Multi-factor Authentication Market size to grow by USD 20,806.45 million from 2022 to 2027|Innovative features and user interfaces to boost the market growth- Technavio

NEW YORK, July 7, 2023 /PRNewswire/ -- The multi-factor authentication market size is estimated to grow by USD 20,806.45 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 21.41% during the forecast period. The growth momentum will be progressing. For more insights on the historical (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report What's New? Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession Global competitiveness and key competitor positions Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - buy the report!Multi-factor Authentication Market - Segmentation AssessmentSegment OverviewTechnavio has segmented the market based on component (services and products), deployment (on-premises and cloud), and geography (North America, Europe, APAC, South America, and the Middle East and Africa). The market share growth in the services segment will be significant during the forecast period. The key factors driving the growth are increasing online transactions and e-commerce and the digitalization of financial and welfare services. The multi-factor authentication services are getting popular among organizations because they prevent people from gaining unauthorized access to important information. Access to the service can only be allowed after the identity is approved. Hence, these factors are expected to drive segment growth during the forecast period.Geography OverviewThe multi-factor authentication market is segmented by geography (North America, Europe, APAC, South America, and the Middle East and Africa). The report provides actionable insights and estimates the contribution of all regions to the growth of the global multi-factor authentication market. North America is estimated to contribute 35% to the growth of the market during the forecast period. The adoption of multi-factor authentication is high in the region. This is due to the technologically developed countries in the region. The key factor for the rise in adoption is the increase in regulatory requirements for large banks and Payment Card Industry (PCI) companies in the region. Furthermore, to safeguard confidential data from external threats, governments are increasing their spending. Hence, these factors are expected to drive the market in the region during the forecast period.Insights on the market contribution of various segments, including country and region wise historic data (2017 to 2021), and forecast market size (2023 to 2027) - Download a Sample Report Multi-factor Authentication Market – Market DynamicsKey Drivers Innovative features and user interfaces are key factors driving the market growth. Many companies are increasing their online services, which is leading to a rise in online transactions. As a result, the frequency of cyberattacks is increasing on websites where many online transactions take place. The availability of 3G and 4G networks are other factors driving the market. In addition, high-speed mobile broadband services have enabled users to use more business applications. Hence, these new features and their benefits are expected to drive market growth during the forecast period. Major Trends The emergence of cloud-based multi-factor authentication is the major trend in the market. Many companies in adopting cloud-based multi-factor authentication solutions and services because of rising maintenance costs for hardware and software-based models. The adoption of technologies such as tokenization, biometric authentication, and others by implementing various models by cloud service providers, so that they can offer security and safety of data on the cloud. Hence, the increasing demand for cloud-based models is expected to drive market growth during the forecast period. Significant Challenges The increase in the cost of OTP tokens may restrict market growth. The total cost of OTP tokens has increased because of high initial deployment and