MFA Market Overview:
The multifactor authentication (MFA) market is expected to grow from USD 15.6 billion in 2023 to USD 37.4 billion by 2030, at a CAGR of 15.70. The growth of the market is being driven by a number of factors, including the increasing number of cyberattacks, the growing adoption of cloud computing and mobile devices, and the increasing regulatory requirements for MFA.
Multifactor authentication is a security process that requires users to provide two or more pieces of evidence to verify their identity before being granted access to a system or application. This can include things like passwords, security questions, one-time passwords (OTPs), and biometric factors such as fingerprints or facial scans.
MFA is a more secure authentication method than passwords alone, as it makes it more difficult for attackers to gain unauthorized access to systems and applications. This is because even if an attacker is able to obtain a user’s password, they would still need to obtain the second factor of authentication in order to gain access.
The increasing number of cyberattacks is a major driver of the MFA market. In recent years, there has been a significant increase in the number and sophistication of cyberattacks. These attacks have resulted in the loss of sensitive data, financial losses, and reputational damage for businesses. MFA can help to mitigate the risk of these attacks by making it more difficult for attackers to gain unauthorized access to systems and applications.
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The growing adoption of cloud computing and mobile devices is another driver of the MFA market. Cloud computing and mobile devices offer a number of benefits to businesses, but they also introduce new security risks. MFA can help to mitigate these risks by providing an additional layer of security for cloud-based applications and mobile devices.
The increasing regulatory requirements for MFA is also driving the market. A number of government regulations, such as the General Data Protection Regulation (GDPR) and the Payment Card Industry Data Security Standard (PCI DSS), require businesses to implement MFA for certain types of data. This is helping to drive the adoption of MFA by businesses of all sizes.
The MFA market is segmented by deployment type (on-premises and cloud-based), solution type (hardware, software, and services), and end-user (BFSI, healthcare, government, IT and telecom, retail, and others). The cloud-based segment is expected to grow at the highest CAGR during the forecast period. This is because cloud-based MFA solutions are more scalable and easier to deploy than on-premises solutions.
The software segment is expected to hold the largest market share during the forecast period. This is because software-based MFA solutions are more cost-effective and easier to manage than hardware-based solutions.
The BFSI segment is expected to be the largest end-user segment during the forecast period. This is because financial institutions are required to comply with a number of regulations that mandate the use of MFA.
The global MFA market is dominated by a few major players, including Okta, Duo Security, OneLogin, and RSA Security. These players offer a wide range of MFA solutions to meet the needs of businesses of all sizes.
The MFA market is expected to continue to grow in the coming years, driven by the increasing number of cyberattacks, the growing adoption of cloud computing and mobile devices, and the increasing regulatory requirements for MFA.
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