Multifactor Authentication Market Provides Comprehensive Understanding Of The Market With The Help Of Informed

 

Multifactor Authentication Market Outlook 2031

  • The global multifactor authentication market was valued at US$ 10.30 Bn in 2020
  • It is estimated to expand at a CAGR of 16.08% from 2021 to 2031
  • The global multifactor authentication market is expected to exceed the value of US$ 51.37 Bn by the end of 2031

Multifactor Authentication Market: Overview

  • According to Transparency Market Research’s latest research report on the global multifactor authentication market for the historical period 2017–2019 and the forecast period 2021–2031, usage of multifactor authentication in various end use sector such as healthcare, retail, etc. is expected to boost the global multifactor authentication market during the forecast period

Smartphone Authentication Apps Continue to Grow in Popularity: Key Driver of Global Multifactor Authentication Market

  • Use of smartphones as an authentication method via soft tokens has been gaining popularity for the past few years. Apps, SMS, and telephony services are available in smartphones, and they are considered to be a highly rapid and secure way to deploy multi-factor authentication.
  • Various apps can be used across tablets, laptops, and phones. Some of them can support only laptops, while others support phones.
  • Presently, excessive integration of smartphones is expected to be a key factor driving the multifactor authentication system market
  • Demand over complex maintenance, high usage service limit, and increased initial investment are also boosting the multifactor authentication market

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Rise in Regulation to Drive Global Market

  • Stringent government regulations to increase the adoption of MFA solutions are expected to drive the multifactor authentication market
  • The ever-changing and dangerous landscape has resulted in a slew of new government rules, including General Data Protection Regulation (GDPR), Payment Services Directive 2 (PSD2), and Anti-Money Laundering Directive 5 (AMLD5)
  • These regulations have made it obligatory for every business to have sound identity authentication checks integrated into their system in order to combat frauds such as money laundering, identity theft, and terrorist funding
  • Stringent compliances and regulations have been a primary driver for the rapid adoption of MFA (Multifactor Authentication) solutions among organizations, owing to the large penalties assessed for non-compliance with regulatory mandates

Multifactor Authentication Market: Competition Landscape

  • Detailed profiles of providers of multifactor authentications have been provided in the report in order to evaluate their financials, key product offerings, recent developments, and strategies
  • Key players operating in the global multifactor authentication market are
    • Okta Inc.
    • Microsoft Corporation
    • Broadcom Inc.
    • Gemalto NV ( Thales Group)
    • RSA Security LLC

Multifactor Authentication Market: Key Developments

  • Key providers of multifactor authentications are focused on the design of cost-effective multifactor authentication to attract more customers. Other key developments in the global multifactor authentication market have been highlighted below:
    • In March 2021, Okta entered into a definitive agreement to acquire Auth0 for US$ 6.5 Bn. Okta, which has focused on serving businesses with products for IAM, SSO, MFA, cloud directory services, would be strengthened by the acquisition of Auth0, which focuses more on serving customer identity and access markets. The acquisition is expected to close in July 2021.
    • In June 2020, Okta Inc. announced that it was coordinating with CrowdStrike Inc. Netskope, and Proofpoint, Inc. to help organizations implement an integrated, zero trust security strategy required to protect dynamic and remote working environments
    • In April 2020, Microsoft announced the commercial release of a more simplified Azure Active Directory registration process that adds multifactor authentication (MFA) and self-service password reset features for end users. This MFA plus self-service password registration process is presently at the ‘general availability’ (GA) release stage.
  • In the global multifactor authentication market report, we have discussed individual strategies, followed by company profiles of providers of multifactor authentications. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global multifactor authentication market.

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