replacement costs. This cost includes initial pricing and licensing fees, infrastructure and hardware requirements, token warranty, and efforts and resources required for managing the solution. The lack of stiff competition is also another factor increasing the high initial deployment and replacement costs. Hence, these factors are expected to drive market growth during the forecast period. Insights on Market Drivers, trends, & Challenges, historical period(2017 to 2021), and forecast period(2023 to 2027)- Request a sample report! What are the key data covered in this Multi-factor Authentication Market report? CAGR of the market during the forecast periodDetailed information on factors that will drive the growth of the multi-factor authentication market between 2023 and 2027Precise estimation of the size of the multi-factor authentication market and its contribution to the market with a focus on the parent marketAccurate predictions about upcoming trends and changes in consumer behaviorGrowth of the multi-factor authentication market across North America, Europe, APAC, South America, and the Middle East and AfricaA thorough analysis of the market's competitive landscape and detailed information about vendorsComprehensive analysis of factors that will challenge the growth of multi-factor authentication market vendors.Gain instant access to 17,000+ market research reports. Technavio's SUBSCRIPTION platform Related Reports: The advanced authentication market is estimated to grow at a CAGR of 14.85% between 2022 and 2027. The size of the market is forecast to increase by USD 34,366.94 million. Furthermore, this report extensively covers market segmentation by technology (biometrics and multi-factor authentication), type (large enterprise and SME), and geography (North America, Europe, APAC, South America, and the Middle East and Africa). The increasing volume of online transactions is a key factor driving the market growth during the forecast period. The authentication and brand protection market size is estimated to grow at a CAGR of 7.75% between 2022 and 2027. The market size is forecast to increase by USD 1,560.14 million. Furthermore, this report extensively covers market segmentation by technology (non-digital and digital), method (smartphone authentication and blockchain authentication), and geography (North America, Europe, APAC, South America, and the Middle East and Africa). The increasing volume of online transactions is a key factor driving the market growth during the forecast period. Multi-factor Authentication Market Scope Report Coverage Details Base year 2022 Historic period 2017-2021 Forecast period 2023-2027 Growth momentum & CAGR Accelerate at a CAGR of 21.41% Market growth 2023-2027 USD 20,806.45 million Market structure Fragmented YoY growth 2022-2023 (%) 20.37 Regional analysis North America, Europe, APAC, South America, and Middle East and Africa Performing market contribution North America at 35% Key countries US, China, Japan, Germany, and UK, Canada, Mexico, Italy, Spain, India, Japan, Australia, and South Korea Competitive landscape Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks Key companies profiled Beyond Identity Inc., Broadcom Inc., Duo Security Inc., Entrust Corp., FEITIAN Technologies Co. Ltd., ForgeRock Inc., Frontegg, Fujitsu Ltd., FusionAuth, HID Global Corp., Microsoft Corp., NEC Corp., Okta Inc., OneSpan Inc., Quest Software Inc., RSA Security LLC, SecureAuth Corp., Thales, TransUnion, and Yubico AB Market dynamics Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. Customization purview If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. Table of Contents 1 Executive Summary 1.1 Market OverviewExhibit 01: Executive Summary – Chart on Market OverviewExhibit 02: Executive Summary – Data Table on Market OverviewExhibit 03: Executive Summary – Chart on Global Market CharacteristicsExhibit 04: Executive Summary – Chart on Market by GeographyExhibit 05: Executive Summary – Chart on Market Segmentation by ComponentExhibit 06: Executive Summary – Chart on Market Segmentation