Report Scope:
The scope of the report includes an overview of the global MFA market and an analysis of global market trends, with data from 2021 (the base year) and estimates for 2022 through 2027, with projections of CAGR for the forecast period. Revenue forecasts for this period are segmented based on component, authentication model type, organization size, industry and geography.
This report also includes a discussion of technological, regulatory and competitive elements as well as economic trends affecting the market. It explains the major drivers and regional dynamics of the global MFA market and current trends within the industry. This report concludes with detailed profiles of 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 of the global market trends, with historic revenue data for 2021, estimates for 2022, market forecasts for 2023 and 2025, and projections of compound annual growth rates (CAGRs) through 2027
- Coverage of the technological, economic, and business considerations of the global multi-factor authentication market, with analyses and growth forecasts over the next few years (2022-2027)
- Estimation of the actual market size and revenue forecast for multi-factor authentication market, and corresponding market share analysis based on component, type of authentication model, organization size, end-user industry, and geographic region
- Highlights of the emerging technology trends, opportunities and gaps estimating demand for global multi-factor authentication market, and impact of COVID-19 on the progress of this market
- Identification of the companies best positioned to meet this demand owing to or in conjunction with their proprietary technologies, product launches, M&A 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 market players
- Number of published patents and patent applications for MFA technologies across various regions
- Descriptive company profiles of the leading market players, including Broadcom Inc., Entrust Corp., Microsoft Corp., Oracle Corp., RSA Security LLC, SecureAuth Corp. and Yubico AB
Summary:
The demand for MFA, requiring additional proof of identity beyond a simple username and password is gaining widespread acceptance, worldwide. The rising number of identity thefts and breaches, as well as the increased use of IoT/BYOD devices, are driving up demand 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 risk of identity compromise by as much as 99.9% over passwords, alone. Hackers use compromised identities to gain a foothold in the organization, avoiding detection for an 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 attempts.
Strong MFA offers high assurance factors: fast identity 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 and which could be simplified without introducing additional risk.
The 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, from registration to login, preferences and beyond, is the new battleground. Companies respond by adopting authentication technologies that improve the experience. Adaptive MFA, for instance, establishes policies for high-risk interactions, setting minimal authentication requirements for more routine interactions. The BFSI industry is using it for core banking, trade finance, international payment and online banking. MFA is common in other industries (healthcare, retail and segments that need to secure
IoT devices).
The next generation of MFA mechanisms combine impregnable security and ease of use, ensuring that users have a frictionless experience while preventing hackers from finding and exploiting loopholes. North America accounts for the largest market share of the global MFA market, followed by Europe and Asia Pacific. Key market participants include Broadcom Inc., Duo Security Inc., Entrust Corp., ForgeRock Inc., Thales DIS, HID Global Corp., Microsoft Corp., Okta Inc., OneLogin Inc., OneSpan Inc., Oracle Corp., Ping Identity Corp., RSA Security LLC, SecureAuth Corp. and Yubico AB, among others.
