Multi-Factor Authentication Market Company Assessment and Industry Analysis 2024

Multi-factor Authentication Market Overview 

Rising digital transactions, increasing data breaches and cyber-attacks, growing adoption of bring your own device (BYOD) among enterprises, stringent data privacy regulations and the growing pressure of data security compliances are some of the key factors driving the growth of multi-factor authentication market across the globe.

Multi-factor authentication is a process that requires more than one type of authentication from different categories of credentials to validate the identity of an individual for login or other transactions. Presently, multi-factor authentication is being used by various organizations to implement an additional layer of security that needs users to authenticate via knowledge, possession, and inherence factors to gain access to the organizational resources.

On the basis of the authentication type, the multi-factor authentication market has been categorized into two-factor, three-factor, four-factor, and five-factor authentication. Owing to the increasing use of two-factor authentication in banking, financial services, and insurance (BFSI), and IT and telecom industry, this authentication model accounted for largest market share in 2018.

On the basis of application, the multi-factor authentication market has been segmented into government and defense, BFSI, retail, IT and telecom, healthcare, and travel and immigration. Among these, the BFSI industry accounted for the largest market share in 2018 owing to the growing need for identification and verification for secure online transactions.

Based on geography, North America held the largest market share in 2018 attributed to the advanced IT infrastructure and the presence of a large number of financial institutions in the region. However, Asia Pacific (APAC) is anticipated to be the fastest growing region during the forecast period; this can be attributed to the improving economic conditions in developing countries like China and India. In addition, rising internet penetration coupled with growing usage for e-wallets and mobile payment applications, growing demand for higher security authentication in the region.

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Growth Drives 

The growing adoption of BYOD among enterprises is driving the growth of the multi-factor authentication market around the globe. With growing demand for mobility solutions at the workplace, numerous enterprises have started implementing BYOD policies. This policy enables employees to carry their own devices, such as laptops, smartphones, and tablets to the workplace, and use them with enterprise mobility applications to easily access corporate data.

The growing popularity of OTP has been observed to be one of the key trends in the market. OTP is an automatically generated one-time alphanumeric or numeric string that authenticates the identity of a user for a single transaction or login within a limited time period. The OTP is a possession based second authentication factor i.e. OTP received on personal mobile phones. The password becomes invalid after the OTP has been used. Presently, due to enhanced security of OTP, financial institutions, organizations, and e-commerce sector deploying OTP for transactions, and login.

Some of the key players operating in the global multi-factor authentication market include NEC Corporation, Nexus Group, RCG Holdings Limited, Secugen Corporation, Securenvoy Ltd, Suprema HQ Inc, Vasco Data Security International, Inc., Entrust Datacard Corporation, WatchGuard Technologies, Inc., Deepnet Security Ltd., aPersona, Inc., Fujitsu Ltd., Symantec Corporation, and Gemalto NV.