MFA Industry Analysis, Growth Rate, Business Opportunities and Competitive Landscape | COVID-19 Effects
The global MFA Industry report by Market Research Future (MRFR) gives a wide standpoint to the industry considering expanding on the web assaults for the estimate time frame (2020-2027). The COVID-19 flare-up and its suggestions on the industry are a necessary piece of the report. Multi-factor authentication (MFA) is a multi-step process for confirming clients before their planned undertaking. Its execution across businesses of banking and monetary foundations, military and safeguard, buyer hardware, exchange and migration, government organizations, and others is probably going to help the market valuation before long.
The global MFA Industry is ready to arrive at a valuation of USD 11.24 billion by 2023. It can show 11.24% CAGR over the estimate time frame. Huge utilization of cell phones and inescapable nature of web has set off the utilization of MFA as a safety effort. Endeavors by state run administrations to forestall cheats and cyberattacks can drive the market interest. MFA arrangements by programming suites in the midst of high nonessential pay levels of clients and rising utilization of cloud can look good for the market. Reception of BYOD in present day working environments can push for its utilization.
The COVID-19 flare-up has moved the utilization of MFA in frameworks of significant associations as a preventive measure against cyberattacks. Ascend in public safety concerns and interest for measures against unfamiliar trades, online exchanges, and exchange money can drive the market request essentially. Utilization of web based business entries has prompted the execution of MFA among these organizations.
However, long reaction times experienced by clients in locales or applications requesting MFA can hamper market development.
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By model, the MFA market is segmented into two factor authentication, three factor authentication, four factor authentication, and five factor authentication. The two factor authentication model is expected to retain its dominance in the market owing to being used by email service providers to authenticate users.
By application, the market is segmented into retail & e-commerce, healthcare, BFSI, travel & immigration, government & defense, and others. The healthcare application can command a significant market share owing to hospitals hosting sensitive patient data pertaining to their medical history. Healthcare online marketplaces which provide price comparisons on services and products are employing MFA to help users log in securely to websites for purchase purposes. Recently, Healthcare Bluebook allowed a free online price comparison tool for staff of Vanderbilt University and their dependents.
By deployment, the market is segmented into on-premises and on cloud.
North America, Europe, Asia-Pacific, and Rest of the World (RoW) are major regions covered in the multi-factor authentication market.
North America is touted to dominate the global market owing to presence of large number of internet and smartphone users. Large numbers of technically skilled personnel and presence of major players in the U.S. and Canada can drive regional market growth.
Asia-Pacific is estimated to exhibit a strong growth rate during the forecast period due to healthcare-based cyber crimes and adoption of MFA solutions at endpoints. Investments in cloud and IoT coupled with demand for digital services can bolster the multi-factor authentication market.
Suprema HQ Inc., RSA Security LLC, HID Global Corporation/ASSA ABLOY AB, Watchdata Technologies, NEC Corporation, Crossmatch, 3M, VASCO Data Security International Inc., Fujitsu, Safran, CA Technologies, Gemalto NV, IBM Corporation, Microsoft Corporation, and Securenvoy Ltd are key players of the multi-factor authentication market. Protection of users’ vulnerable data in large organizations has been the primary approach of various players in the market. Venture capital funding of new startups are opportunities for players looking to sustain their position in the market.
Belnet, a public sector network of Belgium, has decided to implement multi-factor authentication to prevent the spate of cyberattacks.
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Global MFA Industry: by Model (Two-Factor & Multi-Factor with Three-Factor Authentication, Multifactor with Four-Factor & Multifactor with Five-Factor Authentication), by Deployment Type (on Premise and on Cloud) – Forecast 2027
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