Global Multi-Factor Authentication Market: Trends and Forecast (2022-2027)
Table of Contents
Chapter 1 Introduction
1.1 Overview
1.2 Study Goals and Objectives
1.3 Reasons for Doing This Study
1.4 Scope of Report
1.5 Intended Audience
1.6 Information Sources
1.7 Research Methodology
1.8 Geographic Breakdown
1.9 Analyst's Credentials
1.10 BCC Custom Research
1.11 Related BCC Research Reports
Chapter 2 Summary and Highlights
Chapter 3 Market Overview
3.1 Introduction
3.2 Evolution of Authentication Methods
3.3 Value Chain Analysis
3.4 Porter's Five Forces Analysis
3.4.1 Bargaining Power of Suppliers
3.4.2 Bargaining Power of Consumers
3.4.3 Threat of New Entrants
3.4.4 Competitive Rivalry
3.4.5 Threat of Substitutes
3.5 Standards/Specifications for Authentication Solutions
3.6 Future Outlook
3.7 Assessment of COVID-19 Impact on the Market
Chapter 4 Market Dynamics
4.1 Overview
4.1.1 Market Drivers
4.1.2 Market Restraints
4.1.3 Market Opportunities
Chapter 5 Technology Snapshot
5.1 Technology Trend Analysis
5.1.1 Out-of-Band Authentication
5.1.2 Built-In Authenticator Readers
5.1.3 Baked-In Authentication
5.2 Authentication Type
5.2.1 Password Authentication
5.2.2 Password-free Authentication
Chapter 6 Market Breakdown by Component
6.1 Overview
6.2 Software
6.3 Hardware
6.4 Services
Chapter 7 Market Breakdown by Authentication Model Type
7.1 Overview
7.2 Two-factor Authentication (2FA)
7.3 Three-factor Authentication
7.4 Others
Chapter 8 Market Breakdown by Organization Size
8.1 Overview
8.2 Large Enterprises
8.3 Small and Medium-Sized Enterprises
Chapter 9 Market Breakdown by Industry
9.1 Overview
9.2 BFSI
9.3 Healthcare
9.4 IT and Telecom
9.5 Retail
9.6 Government
9.7 Others
Chapter 10 Market Breakdown by Region
10.1 Overview
10.2 North America
10.2.1 U.S.
10.2.1 Canada
10.3 Europe
10.3.1 Government Strategies
10.3.2 U.K
10.3.3 Germany
10.3.4 France
10.3.5 Russia
10.3.6 Rest of Europe
10.4 Asia-Pacific
10.5 Latin America
10.6 Middle East and Africa
Chapter 11 Patent Analysis
11.1 Overview
11.2 Geographic Patterns
Chapter 12 Company Profiles
BROADCOM INC.
DUO SECURITY INC. (CISCO SYSTEMS INC.)
ENTRUST CORP.
FORGEROCK INC.
HID GLOBAL CORP. (ASSA ABLOY AB)
MICRO FOCUS INTERNATIONAL PLC
MICROSOFT CORP.
OKTA INC.
ONELOGIN INC. (ONE IDENTITY)
ONESPAN INC.
ORACLE CORP.
PING IDENTITY CORP.
RSA SECURITY LLC
SECUREAUTH CORP.
THALES DIS (THALES GROUP)
YUBICO AB
Chapter 13 Appendix: List of Abbreviations
List of Tables
Summary Table A : Global Multi-Factor Authentication Market, by Region, Through 2027
Summary Table B : Global Multi-Factor Authentication Market, by Component, Through 2027
Table 1 : Porter's Five Forces Analysis: Overview
Table 2 : Global Multi-Factor Authentication Market, by Component, Through 2027
Table 3 : Global Multi-factor Authentication Software Market, by Region, Through 2027
Table 4 : Global Multi-Factor Authentication Hardware Market, by Region, Through 2027
Table 5 : Global Multi-factor Authentication Services Market, by Region, Through 2027
Table 6 : Global Multi-Factor Authentication Market, by Authentication Model Type, Through 2027
Table 7 : Global Two-Factor Authentication Market, by Region, Through 2027
Table 8 : Global Three-Factor Authentication Market, by Region, Through 2027
Table 9 : Global Market for Other Authentication Model Types, by Region, Through 2027
Table 10 : Global Multi-Factor Authentication Market, by Organization Size, Through 2027
Table 11 : Global Multi-Factor Authentication Market in Large Enterprises, by Region, Through 2027
