Multi-Factor Authentication Market Size

Multi-Factor Authentication Market size is estimated to reach USD 364.4 Billion by the end of 2035, growing at a CAGR of 18.2% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of multi-factor authentication was over USD 49 Billion. Cyberattacks' escalating frequency and sophistication have compelled organizations to adopt more robust security measures in turn boosting the market growth. In a survey conducted it was found that, in 2022, organizations around the world recorded a total of 493.33 million ransomware attacks, also the average cost of infringements resulting from stolen or compromised identification documents was USD 4.5 million. 

MFA provides an effective defined mechanism against unauthorized access and compromises, making it a crucial solution for safeguarding sensitive information.

The proliferation of remote work and the Bring Your Device (BYOD) trend have expanded the attack surface for cybercriminals. MFA is crucial in securing remote access to corporate networks, cloud services, and critical applications. The proportion working from home has increased to 12.7% of total employed persons and 28.2% work in hybrids as of 2023, providing surplus opportunities for the multi-factor authentication industry.