Multi-Factor Authentication Global Market Report 2024

The global multi-factor authentication market has grown rapidly in recent years. It will grow from $15.25 billion in 2023 to $17.78 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. During the historical period, growth can be attributed to several factors such as a rise in cyberattacks, innovations from vendors, integration of multi-factor authentication (MFA), industry-specific applications, and the need to address legacy security vulnerabilities.

The global multi-factor authentication market is expected to see rapid growth in the next few years. It will grow to $34.29 billion in 2028 at a compound annual growth rate (CAGR) of 17.9%. In the upcoming forecast period, growth is expected due to several factors such as integration with Identity and Access Management (IAM) solutions, industry-specific applications, the increasing adoption of biometrics, growing demand for continuous authentication, and the focus on improving user experience. Anticipated trends in this period encompass rising cyber threats, the expansion of remote workforces, the adoption of zero trust security models, advancements in authentication technologies, and concerns surrounding data privacy.

The anticipated surge in data breaches and cyber-attacks is poised to drive growth in the multi-factor authentication market. Cyber data breaches involve unauthorized access to computer systems or networks to obtain private, sensitive, or confidential information. To counter these breaches, the implementation of multi-factor authentication is crucial, incorporating endpoint detection and response (EDR), biometric technology, cloud security, code audits, and embedded system security assessments. Reports from July 2021 by IBM highlighted a significant increase in data breach costs, rising from $3.86 million in 2020 to $4.24 million in 2021. Additionally, according to the Identity Theft Resource Center (ITRC), U.S. data breaches surged by 38% in the second quarter of 2021 compared to the first quarter. Consequently, the rise in cyber threats propels the growth of multi-factor authentication.

The burgeoning telecommunications industry is expected to drive the expansion of the multi-factor authentication solutions market. This sector encompasses technology, services, and infrastructure for long-distance information transmission. Within the MFA ecosystem, telecommunications plays a pivotal role, offering the necessary infrastructure and services to support various authentication methods and bolster overall digital transaction security and access control. Projections from October 2023 anticipate global revenue for telecom services to reach £1.13 billion ($1.38 billion) in 2023, surging to an estimated $1.58 trillion by 2028. Moreover, global Information Technology (IT) spending specifically on telecommunications services is projected to grow by 2.8% from $1.42 trillion in 2022 to $1.5 trillion in 2023. Therefore, the expanding telecommunications industry will fuel the growth of the multi-factor authentication solutions market.

Technological advancement emerges as a prominent trend in the multi-factor authentication market. Leading companies in this domain are focused on developing sophisticated security services and solutions, such as smart cards and password-less authentication systems, to fortify their market positions. For instance, in June 2022, Xage Security launched a multi-layer, multi-factor authentication protection tailored for critical infrastructure. This solution combines zero-trust access control with a defense-in-depth authentication approach, requiring users to verify their identity at each access privilege layer.

In the realm of zero trust security, major companies are emphasizing the adoption of educational-focused multi-factor authentication solutions to strengthen their market presence. These solutions cater to the specific security needs of educational institutions, safeguarding sensitive academic data and ensuring compliance with regulations. They play a pivotal role in advancing MFA adoption across diverse sectors, offering tailored and user-friendly security measures. For instance, Clever launched multi-factor authentication solutions in April 2023, aiming to enhance cybersecurity in K-12 schools. Clever MFA+ provides a dual-layer authentication system, addressing cybersecurity threats and ensuring a secure learning environment.

In November 2021, SecureAuth Corporation acquired Acceptto for an undisclosed amount. This strategic move aims to capitalize on the increasing need for enterprises to enhance identity security, support hybrid workforces, boost digital engagement, and transition to cloud and zero-trust networks. Acceptto Corporation specializes in multi-factor authentication, identity management, and access management within the cybersecurity domain.

Major companies operating in the multi-factor authentication market report are Microsoft Corporation, Broadcom Inc., OneSpan Inc., Okta Inc., Thales Group, Dell Technologies Inc., Cisco Systems Inc., HID Global Corporation, Yubico AB, Micro Focus, OneLogin Inc., Ping Identity Corporation, SecureAuth Corporation, Entrust Datacard Corporation, Oracle Corporation, IBM Corporation, Google LLC, RSA Security LLC, Duo Security, LastPass MFA, ForgeRock, Auth0, Idaptive, CyberArk, Beyond Identity, HYPR, Transmit Security, Idemia, SecureKey Technologies Inc., Trusona

North America was the largest region in the multi-factor authentication market share in 2023. The regions covered in the multi-factor authentication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the multi-factor authentication market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary models of multi-factor authentication encompass two factors, three factors, four factors, and five factors. Two-factor authentication, a subset of MFA, requires users to employ two distinct authentication factors as part of the security procedure. These factors could include password and password-less authentication. Components integral to multi-factor authentication include hardware, software, and associated services. This authentication method finds application across various sectors, catering to both large enterprises and small to medium-sized businesses. Its implementation spans industries such as BFSI, government, travel and immigration, military and defense, commercial security, healthcare, IT, telecommunication, media and entertainment, and other verticals.

This report provides multi-factor authentication market statistics, including multi-factor authentication industry global market size, regional shares, competitors with a multi-factor authentication market share, detailed multi-factor authentication market segments, market trends and opportunities, and any further data you may need to thrive in the multi-factor authentication industry. This multi-factor authentication market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The multi-factor authentication market consists of revenues earned by entities by providing SMS token authentication, email token authentication, phone authentication, and biometric authentication. The market value includes the value of related goods sold by the service provider or included within the service offering. The multi-factor authentication market also includes sales of hardware tokens for authentication. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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