by DeploymentExhibit 07: Executive Summary – Chart on Incremental GrowthExhibit 08: Executive Summary – Data Table on Incremental GrowthExhibit 09: Executive Summary – Chart on Vendor Market Positioning2 Market Landscape 2.1 Market ecosystemExhibit 10: Parent marketExhibit 11: Market Characteristics3 Market Sizing 3.1 Market definitionExhibit 12: Offerings of vendors included in the market definition3.2 Market segment analysis Exhibit 13: Market segments3.3 Market size 20223.4 Market outlook: Forecast for 2022-2027 Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)4 Historic Market Size 4.1 Global multi-factor authentication market 2017 - 2021 Exhibit 18: Historic Market Size – Data Table on Global multi-factor authentication market 2017 - 2021 ($ million)4.2 Component Segment Analysis 2017 - 2021 Exhibit 19: Historic Market Size – Component Segment 2017 - 2021 ($ million)4.3 Deployment Segment Analysis 2017 - 2021 Exhibit 20: Historic Market Size – Deployment Segment 2017 - 2021 ($ million)4.4 Geography Segment Analysis 2017 - 2021 Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)4.5 Country Segment Analysis 2017 - 2021 Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)5 Five Forces Analysis 5.1 Five forces summaryExhibit 23: Five forces analysis - Comparison between 2022 and 20275.2 Bargaining power of buyers Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 20275.3 Bargaining power of suppliers Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 20275.4 Threat of new entrants Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 20275.5 Threat of substitutes Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 20275.6 Threat of rivalryExhibit 28: Threat of rivalry – Impact of key factors in 2022 and 20275.7 Market conditionExhibit 29: Chart on Market condition - Five forces 2022 and 20276 Market Segmentation by Component 6.1 Market segmentsExhibit 30: Chart on Component - Market share 2022-2027 (%)Exhibit 31: Data Table on Component - Market share 2022-2027 (%)6.2 Comparison by Component Exhibit 32: Chart on Comparison by ComponentExhibit 33: Data Table on Comparison by Component6.3 Services - Market size and forecast 2022-2027 Exhibit 34: Chart on Services - Market size and forecast 2022-2027 ($ million)Exhibit 35: Data Table on Services - Market size and forecast 2022-2027 ($ million)Exhibit 36: Chart on Services - Year-over-year growth 2022-2027 (%)Exhibit 37: Data Table on Services - Year-over-year growth 2022-2027 (%)6.4 Products - Market size and forecast 2022-2027 Exhibit 38: Chart on Products - Market size and forecast 2022-2027 ($ million)Exhibit 39: Data Table on Products - Market size and forecast 2022-2027 ($ million)Exhibit 40: Chart on Products - Year-over-year growth 2022-2027 (%)Exhibit 41: Data Table on Products - Year-over-year growth 2022-2027 (%)6.5 Market opportunity by Component Exhibit 42: Market opportunity by Component ($ million)7 Market Segmentation by Deployment 7.1 Market segmentsExhibit 43: Chart on Deployment - Market share 2022-2027 (%)Exhibit 44: Data Table on Deployment - Market share 2022-2027 (%)7.2 Comparison by Deployment Exhibit 45: Chart on Comparison by DeploymentExhibit 46: Data Table on Comparison by Deployment7.3 On-premises - Market size and forecast 2022-2027 Exhibit 47: Chart on On-premises - Market size and forecast 2022-2027 ($ million)Exhibit 48: Data Table on On-premises - Market size and forecast 2022-2027 ($ million)Exhibit 49: Chart on On-premises - Year-over-year growth 2022-2027 (%)Exhibit 50: Data Table on On-premises - Year-over-year growth 2022-2027 (%)7.4 Cloud - Market size and forecast 2022-2027 Exhibit 51: Chart on Cloud - Market size and forecast 2022-2027 ($ million)Exhibit 52: Data Table on Cloud - Market size and forecast 2022-2027 ($ million)Exhibit 53: Chart on Cloud - Year-over-year growth 2022-2027 (%)Exhibit 54: Data Table on Cloud - Year-over-year growth 2022-2027 (%)7.5 Market opportunity by Deployment Exhibit 55: Market opportunity by Deployment ($ million)8 Customer Landscape 8.1 Customer landscape overview Exhibit 