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. 

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