Multi-factor Authentication Market 2023-2027: A Descriptive Analysis of Parent Market, Five Forces


NEW YORK, Nov. 23, 2022 /PRNewswire/ — According to Technavio, the global multi-factor authentication market size is projected to grow by USD 20806.45 million from 2022 to 2027. The market is estimated to grow at a CAGR of 21.41% during the forecast period. Moreover, the growth momentum will accelerate. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 35%.

Technavio has announced its latest market research report titled Global Multi-factor Authentication Market 2023-2027

Technavio has announced its latest market research report titled Global Multi-factor Authentication Market 2023-2027

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Global Multi-factor Authentication Market – Parent Market Analysis

Technavio categorizes the global multi-factor authentication market as a part of the IT consulting and other services market, which covers companies offering IT consulting and system integration services, application services, electronic data processing services, business process outsourcing services, infrastructure services, and Internet services. The global IT consulting and other services market covers companies that provide information technology consulting and information management services. Technavio calculates the IT consulting and other services market size based on combined revenue generated by companies engaged in the provision of all types of IT services. It includes the annual revenues generated by the companies through the execution of the IT services contracts.

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Global Multi-factor Authentication Market – Five Forces

The global multi-factor authentication market is fragmented, and the five forces analysis covers–

  • Bargaining Power of Buyers

  • Threat of New Entrants

  • Threat of Rivalry

  • Bargaining Power of Suppliers

  • Threat of Substitutes

  • Interpretation of Porter’s Five Forces model helps to strategize the business, for entire details – buy report!

Global Multi-factor Authentication Market – Customer Landscape

The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Multi-factor Authentication Market – Segmentation Assessment

Segment Overview

Technavio has segmented the market based on component, deployment, and region.

  • The services segment will grow at the highest rate during the forecast period for several reasons. Firstly, the increasing usage of multi-factor authentication solutions and services in organizations is driving growth. Companies leverage multi-factor authentication solutions to prevent unauthorized access to critical data. The increasing number of data breaches and cyberattacks and the growing adoption of BYOD among enterprises will have a positive impact on the market.

Geography Overview

By geography, the global multi-factor authentication market is segmented into 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 held 35% of the global multi-factor authentication market in 2022. The market in the region is estimated to grow at the fastest pace during the forecast period. The adoption of multi-factor authentication is high in North America, a region that is more technologically advanced than others. The rise in regulatory requirements for large banks and payment card industry (PCI) companies are driving the adoption of multi-factor authentication in the region. In addition, advances in authentication solutions have fueled market growth. Stringent government regulations compel enterprises to incorporate multi-factor authentication into their credential authentication paradigm. Such factors will drive the multi-factor authentication market in the region during the forecast period.

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Global Multi-factor Authentication Market – Market Dynamics

Key factors driving market growth

  • Increase in volume of online transactions is driving the multi-factor authentication market growth.

  • Financial transactions are vulnerable to cyberattacks. Hence, many organizations have started employing authentication methods, such as phone-based authentication, software OTP tokens, hardware OTP tokens, and e-mail.

  • E-commerce represents a small portion of retail purchases in the US. Hence, there are ample opportunities in the e-commerce market in the US.

  • Mobile operators provide high-speed mobile broadband services, which are necessary to avail of cloud-computing services. The availability of 3G and 4G networks will further increase online transactions, which will drive the adoption of multi-factor authentication solutions and services during the forecast period.

Recent trends influencing the market

  • The emergence of cloud-based multi-factor authentication is a key trend influencing the multi-factor authentication market growth.

  • Many companies are adopting cloud-based multi-factor authentication solutions and services.

  • To ensure the security and safety of data on the cloud, cloud service providers are adopting technologies such as tokenization and biometric authentication.

  • The demand for multi-factor authentication for securing the data and information in the cloud environment will provide various opportunities to multi-factor authentication solution providers and cloud service providers, which will support the growth of the global multi-factor authentication market during the forecast period.

Major challenges hindering the market growth

  • The increase in the cost of OTP tokens may hinder the multi-factor authentication market growth.

  • The high initial deployment and replacement costs have increased the total cost of OTP tokens, which includes the initial pricing and licensing fees, infrastructure and hardware requirements, token warranty, and efforts and resources required for deploying and managing the solution.

  • A small number of vendors controls the market, and the lack of stiff competition is resulting in high initial deployment and replacement costs. Thus, the increasing cost of OTP tokens will hamper the growth of the market during the forecast period.

Drivers, Trends, and Challenges are the factors of market dynamics, which state about consequences and sustainability of the businesses. Find some insights from a free sample report!

What are the key data covered in this multi-factor authentication market report?

  • CAGR of the market during the forecast period

  • Detailed information on factors that will drive the growth of the multi-factor authentication market between 2023 and 2027

  • Precise estimation of the size of the multi-factor authentication market and its contribution to the parent market

  • Accurate predictions about upcoming trends and changes in consumer behavior

  • Growth of the multi-factor authentication market industry across APAC, North America, Europe, Middle East and Africa, and South America

  • Thorough analysis of the market’s competitive landscape and detailed information about vendors

  • Comprehensive analysis of factors that will challenge the growth of multi-factor authentication market vendors

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Multi-factor Authentication Market Scope

Report Coverage

Details

Page number

120

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 20806.45 million

Market structure

Fragmented

YoY growth (%)

20.37

Regional analysis

North America, Europe, APAC, Middle East and Africa, and South America

Performing market contribution

North America at 35%

Key countries

US, China, Japan, Germany, and France

Competitive landscape

Leading companies, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Leading Vendors, Market Positioning of Vendors

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 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.

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Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Historic Market Size

6 Five Forces Analysis

7 Market Segmentation by Component

8 Market Segmentation by Deployment

9 Customer Landscape

10 Geographic Landscape

11 Drivers, Challenges, and Trends

12 Vendor Landscape

13 Vendor Analysis

14 Appendix

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2022-11-22 23:07:48

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