56: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria9 Geographic Landscape 9.1 Geographic segmentationExhibit 57: Chart on Market share by geography 2022-2027 (%)Exhibit 58: Data Table on Market share by geography 2022-2027 (%)9.2 Geographic comparison Exhibit 59: Chart on Geographic comparisonExhibit 60: Data Table on Geographic comparison9.3 North America - Market size and forecast 2022-2027 Exhibit 61: Chart on North America - Market size and forecast 2022-2027 ($ million)Exhibit 62: Data Table on North America - Market size and forecast 2022-2027 ($ million)Exhibit 63: Chart on North America - Year-over-year growth 2022-2027 (%)Exhibit 64: Data Table on North America - Year-over-year growth 2022-2027 (%)9.4 Europe - Market size and forecast 2022-2027 Exhibit 65: Chart on Europe - Market size and forecast 2022-2027 ($ million)Exhibit 66: Data Table on Europe - Market size and forecast 2022-2027 ($ million)Exhibit 67: Chart on Europe - Year-over-year growth 2022-2027 (%)Exhibit 68: Data Table on Europe - Year-over-year growth 2022-2027 (%)9.5 APAC - Market size and forecast 2022-2027 Exhibit 69: Chart on APAC - Market size and forecast 2022-2027 ($ million)Exhibit 70: Data Table on APAC - Market size and forecast 2022-2027 ($ million)Exhibit 71: Chart on APAC - Year-over-year growth 2022-2027 (%)Exhibit 72: Data Table on APAC - Year-over-year growth 2022-2027 (%)9.6 South America - Market size and forecast 2022-2027 Exhibit 73: Chart on South America - Market size and forecast 2022-2027 ($ million)Exhibit 74: Data Table on South America - Market size and forecast 2022-2027 ($ million)Exhibit 75: Chart on South America - Year-over-year growth 2022-2027 (%)Exhibit 76: Data Table on South America - Year-over-year growth 2022-2027 (%)9.7 Middle East and Africa - Market size and forecast 2022-2027 Exhibit 77: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)Exhibit 78: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)Exhibit 79: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)Exhibit 80: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)9.8 US - Market size and forecast 2022-2027 Exhibit 81: Chart on US - Market size and forecast 2022-2027 ($ million)Exhibit 82: Data Table on US - Market size and forecast 2022-2027 ($ million)Exhibit 83: Chart on US - Year-over-year growth 2022-2027 (%)Exhibit 84: Data Table on US - Year-over-year growth 2022-2027 (%)9.9 China - Market size and forecast 2022-2027 Exhibit 85: Chart on China - Market size and forecast 2022-2027 ($ million)Exhibit 86: Data Table on China - Market size and forecast 2022-2027 ($ million)Exhibit 87: Chart on China - Year-over-year growth 2022-2027 (%)Exhibit 88: Data Table on China - Year-over-year growth 2022-2027 (%)9.10 Germany - Market size and forecast 2022-2027 Exhibit 89: Chart on Germany - Market size and forecast 2022-2027 ($ million)Exhibit 90: Data Table on Germany - Market size and forecast 2022-2027 ($ million)Exhibit 91: Chart on Germany - Year-over-year growth 2022-2027 (%)Exhibit 92: Data Table on Germany - Year-over-year growth 2022-2027 (%)9.11 UK - Market size and forecast 2022-2027 Exhibit 93: Chart on UK - Market size and forecast 2022-2027 ($ million)Exhibit 94: Data Table on UK - Market size and forecast 2022-2027 ($ million)Exhibit 95: Chart on UK - Year-over-year growth 2022-2027 (%)Exhibit 96: Data Table on UK - Year-over-year growth 2022-2027 (%)9.12 Japan - Market size and forecast 2022-2027 Exhibit 97: Chart on Japan - Market size and forecast 2022-2027 ($ million)Exhibit 98: Data Table on Japan - Market size and forecast 2022-2027 ($ million)Exhibit 99: Chart on Japan - Year-over-year growth 2022-2027 (%)Exhibit 100: Data Table on Japan - Year-over-year growth 2022-2027 (%)9.13 Market opportunity by geography Exhibit 101: Market opportunity by geography ($ million)10 Drivers, Challenges, and Trends 10.1 Market drivers10.2 Market challenges10.3 Impact of drivers and challenges Exhibit 102: Impact of drivers and challenges in 2022 and 202710.4 Market trends11 Vendor Landscape 11.1 Overview11.2 Vendor