FA) is a new type of MFA that uses four different factors to authenticate a user. 4FA is more secure than traditional MFA methods, such as two-factor authentication (2FA) and three-factor authentication (3FA), because it requires users to provide four different types of evidence of their identity.
The emergence of 4FA is expected to be a game changer in the MFA landscape. 4FA can help organizations to protect themselves from even the most sophisticated cyberattacks.
Key Drivers of the MFA Market
The following are the key drivers of the MFA market:
- Increasing number of cyberattacks and data breaches: The number of cyberattacks and data breaches has been increasing in recent years. This has led to a growing demand for MFA solutions.
- Growing adoption of cloud-based applications and services: The adoption of cloud-based applications and services is growing rapidly. This is because cloud-based applications and services offer a number of advantages, such as scalability, flexibility, and cost-effectiveness. However, cloud-based applications and services are also more vulnerable to cyberattacks. This has led to a growing demand for MFA solutions for cloud-based applications and services.
- Increasing regulatory compliance requirements: A number ofย regulations, such as the General Data Protection Regulation (GDPR) and the Payment Card Industry Data Security Standard (PCIย DSS), require organizations to implement MFA solutions. This has led to a growing demand for MFA solutions in order to comply with regulatory requirements.
Key Trends in the MFA Market
The following are the key trends in the MFA market:
- Emergence of 4FA: 4FA is a new type of MFA that uses four different factors to authenticate a user. 4FA is more secure than traditional MFA methods, such as 2FA and 3FA, because it requires users to provide four different types of evidence of their identity.
- Growing adoption of cloud-based MFA solutions: Cloud-based MFA solutions are becoming increasingly popular. This is because cloud-based MFA solutions are easy to deploy and manage. They are also scalable and flexible.
- Rising demand for risk-based MFA solutions: Risk-based MFA solutions are becoming increasingly popular. This is because risk-based MFA solutions can help organizations to reduce the risk of fraud and unauthorized access to their systems and data.
Market Segmentation
The MFA market is segmented by authentication type, component, model type, end-user industry, and region.
Authentication Type
- Password-based authentication
- Passwordless authentication
Component
- Hardware
- Software
- Services
Model Type
- On-premises
- Cloud-based
End-User Industry
- BFSI
- IT and telecom
- Healthcare
- Government
- Retail and e-commerce
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The MFA market is highly competitive. The key players in the market include:
- Microsoft
- Cisco
- Okta
- Duo Security
- Auth0
- Ping Identity
- OneLogin
- Thales
- Gemalto
- HID Global
- Yubico
Conclusion
The global MFA market is expected to grow significantly in the coming years. The growth of the market is attributed to the increasing number of cyberattacks and data breaches, the growing adoption of cloud-based applications and services, and the increasing regulatory compliance requirements.
The emergence of 4FA is expected to be a game changer in the MFA landscape. 4FA can help organizations to protect themselves from even the most sophisticated cyberattacks.
Organizations should carefully consider their needs and requirements when choosing an MFA solution. They should also consider the cost, security features, and ease of use of the solution.