Multi-factor authentication (MFA) is a security system intended to protect network, database, device or a physical location with the use of a multi-layered verification process. It requires unique credentials to confirm the user’s identity for the login or any transaction to be made. Other than the username and password, it entails additional authorization factors, including personal security questions, facial recognition, badges, USB devices, security token, one-time password (OTP), behavioral analysis and risk score. Since it is generally a challenging task to decrypt multiple authentication factors, the use of MFA security systems has gained immense traction across the globe.

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Global Multi-Factor Authentication Market Trends:

The market is primarily driven by a significant rise in the incidences of security breaches. An escalating number of cyberattacks, along with the increasing online fraud cases, are encouraging corporate organizations, banking, financial and insurance companies, and government offices to adopt MFA for safeguarding sensitive data against any form of security transgression. Apart from this, the rising adoption rates of the Internet of Things (IoT), coupled with the increasing popularity of cloud-integrated MFA solutions have reduced the costs associated with the hardware and software-based authentication models. Other factors, such as the rising trend of virtual smart cards, increasing government investments into cybersecurity and extensive research and development in the field of biometric technologies, are expected to create a positive outlook for the market.

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Key Market Segmentation:

Competitive Landscape with some of these key players include:

1. Broadcom, Inc.

2. HID Global Corporation

3. Deepnet Security Ltd.

4. Entrust Datacard Corporation

5. Fujitsu Limited

6. Gemalto N.V.

7. Microsoft Corporation

8. NEC Corporation of America

9. Okta, Inc.

10. Ping Identity Corporation

11. RSA Security LLC

12. SecureAuth Corporation

13. SecurEnvoy Limited

14. Suprema Inc

Breakup by Model:

1. Two-Factor Authentication

2. Three-Factor Authentication

3. Four-Factor Authentication

4. Five-Factor Authentication

Breakup by Deployment Type:

1. On-Premises

2. On-Cloud

Breakup by Application:

1. Smart Card Authentication

2. Phone-Based Authentication

3. Hardware OTP Token Authentication

Breakup by Vertical:

1. Banking & Finance

2. Government

3. Travel & Immigration

4. Military & Defence

5. Commercial Security

6. Healthcare

7. Consumer Electronics

8. Others

Breakup by Region:

1. North America (United States, Canada)

2. Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)

3. Europe (Germany, France, United Kingdom, Italy, Spain, Others)

4. Latin America (Brazil, Mexico)