Table 12 : Global Multi-Factor Authentication Market, Small and Medium-Sized Enterprises, by Region, Through 2027
Table 13 : Global Multi-Factor Authentication Market, by Industry, Through 2027
Table 14 : Global Multi-Factor Authentication Market, BFSI Industry, by Region, Through 2027
Table 15 : Global Multi-Factor Authentication Market, Healthcare Industry, by Region, Through 2027
Table 16 : Global Multi-Factor Authentication Market, IT and Telecom Industry, by Region, Through 2027
Table 17 : Global Multi-Factor Authentication Market, Retail Industry, by Region, Through 2027
Table 18 : Global Multi-Factor Authentication Market, Government Sector, by Region, Through 2027
Table 19 : Global Multi-Factor Authentication Market, Other Industries, by Region, Through 2027
Table 20 : Global Multi-Factor Authentication Market, by Region, Through 2027
Table 21 : North American Multi-Factor Authentication Market, by Component, Through 2027
Table 22 : North American Multi-Factor Authentication Market, by Authentication Model Type, Through 2027
Table 23 : North American Multi-Factor Authentication Market, by Organization Size, Through 2027
Table 24 : North American Multi-Factor Authentication Market, by Industry, Through 2027
Table 25 : European Multi-Factor Authentication Market, by Component, Through 2027
Table 26 : European Multi-Factor Authentication Market, by Authentication Model Type, Through 2027
Table 27 : European Multi-Factor Authentication Market, by Organization Size, Through 2027
Table 28 : European Multi-Factor Authentication Market, by Industry, Through 2027
Table 29 : Asia-Pacific Multi-Factor Authentication Market, by Component, Through 2027
Table 30 : Asia-Pacific Multi-Factor Authentication Market, by Authentication Model Type, Through 2027
Table 31 : Asia-Pacific Multi-Factor Authentication Market, by Organization Size, Through 2027
Table 32 : Asia-Pacific Multi-Factor Authentication Market, by Industry, Through 2027
Table 33 : Latin American Multi-Factor Authentication Market, by Component, Through 2027
Table 34 : Latin American Multi-Factor Authentication Market, by Authentication Model Type, Through 2027
Table 35 : Latin American Multi-Factor Authentication Market, by Organization Size, Through 2027
Table 36 : Latin American Multi-Factor Authentication Market, by Industry, Through 2027
Table 37 : Middle East and African Multi-Factor Authentication Market, by Component, Through 2027
Table 38 : Middle East and African Multi-Factor Authentication Market, by Authentication Model Type, Through 2027
Table 39 : Middle East and African Multi-Factor Authentication Market, by Organization Size, Through 2027
Table 40 : Middle East and African Multi-Factor Authentication Market, by Industry, Through 2027
Table 41 : List of U.S. Patents for MFA Solutions, 2021 and 2022
Table 42 : List of WIPO Patents for MFA Solutions, 2021 and 2022
Table 43 : Broadcom Inc.: Recent Financial Performance, 2019-2021
Table 44 : Broadcom Inc.: Product Portfolio
Table 45 : Broadcom Inc.: Recent Developments, 2019-2022
Table 46 : Cisco Systems Inc.: Recent Financial Performance, FY 2019-FY 2021
Table 47 : Duo Security Inc.: Product Portfolio
Table 48 : Duo Security Inc.: Recent Developments, 2019-2022
Table 49 : Entrust Corp.: Product Portfolio
Table 50 : Entrust Corp.: Recent Developments, 2019-2020
Table 51 : ForgeRock Inc.: Product Portfolio
Table 52 : ForgeRock Inc.: Recent Developments, 2020-2022
Table 53 : Assa Abloy AB: Recent Financial Performance, FY 2019-FY 2021
Table 54 : HID Global Corp.: Product Portfolio
Table 55 : HID Global Corp.: Recent Developments, 2020
