According to a new report, published by KBV research, The Global Multi-Factor Authentication Market size is expected to reach $41.5 billion by 2030, rising at a market growth of 15.2% CAGR during the forecast period.
The Services segment is registering a CAGR of 16.2% during (2023 - 2030). The services segment helps to deploy, execute, and maintain MFA platforms in organizations. The demand for these services is also expected to increase with the growing adoption of MFA platforms. The services in the multi-factor authentication market are critical as they support the proper functioning of software and hardware-based solutions. MFA services comprise technical support services that require the effective integration of MFA solutions.
The Password-Based Authentication segment is leading Global Multi-Factor Authentication Market by Authentication Type in 2022; thereby, achieving a market value of $29.5 billion by 2030, Organizations often implement password policies that specify the requirements for passwords. These policies can include minimum length, complexity, and expiration periods. Password-based authentication is widely used but is also associated with security challenges due to the vulnerability of passwords to theft, guessing, or other forms of compromise.
The Three-Factor Authentication segment would experience a CAGR of 15.8% during (2023 - 2030). Three-factor authentication is considered highly secure due to the combination of factors it requires. It makes unauthorized access significantly more challenging because it necessitates compromising multiple distinct elements of the user's identity. The primary benefit of 3FA is the increased considerably security it provides. Requiring three different factors to gain access makes it much more difficult for unauthorized individuals to breach an account or system.
The BFSI Segment is generating the highest revenue in Global Multi-Factor Authentication Market by Vertical in 2022; thereby, achieving a market value of $10.6 billion by 2030. MFA is a fundamental security measure in online banking. It ensures that customers' accounts are protected by requiring them to provide multiple authentication factors before accessing their financial data or conducting transactions. Many BFSI organizations offer mobile banking apps that allow consumers to handle their accounts and make transactions from their smartphones.
The North America region dominated the Global Multi-Factor Authentication Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $14,385.6 million by 2030. The Europe region is experiencing a CAGR of 14.8% during (2023 - 2030). Additionally, The Asia Pacific market would experience a CAGR of 16% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/multi-factor-authentication-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country-wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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 Geography
Companies Profiled
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