According to a report by Grand View Research, Inc., global multi-factor authentication (MFA) market is anticipated to value USD 17.76 billion by 2025. Growing requirement for advanced security solution in online transactions to avoid possible fraudulent activities is anticipated to propel demand for multi-factor authentication. MFA is likely to offer additional layers of security to authenticate user identity and secure online transactions from cyber-attacks.
Increasing cases of cyber-attacks and data breaches across organizations attributed to less security can influence growth of market. Stringent government regulations pertaining to data security in organizations to prevent loss of sensitive information can fuel market growth. Continual investments in R&D activities and cloud technologies by manufacturing companies to develop advanced security systems can stimulate growth of market in the forthcoming years. Growing adoption of bring your own device (BYOD) policy can augment use of multi-factor authentication solutions in organizations during the forecast period (2014 to 2025).
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High initial capital investment required for procurement, implementation, and maintenance of MFA solutions can restrict market growth. In addition, rising prevalence of heterogeneous environment across various information technology (IT) companies can obstruct growth of market over the forecast period.
To cater to rising demand for data security solutions in organizations, most companies manufacturing such solutions are likely to invest in R&D to develop advanced products. For instance, SecureAuth + Core Security recently announced launch of two new products named Login for Windows and Login for Mac. Both products are expected to be available immediately and can provide adaptive & multi-factor authentication for users logging into desktops, laptops, and servers.
The multi-factor authentication market can be segregated on the basis of model, application, and region. Based on model, the market can be categorized into two factor authentication, three factor authentication, four factor authentication, and five factor authentication. In 2016, two-factor authentication model accounted for highest revenue share. It can enable organizations to authenticate digital identities of consumers using multiple parameters such as possession-based factors, knowledge-based factors, and inherence-based factors.
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In addition, three factor authentication model is expected to exhibit the highest CAGR of 17.0% over the forecast period.
Based on application, the market can be classified into healthcare, BFSI, government & defense, travel & immigration, retail & e-commerce, and others. In 2016, BFSI segment dominated the market and accounted for largest market share. Growing adoption of MFA solutions among organizations to curb data loss and secure financial transactions from fraudulent activities can stimulate market growth. It is likely to contribute well to market share during the forecast period.
On the contrary, healthcare segment is predicted to grow fast during the forecast period followed by government and defense segment. Increasing adoption of e-commerce and online transactions coupled with digitalization of welfare and financial services can augment demand for MFA over next few years.
Regional segmentation includes, Europe, North America, Asia Pacific, and rest of the world (RoW). North America is estimated to be dominating and account for largest market share during the forecast period. Growing penetration smartphones coupled with availability of advanced network connectivity can fuel market growth. Increasing use of digital services coupled with rising cases of cyber-attacks can augment demand for multi-factor authentication over the forecast period. Moreover, high prevalence of major market players can influence growth of market in the region.
On the contrary, Asia Pacific is estimated to be most promising region attributed to increasing investments on connected devices. It is likely to grow at CAGR of 19% over next few years. Growing adoption of internet of things (IoT) and cloud technologies coupled with high demand for digital services can fuel market growth. In addition, rising concerns regarding personal data and authentication of online transactions can augment growth of market during the forecast period.
Some of the leading companies offering multi-factor authentication systems are RSA Security LLC; Vasco Data Security International, Inc.; NEC Corporation; Symantec Corporation; and Fujitsu Limited. Most companies are likely to focus on organic and inorganic growth strategies such as acquisitions and mergers to expand their product portfolio. In addition, companies can also invest in innovation labs and centers of excellence to develop innovative products and maintain their market position.
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