Global Multi-Factor Authentication Market: Trends and Forecast (2022-2027) – Yahoo Finance
Report Scope: The scope of the report includes an overview of the global MFA market and an analysis associated with global marketplace trends, with data from 2021 (the base year) and estimates for 2022 through 2027, with projections of CAGR for the particular forecast period.
New York, Nov. 21, 2022 (GLOBE NEWSWIRE) — Reportlinker. com announces the release of the report “Global Multi-Factor Authentication Market: Trends and Forecast (2022-2027)” – https://www.reportlinker.com/p06364006/?utm_source=GNW
Revenue forecasts for this period are segmented based on component, authentication model type, organization size, industry and geography.
This statement also consists of a discussion of technological, regulatory plus competitive elements as well as economic trends affecting the market. It explains the major drivers and regional dynamics of the worldwide MFA marketplace and current trends within the industry.
This report concludes with detailed profiles from the main vendors in the global market.
Report Includes:
— 50 data tables and 27 additional tables
– A comprehensive overview of the global market for multi-factor authentication (MFA) process
: Analyses associated with the worldwide market trends, with historic revenue information for 2021, estimates with regard to 2022, market forecasts regarding 2023 plus 2025, and projections of compound annual growth rates (CAGRs) through 2027
– Coverage of the particular technological, financial, and business considerations associated with the global multi-factor authentication market, along with analyses plus growth predictions over the next few years (2022-2027)
– Estimation of the actual market size and revenue forecast intended for multi-factor authentication market, and corresponding market share analysis depending on component, type of authentication design, organization size, end-user business, and geographic region
– Highlights of the particular emerging technology trends, opportunities and gaps estimating demand for worldwide multi-factor authentication market, plus impact associated with COVID-19 on the progress of this market
– Identification of the companies best positioned to meet this particular demand owing to or in conjunction with their proprietary technologies, product launches, M& The deals, and other market strategic advantages
– In-depth information (facts and figures) concerning major market dynamics, technology advancements, value chain analysis, and competitive environment of the leading marketplace players
– Number of published patents plus patent applications for MFA technologies across various regions
— Descriptive company profiles from the leading market players, including Broadcom Inc., Entrust Corp., Microsoft Corp., Oracle Corp., RSA Security LLC, SecureAuth Corp. and Yubico AB
Summary:
The need for MFA, requiring extra proof of identity beyond a simple username and password is gaining widespread acceptance, worldwide. The rising number of identity thefts plus breaches, as well as the increased use of IoT/BYOD devices, are driving up requirement for MFA.
Face recognition, voice analysis and iris recognition are used by organizations to authenticate and verify employees. Post pandemic, there has been a dramatic increase in cyber-based attacks boosting demand for MFA solutions.
MFA offers better security preparedness, reducing the particular risk associated with identity compromise by as much as 99. 9% over passwords, alone. Hackers use compromised identities to gain a foothold in the business, avoiding detection for a good average of 100 days. With more than 300 million fraudulent sign-in attempts targeting Microsoft cloud services every day, the Microsoft Group Program Manager for Identity Security and Protection stated that enabling an MFA solution blocks 99. 9% of these unauthorized login efforts.
Strong MFA offers high assurance factors: fast identification online (FIDO) security keys and smart cards to authenticate users. Strong MFA schemes apply the multi-layered approach.
Data analytics determine which accounts and transactions require extra scrutiny plus which could be simplified without introducing additional risk.
The particular growing adoption of MFA by enterprises in various industries is expected to drive the market’s growth, positively. Financial organizations are facing the reality that customer experience, through registration in order to login, preferences and past, is the particular new battleground.
Companies respond by adopting authentication systems that improve the experience. Adaptive MFA, for instance, establishes policies for high-risk interactions, setting minimal authentication requirements to get more routine interactions.
The BFSI industry is using it pertaining to core banking, trade finance, international payment and online banking. MFA is common within other industries (healthcare, retail and segments that need to secure
IoT devices).
The next generation of MFA mechanisms combine impregnable security and ease of make use of, ensuring that customers have a frictionless experience while preventing hackers from finding and exploiting loopholes. North America accounts for the largest business associated with the global MFA marketplace, followed by Europe and Asia Pacific.
Key market participants include Broadcom Incorporation., Duo Protection Inc., Entrust Corp., ForgeRock Inc., Thales DIS, HID Global Corp., Microsoft Corp., Okta Inc., OneLogin Incorporation., OneSpan Inc., Oracle Corp., Ping Identification Corp., RSA Security LLC, SecureAuth Corp. and Yubico AB, among others.
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