Multi-Factor Authentication Industry Overview

The global multi-factor authentication market size is expected to reach USD 41.29 billion by 2030, registering a CAGR of 14.2% during the forecast period, according to a new report by Grand View Research, Inc. Increasing implementation of BYOD and cloud-based services across enterprises, along with the growing security regulations and mandates, is benefiting market growth.

Multi-factor authentication is an emerging category of the identity access management that involves use of multiple methods of authentication to verify a user’s identity. Authentication of user identity ensures secure online transactions, log on to online services, and access to corporate resources. Compromised credentials are the main cause of data breaches. Multi-factor authentication is used by organizations to implement an additional layer of security that requires users to authenticate via knowledge, possession, and inherence factors to gain access to corporate and social networks. 

Gather more insights about the market drivers, restrains and growth of the Multi-Factor Authentication Market

Advancements in biometric technologies, hardware and software applications, and cloud-based authentication services are projected to provide extensive growth opportunities to the market. However, issues related to cost and complexity involved in implementing MFA solutions and the ever-changing security regulations and compliances are expected to restrain market growth.

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Multi-factor Authentication Market Segmentation

Grand View Research has segmented the global multi-factor authentication market based on model, application, and region:

Multi-factor Authentication Model Outlook (Revenue, USD Million, 2017 - 2030)

• Two Factor Authentication
• Three Factor Authentication
• Four Factor Authentication
• Five Factor Authentication

Multi-factor Authentication Application Outlook (Revenue, USD Million, 2017 - 2030)

• BFSI
• Government & Defense
• Healthcare
• Travel & Immigration
• Retail & E-commerce
• Others

Multi-factor Authentication Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
  • US
  • Canada
• Europe
  • UK
  • Germany
  • France
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • UAE

Key Companies profiled:

• Vasco Data Security International, Inc.
• RSA Security LLC
• Fujitsu America, Inc.
• NEC Corporation
• Symantec Corporation
• Thales
• 3M
• aPersona, Inc.
• CA Technologies.
• Safran S.A.

Recent Developments

• In April 2023, Thales, a leading global technology and security solutions provider, unveiled the SafeNet Token Fusion series. This innovative collection of USB tokens combines Fast IDentity Online 2.0 (FIDO2) with PKI/CBA, creating a single authenticator. The primary objective of Thales's new tokens was to safeguard Microsoft Azure Active Directory (Azure AD) users by mitigating the risk of account compromise by delivering enhanced security for accessing cloud and web applications.
• In April 2022, Trust Stamp unveiled a Biometric Multi-Factor Authentication (Biometric MFA) solution. This innovative system revolutionizes identity verification by automating a strong level of assurance through a simple selfie. By leveraging biometric technology, the Biometric MFA adds two additional layers of authentication to verify the user's liveliness and secure tokenizing data from the selfie.
• In March 2022, MIRACL, a cybersecurity software firm and Aware Inc., an authentication company, announced a strategic partnership to continue their cloud-based biometric authentication technology. The collaboration aims to address common challenges in business authentication by leveraging MIRACL's single-step, secure multi-factor authentication technology and Aware's recognized expertise in biometrics.
• In May 2021, Microsoft announced the launch of new products, guidance, and employee plans to enhance security and provide enhanced customer support. Additionally, Microsoft revealed its commitment to adopting a zero-trust approach, ensuring that its employees embrace this security framework.
• In April 2021, HID Global made its WorkforceID Authentication solution available to the public, offering enterprises a cloud-based platform for issuing, managing, and utilizing digital identity credentials for physical and logical access control. This solution enables organizations to streamline and enhance the security of user logins across all applications within their enterprise environment.
• In July 2020, Ping Identity announced a collaboration with One Identity, a leading provider of security solutions centered around identity. This partnership aimed to deliver comprehensive identity management strategies and enhance access security and control. Both companies offered a powerful solution that covers consumers' end-to-end identity management needs by combining the capabilities of Ping Identity's access management technology with One Identity's Identity Governance and Administration (IGA) technology.

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