landscapeExhibit 103: Overview on Criticality of inputs and Factors of differentiation11.3 Landscape disruptionExhibit 104: Overview on factors of disruption11.4 Industry risksExhibit 105: Impact of key risks on business12 Vendor Analysis 12.1 Vendors coveredExhibit 106: Vendors covered12.2 Market positioning of vendors Exhibit 107: Matrix on vendor position and classification12.3 Broadcom Inc.Exhibit 108: Broadcom Inc. - OverviewExhibit 109: Broadcom Inc. - Business segmentsExhibit 110: Broadcom Inc. - Key newsExhibit 111: Broadcom Inc. - Key offeringsExhibit 112: Broadcom Inc. - Segment focus12.4 Entrust Corp.Exhibit 113: Entrust Corp. - OverviewExhibit 114: Entrust Corp. - Product / ServiceExhibit 115: Entrust Corp. - Key newsExhibit 116: Entrust Corp. - Key offerings12.5 ForgeRock Inc.Exhibit 117: ForgeRock Inc. - OverviewExhibit 118: ForgeRock Inc. - Product / ServiceExhibit 119: ForgeRock Inc. - Key newsExhibit 120: ForgeRock Inc. - Key offerings12.6 Fujitsu Ltd.Exhibit 121: Fujitsu Ltd. - OverviewExhibit 122: Fujitsu Ltd. - Business segmentsExhibit 123: Fujitsu Ltd. - Key offeringsExhibit 124: Fujitsu Ltd. - Segment focus12.7 HID Global Corp.Exhibit 125: HID Global Corp. - OverviewExhibit 126: HID Global Corp. - Product / ServiceExhibit 127: HID Global Corp. - Key offerings12.8 Microsoft Corp.Exhibit 128: Microsoft Corp. - OverviewExhibit 129: Microsoft Corp. - Business segmentsExhibit 130: Microsoft Corp. - Key newsExhibit 131: Microsoft Corp. - Key offeringsExhibit 132: Microsoft Corp. - Segment focus12.9 NEC Corp.Exhibit 133: NEC Corp. - OverviewExhibit 134: NEC Corp. - Business segmentsExhibit 135: NEC Corp. - Key newsExhibit 136: NEC Corp. - Key offeringsExhibit 137: NEC Corp. - Segment focus12.10 Okta Inc.Exhibit 138: Okta Inc. - OverviewExhibit 139: Okta Inc. - Product / ServiceExhibit 140: Okta Inc. - Key offerings12.11 OneSpan Inc.Exhibit 141: OneSpan Inc. - OverviewExhibit 142: OneSpan Inc. - Product / ServiceExhibit 143: OneSpan Inc. - Key offerings12.12 Quest Software Inc.Exhibit 144: Quest Software Inc. - OverviewExhibit 145: Quest Software Inc. - Product / ServiceExhibit 146: Quest Software Inc. - Key offerings12.13 RSA Security LLCExhibit 147: RSA Security LLC - OverviewExhibit 148: RSA Security LLC - Product / ServiceExhibit 149: RSA Security LLC - Key offerings12.14 SecureAuth Corp.Exhibit 150: SecureAuth Corp. - OverviewExhibit 151: SecureAuth Corp. - Product / ServiceExhibit 152: SecureAuth Corp. - Key offerings12.15 ThalesExhibit 153: Thales - OverviewExhibit 154: Thales - Business segmentsExhibit 155: Thales - Key offeringsExhibit 156: Thales - Segment focus12.16 TransUnionExhibit 157: TransUnion - OverviewExhibit 158: TransUnion - Business segmentsExhibit 159: TransUnion - Key offeringsExhibit 160: TransUnion - Segment focus12.17 Yubico ABExhibit 161: Yubico AB - OverviewExhibit 162: Yubico AB - Product / ServiceExhibit 163: Yubico AB - Key offerings13 Appendix 13.1 Scope of the report13.2 Inclusions and exclusions checklist Exhibit 164: Inclusions checklistExhibit 165: Exclusions checklist13.3 Currency conversion rates for US$ Exhibit 166: Currency conversion rates for US$13.4 Research methodologyExhibit 167: Research methodologyExhibit 168: Validation techniques employed for market sizingExhibit 169: Information sources13.5 List of abbreviationsExhibit 170: List of abbreviationsAbout UsTechnavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: media@technavio.comWebsite: www.technavio.com View original content to download multimedia:https://www.prnewswire.com/news-releases/multi-factor-authentication-market-size-to-grow-by-usd-20-806-45-million-from-2022-to-2027innovative-features-and-user-interfaces-to-boost-the-market-growth--technavio-301871324.html SOURCE Technavio Source link The content is by PR Newswire. Headlines of Today Media is not responsible for the content provided or any links related to this content. Headlines of Today Media is not responsible for the correctness, topicality or the quality of the content.

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