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The Global Multifactor Authentication Market size is
estimated to reach US$26.8 billion by 2027, growing at a CAGR of 15.08% from 2022
to 2027. An increasing number of cyber-attacks and data breaches, growing digitalization across
industries, stringent government regulations and the high prevalence of online
transactions are driving the Multifactor Authentication Industry. In April
2021, HID Global launched WorkforceID Authentication, a multifactor
authentication solution to give enterprises a cloud solution for managing,
issuing and using digital identity credentials for logical and physical access
control. However, high initial costs and complex operations are hampering the
market growth.
Moreover,
technological advancements, growing demand for cloud computing and constant
research and development activities are creating ample opportunities for the
Multifactor Authentication Market to grow. For instance, in February 2021, Feitian
Technologies partnered with Northamber, the U.K. AV and IT solutions
distributor, to provide Feitian’s Multifactor Authentication and biometric
solutions to different enterprises in the U.K. market.
APAC generated
approximately 30% of the global revenues in the Multifactor Authentication industry
in 2022. Growing
digital banking solutions, increased usage of online transactions and
government regulations towards sensitive data are driving the market growth in
this region. In September 2021, TCS launched the TCS BaNCS cloud for Asset
Servicing, which automates the servicing of all classes across all markets. It is targeted at investment and private banks. Such developments boost the
demand for Multifactor Authentication systems.
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Multifactor Authentication Market Growth Drivers:
High volume of online transactions:
The increasing volume of online transactions with the high adoption of digital banking by customers is expected to propel the demand for the Multifactor Authentication industry. The spurt in e-commerce, increased use of internet banking and mandatory laws by central banks are urging large enterprises to provide users with strong and secure authentication measures. Multifactor Authentication is used for secure transactions and to protect customers from phishing attacks and fraudulent transactions. Moreover, the integration of these systems for payment by different sectors such as healthcare, retail and BFSI is a wide opportunity for the growth of the multifactor authentication market. In May 2022, according to a report by Invest India, the Unified Payments Interface (UPI) in India has 323 banks participating (as of May) and logged 5.9 billion monthly transactions, totaling more than US$130 billion. Such a growing volume of online transactions would positively influence the Multifactor Authentication industry outlook during the forecast period.
Major Players in this Market
The major players in the Multifactor Authentication Market include MicroFocus, Broadcom, Microsoft,
One Span, Okta and Thales, among others. In July 2022, Revolut declared that it would
soon make its app available for easier use in Sri Lanka, Azerbaijan, Ecuador,
Chile and Oman. This would enable users to send money to more than 50
countries using more than 30 different currencies. Such developments increased
the adoption rate of Multifactor Authentication Systems.