Multi Factor Authentication Market - Global Industry Size, Share, Trends, Opportunity, & Forecast, 2020-2030

Software is the fastest growing segment, North America is the largest market globally

The Global Multi Factor Authentication Market, valued at USD 20.03 Billion in 2024, is projected to experience a CAGR of 17.10% to reach USD 51.64 Billion by 2030. Multi-factor authentication (MFA) is an electronic authentication method requiring users to present two or more distinct types of evidence to gain access to a resource, thereby enhancing security beyond traditional single-factor methods. The global MFA market is primarily driven by the escalating incidence of cyberattacks, stringent regulatory compliance mandates, and the increasing adoption of cloud-based services across various industries.

Key Market Drivers

The escalating incidence of cyber threats and data breaches represents a critical impetus for the widespread adoption of multi factor authentication solutions. Organizations face an unrelenting barrage of sophisticated attacks, including ransomware, phishing, and compromised credentials, which directly threaten sensitive data and operational continuity. These breaches carry significant financial repercussions. According to the IBM Cost of a Data Breach Report, published in July 2024, the global average cost of a data breach surged to $4.88 million in 2024, marking a substantial increase over previous years.

Key Market Challenges

Perceived user inconvenience associated with managing multiple authentication factors represents a substantial impediment to the growth of the Global Multi Factor Authentication Market. This challenge stems from the additional steps users must undertake to verify their identity, which can be perceived as disruptive to their workflow or access experience. The need to remember multiple authentication methods or carry specific devices creates friction that counteracts the perceived security benefits for some users, directly hindering broader adoption.

Key Market Trends

The increasing shift towards passwordless authentication methods represents a significant evolution in the global Multi-Factor Authentication market. This trend is driven by the inherent weaknesses of traditional passwords, which remain vulnerable to phishing and credential stuffing attacks, and the desire for enhanced user experience. Passwordless solutions, such as passkeys and biometrics, offer a more secure and convenient alternative by removing the reliance on memorized secrets.

Key Market Players Profiled:

• Okta Inc.
• Microsoft Corporation
• Cisco Systems, Inc.
• Broadcom Inc.
• OneLogin Inc.
• ForgeRock Inc.
• SecureAuth Corporation
• Thales SA
• Yubico AB
• HID Global Corporation

port Scope:

In this report, the Global Multi Factor Authentication Market has been segmented into the following categories:

By Solution:

• Hardware
• Software

By Type of Authentication:

• Two factor
• Three factor
• Others

By End-User:

• BFSI
• Healthcare
• IT & Telecom
• Retail
• Government
• Others

By Region:

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Multi Factor Authentication Market.

Available Customizations:

With the given market data, the publisher offers customizations according to a company's specific needs. The following customization options are available for the report:

• Detailed analysis and profiling of additional market players (up to five).

This product will be delivered within 1-3 business days.