Multi-Factor Authentication Market Growing at a CAGR 15.6% | Key Player Microsoft, Broadcom, OneSpan, Okta, Micro Focus
MarketsandMarkets forecasts the global Multi-Factor Authentication Market size is projected to grow from an estimated value of USD 12.9 Billion in 2022 to USD 26.7 Billion by 2027, at a Compound Annual Growth Rate (CAGR) of 15.6% from 2022 to 2027. Growing instances of data breaches, rising adoption of BYOD trends, stringent regulations, and growing pressure of data security compliances are some of the factors that are driving the market growth.
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By component, the services segment to register the highest growth rate during the forecast period
Based on component, MFA services have witnessed a growing demand in recent years. The services segment includes various services that are required to deploy, execute, and maintain MFA platforms in organizations. The services in the MFA market are crucial as they provide robust support for proper functioning and integration of software and hardware-based solutions. MFA services comprise technical support services that require the effective integration of MFA solutions.
With the increasing demand for MFA solutions in high-growth markets such as APAC and MEA, there is a significant demand for training and education services to spread awareness about various MFA solutions and the provision of training pertaining to the effective deployment of MFA solutions. Financial services, healthcare, and the eCommerce industry verticals have witnessed huge data losses due to security breaches. As a result, they are highly dependent on MFA solutions for strengthening their cybersecurity capabilities.
The growing concern of data breaches and privacy compliance regulations, especially due to the COVID-19 outbreak, is making companies focus on adopting MFA solutions and services to achieve compliance, improve data security, and enable better flexibility in operations. Major MFA vendors are widely supporting organizations in such unprecedented times with their 365*24*7 services.
Based on organization size, the SMEs segment to grow at the highest CAGR during the forecast period
SMEs are more prone to cyber fraud due to limited resources, availability of IT personnel, and budget constraints; and are looking forward to adopting MFA software to save their money, time, resources, and assets. With small businesses slowly moving to the cloud, there is a significant need for MFA. Every data is important and hackers must not be given the leverage to access it. Hence, small businesses are actively investing in MFA solutions to enhance their security posture.
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What is MFA?
According to MarketsandMarkets, MFA is an authentication method that requires the user to provide two or more verification factors for gaining access to resources, such as an application, online account, or a Virtual Private Network (VPN).
Competitive overview:
The MFA market is led by some of the globally established players such as Microsoft, Broadcom, OneSpan, Okta, Micro Focus, Thales, RSA Security, Duo Security, Ping Identity, HID Global, ESET, ForgeRock, CyberArk, OneLogin, SecureAuth, Oracle, and Salesforce, and others. These players have adopted various growth strategies such as partnerships, agreements, collaboration, acquisitions, and product developments to increase their market presence.
Microsoft holds a prominent position in the MFA market space. Microsoft develops and supports software, services, devices, and solutions. Its product offerings include Operating Systems (OS), cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. The company also designs, manufactures, and sells devices, including Personal Computers (PCs), tablets, gaming and entertainment consoles, other intelligent devices, and related accessories. It offers a range of services, including cloud-based solutions that provide customers with software, services, platforms, and content, as well as solution support and consulting services. The strong presence across the globe is one of the key factors leading to a good market share in the MFA market.
Apart from large and SME players, start-ups such as Secret Double Octopus, Silverfort, Trusona, FusionAuth, HYPR, Keyless, and Luxchain, among others are also evolving in the MFA market space.
Another important player in the MFA market space is Broadcom which is a global technology company that develops semiconductor and infrastructure software solutions. In November 2019, Broadcom acquired Symantec’s Enterprise Security business for USD 10.7 billion. Broadcom’s cybersecurity division offers a range of comprehensive security solutions, such as Integrated Cyber Defense (ICD), endpoint security, network security, identity security, API security, and information security. The company is a global provider in numerous product segments, serving the world’s most successful companies. Broadcom combines global scale, engineering depth, broad product portfolio, execution, and operational focus to deliver category-leading semiconductor and infrastructure software solutions to cater to its customers.
According to MnM’s market evaluation framework, most companies opt for inorganic growth strategies to maintain their position in the market. The number of deals increased by around 50-60% relatively in the period of 2020-2021. These deals collectively include partnerships, acquisitions, collaborations, and alliances. Due to the COVID-19 outbreak, there was a sudden decline in product launches and business expansion activities. However, from 2021 onward, companies are expected to follow organic growth strategies to provide MFA solutions and services to end users, which, on the other hand, would help companies in increasing their market revenue.
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