The Europe Multi-Factor Authentication Market would witness market growth of 14.8% CAGR during the forecast period (2023-2030).
Governments and regulatory bodies have recognized the importance of strong authentication measures in safeguarding sensitive information. Regulations like the European Union's General Data Protection Regulation (GDPR) mandate the use of MFA in certain industries and applications. Compliance with these rules has driven the adoption of MFA solutions. The rapid growth of remote work and the hybrid workplace model have significantly altered the security landscape. With employees accessing corporate networks and sensitive data from various locations and devices, the need for secure and flexible authentication methods has become paramount. It has emerged as a critical enabler of secure remote access, ensuring only authorized individuals can connect to company resources.
The digitalization of services has increased reliance on online platforms, including online banking, e-commerce, and cloud-based applications. Users entrust these platforms with their personal and financial information, making it essential to provide a secure authentication process. It plays a pivotal role in strengthening security for these online services by adding an extra layer of identity verification. The widespread utilization of smartphones and mobile devices has made it easier to implement MFA. Users often carry these devices, which can serve as a second authentication factor through SMS-based codes, mobile apps, or biometric authentication methods such as fingerprint or facial recognition. This convenience has further fueled the adoption of MFA.
Europe has been at the forefront of data security laws, with the General Data Protection Regulation (GDPR) being a significant driver of MFA adoption. GDPR mandates strong data security measures, to protect personal and sensitive data. The financial sector in Europe, including banking and fintech, strongly emphasizes security. The revised Payment Services Directive (PSD2) also encourages using MFA for online payments. Many European countries offer e-government services, where MFA is used to secure access to government portals, tax services, and public records. The above factors will drive the market growth in this region.
The Germany market dominated the Europe Multi-Factor Authentication Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2,763.9 million by 2030. The UK market is exhibiting a CAGR of 13.8% during (2023 - 2030). Additionally, The France market would experience a CAGR of 15.6% during (2023 - 2030).
Based on Component, the market is segmented into Software, Hardware, and Services. Based on Authentication Type, the market is segmented into Password-Based Authentication, and Passwordless Authentication. Based on Model Type, the market is segmented into Two-Factor Authentication, Three-Factor Authentication, Four-Factor Authentication, and Five-Factor Authentication. Based on Vertical, the market is segmented into BFSI, Government, Travel & Immigration, Military & Defense, Commercial Security, IT, Telecommunication, Healthcare, Media & Entertainment, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Multi-Factor Authentication Market will Hit USD 41.5 Billion by 2030, at a CAGR of 15.2%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Microsoft Corporation, Thales Group S.A., CyberArk Software Ltd., Broadcom, Inc., Micro Focus International PLC, HID Global Corporation, Cisco Systems, Inc., Oracle Corporation, RSA Security LLC, and Salesforce, Inc.
By Component
By Authentication Type
By Model Type
By Vertical
By Country
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