Table 56 : Microsoft Corp.: Recent Financial Performance, FY 2020-FY 2022
Table 57 : Microsoft Corp.: Product Portfolio
Table 58 : Microsoft Corp.: Recent Developments, 2022
Table 59 : Okta Inc.: Recent Financial Performance, FY 2020-FY 2022
Table 60 : Okta Inc.: Product Portfolio
Table 61 : Okta Inc.: Recent Developments, 2020
Table 62 : OneLogin Inc.: Product Portfolio
Table 63 : OneLogin Inc.: Recent Developments, 2022
Table 64 : OneSpan Inc.: Recent Financial Performance, FY 2019-FY 2021
Table 65 : OneSpan Inc.: Product Portfolio
Table 66 : Oracle Corp.: Recent Financial Performance, 2020-2022
Table 67 : RSA Security LLC: Recent Financial Performance, FY 2019-FY 2021
Table 68 : RSA Security LLC: Product Portfolio
Table 69 : SecureAuth Corp.: Product Portfolio
Table 70 : SecureAuth Corp.: Recent Developments, 2021 and 2022
Table 71 : Thales Group: Recent Financial Performance, FY 2019-FY 2021
Table 72 : Thales DIS: Product Portfolio
Table 73 : Thales DIS: Recent Developments, 2022
Table 74 : Yubico AB: Product Portfolio
Table 75 : Abbreviations Used in This Report
List of Figures
Summary Figure A : Global Multi-Factor Authentication Market Share, by Region, 2021
Summary Figure B : Global Multi-Factor Authentication Market Share, by Component, 2021
Figure 1 : Value Chain, Global Multi-Factor Authentication Market
Figure 2 : Multi-Factor Authentication Market: Porter's Five Forces Analysis
Figure 3 : Multi-Factor Authentication Market: Bargaining Power of Suppliers
Figure 4 : Multi-Factor Authentication Market: Bargaining Power of Consumers
Figure 5 : Multi-factor Authentication Market: Threat of New Entrants
Figure 6 : Multi-Factor Authentication Market: Competitive Rivalry
Figure 7 : OOBA High Level Authentication Flow
Figure 8 : Global Multi-Factor Authentication Market Share, by Component, 2021
Figure 9 : Global Multi-Factor Authentication Software Market Share, by Region, 2021
Figure 10 : Global Multi-Factor Authentication Hardware Market Share, by Region, 2021
Figure 11 : Global Multi-Factor Authentication Services Market Share, by Region, 2021
Figure 12 : Global Multi-Factor Authentication Market Share, by Authentication Model Type, 2021
Figure 13 : Global Two-Factor Authentication Market Share, by Region, 2021
Figure 14 : Global Three-Factor Authentication Market Share, by Region, 2021
Figure 15 : Global Market Share of Other Authentication Model Types, by Region, 2021
Figure 16 : Global Multi-Factor Authentication Market Share, by Organization Size, 2021
Figure 17 : Global Multi-Factor Authentication Market Share in Large Enterprises, by Region, 2021
Figure 18 : Global Multi-Factor Authentication Market Share, Small and Medium-Sized Enterprises, by Region, 2021
Figure 19 : Global Multi-Factor Authentication Market Share, by Industry, 2021
Figure 20 : Global Multi-Factor Authentication Market Share, BFSI Industry, by Region, 2021
Figure 21 : Global Multi-Factor Authentication Market Share, Healthcare Industry, by Region, 2021
Figure 22 : Global Multi-Factor Authentication Market Share, IT and Telecom Industry, by Region, 2021
Figure 23 : Global Multi-Factor Authentication Market Share, Retail Industry, by Region, 2021
Figure 24 : Global Multi-Factor Authentication Market Share, Government Sector, by Region, 2021
Figure 25 : Global Multi-Factor Authentication Market Share, Other Industries, by Region, 2021
Figure 26 : Global Multi-Factor Authentication Market Share, by Region, 2021
Figure 27 : North American Multi-Factor Authentication Market Share, by Component, 2021
Figure 28 : North American Multi-Factor Authentication Market Share, by Authentication Model Type, 2021
