New York, According to a new market research report published by Global Insight Services “Multi-Factor Authentication Market” is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Multi-factor authentication (MFA) is an authentication method in which a user is granted access only after successfully presenting two or more pieces of evidence (or “factors”) to an authentication mechanism.
The most common factors are something you know (e.g., a password), something you have (e.g., a hardware token or smartphone), and something you are (e.g., a biometric characteristic such as a fingerprint).
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Key Trends
There are several key trends in multi-factor authentication technology.
One is the move away from traditional passwords and toward biometric authentication. This includes the use of fingerprints, iris scans, and facial recognition. Another trend is the use of smart cards or tokens that generate one-time codes.
Another trend is the use of risk-based authentication. This approach evaluates the risk of a particular transaction and then applies the appropriate level of authentication.
Key Drivers
Multi-factor authentication (MFA) is an authentication method in which a user is granted access only after successfully presenting two or more pieces of evidence (or “factors”) to an authentication mechanism.
The key drivers of the MFA market are the increasing need for advanced security solutions, the growing adoption of cloud-based services, and the increasing number of regulations and compliance mandates.
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Market Segments
By Authentication Type
- Password authentication
- Passwordless authentication
By Component
- Solutions
- Hardware
- Services
Key Players
The global multi-factor authentication market includes players such as Microsoft, Broadcom, Onespan, Okta, Micro Focus, Thales Group, RSA Security, Duo Security, Ping Identity, Hid Global, and others.
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Reasons to buy Multi-Factor Authentication Market Report:
• Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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