Multi-Factor Authentication Market Trends

Growth Drivers

Cloud Computing Adoption – The migration of businesses to cloud-based platforms has increased the need for robust authentication solutions. MFA ensures secure access to cloud services and prevents unauthorized users from gaining access to sensitive data stored in the cloud, and with 61% of businesses switching workloads to the cloud in 2020, the markets for MFA is constantly increasing.
Mobile Device Proliferation – The ubiquity of smartphones and mobile devices has enabled the adoption of mobile-based MFA methods, such as biometric authentication and one-time passwords delivered via SMS or mobile apps, providing convenient yet secure ways to verify user identities. with global smartphone network subscriptions reaching 6.4 billion in 2022, the use of MFA increased several fold.
Advancement in Technology – Technological advancements have led to the development of innovative MFA methods, such as behavioral biometrics, geolocation, and hardware tokens. These emerging solutions offer improved user experiences while maintaining a high level of data protection.

Challenges

Complexity and User Friction – Some MFA methods can introduce complexity and friction for users during the authentication process. Remembering multiple authentication factors or navigating through additional verification steps can lead to user frustration and potential abandonment of the process, restraining market growth.
High investment cost
Integration challenges, especially in a heterogeneous environment

Multi-factor Authentication Market: Key Insights

Base Year	2022
Forecast Year	2023-2035
CAGR	~ 18.2%
Base Year Market Size (2022)	~ USD 49 Billion
Forecast Year Market Size (2035)	~ USD 364.4 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Frequently Asked Questions (FAQ)

Escalating cyber-attacks, increasing remote work culture, and penetration of mobile devices are some of the major growth factors for the multi-factor authentication market.

The market size of Multi-Factor Authentication is anticipated to attain a CAGR of 18.2% over the forecast period, i.e., 2023 â€“ 2035.

The major players in the market are, Broadcom Inc., Thales, Open Text Corporation, Oracle, ,Microsoft, Duo, Broadcom, SQUARE ENIX CO., LTD. And others.

The BFSI segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

Multi-Factor Authentication Market Trends