Figure 29 : North American Multi-Factor Authentication Market Share, by Organization Size, 2021
Figure 30 : North American Multi-Factor Authentication Market Share, by Industry, 2021
Figure 31 : United States Multi-Factor Authentication Market, 2021-2027
Figure 32 : Canadian Multi-Factor Authentication Market, 2021-2027
Figure 33 : European Multi-Factor Authentication Market Share, by Component, 2021
Figure 34 : European Multi-Factor Authentication Market Share, by Authentication Model Type, 2021
Figure 35 : European Multi-Factor Authentication Market Share, by Organization Size, 2021
Figure 36 : European Multi-Factor Authentication Market Share, by Industry, 2021
Figure 37 : U.K. Multi-Factor Authentication Market, 2021-2027
Figure 38 : German Multi-Factor Authentication Market, 2021-2027
Figure 39 : French Multi-Factor Authentication Market, 2021-2027
Figure 40 : Russian Multi-Factor Authentication Market, 2021-2027
Figure 41 : Rest of the European Multi-Factor Authentication Market, 2021-2027
Figure 42 : Asia-Pacific Multi-Factor Authentication Market Share, by Component, 2021
Figure 43 : Asia-Pacific Multi-Factor Authentication Market Share, by Authentication Model Type, 2021
Figure 44 : Asia-Pacific Multi-Factor Authentication Market Share, by Organization Size, 2021
Figure 45 : Asia-Pacific Multi-Factor Authentication Market Share, by Industry, 2021
Figure 46 : Latin American Multi-Factor Authentication Market Share, by Component, 2021
Figure 47 : Latin American Multi-Factor Authentication Market Share, by Authentication Model Type, 2021
Figure 48 : Latin American Multi-Factor Authentication Market Share, by Organization Size, 2021
Figure 49 : Latin American Multi-Factor Authentication Market Share, by Industry, 2021
Figure 50 : Middle East and African Multi-Factor Authentication Market Share, by Component, 2021
Figure 51 : Middle East and African Multi-Factor Authentication Market Share, by Authentication Model Type, 2021
Figure 52 : Middle East and African Multi-Factor Authentication Market Share, by Organization Size, 2021
Figure 53 : Middle East and African Multi-Factor Authentication Market Share, by Industry, 2021
Figure 54 : Published MFA Related Patents and Patent Applications, by Key Countries, 2021 and 2022
Figure 55 : Broadcom Inc.: Revenue Share, by Business Segment, 2021
Figure 56 : Broadcom Inc.: Revenue Share, by Geography, 2021
Figure 57 : Cisco Systems Inc.: Revenue Share, by Segment, FY 2021
Figure 58 : Cisco Systems Inc.: Revenue Share, by Region, FY 2021
Figure 59 : Assa Abloy AB: Revenue Share, by Product Group, FY 2021
Figure 60 : Assa Abloy AB: Revenue Share, by Business Divisions, FY 2021
Figure 61 : Assa Abloy AB: Revenue Share, by Continent, FY 2021
Figure 62 : Assa Abloy AB: Revenue Share, by Customer Split, FY 2021
Figure 63 : Microsoft Corp.: Revenue Share, by Segment, FY 2022
Figure 64 : Microsoft Corp.: Revenue Share, by Region, FY 2022
Figure 65 : Okta Inc.: Revenue Share, by Business Segment, FY 2021
Figure 66 : Okta Inc.: Revenue Share, by Geography, FY 2021
Figure 67 : OneSpan Inc.: Revenue Share, by Product, FY 2021
Figure 68 : OneSpan Inc.: Revenue Share, by Business Segment, FY 2021
Figure 69 : OneSpan Inc.: Revenue Share, by Geography, FY 2021
Figure 70 : Oracle Corp.: Revenue Share, by Business Segment, 2022
Figure 71 : Oracle Corp.: Revenue Share, by Region, 2022
Figure 72 : Thales Group: Revenue Share, by Business Segment, FY 2021
Figure 73 : Thales Group: Revenue Share, by Geography, FY 2021
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