The latest report by IMARC Group, titled "Multi-Factor Authentication Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," offers a comprehensive analysis of the industry, which comprises insights on the global market. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global multi-factor authentication market reached a value of US$ 12.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 34.7 Billion by 2027, exhibiting at a CAGR of 17.8% during 2022-2027. Multi-factor authentication (MFA) represents a security system that is built to protect business units and organizations from potential security breaches using a multi-layered verification process. It requires an individual to provide various safety validation variables, such as their login credentials, a security token, one-time password (OTP), biometric verification, etc., which are unique to the user. MFA aims at creating an elaborate defense system against unauthorized individuals accessing a database, network, computer device, physical location, etc. Consequently, it finds wide-ranging applications in several end-use industries, such as healthcare, banking, financial services and insurance (BFSI), defense, etc.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Important Attribute and highlights of the Report:
Global Multi-Factor Authentication Market Trends:
The rising instances of security breaches, cyber-attacks, online frauds, etc., are among the primary factors driving the multi-factor authentication market. In line with this, MFA systems assist in preventing ransomware attacks by verifying the user identities via computer devices or smartphones, which is further propelling the product demand. Additionally, the growing utilization of these security systems to support training, services, SMS gateway, and hardware and software tokens is acting as another significant growth-inducing factor. Apart from this, the launch of numerous favorable initiatives by government bodies across the globe to enhance national security and the emerging trend of modernizing cybersecurity infrastructures are also augmenting the global market. Furthermore, the introduction of Authentication-as-a-Service (AaaS) solutions, which offer advanced security and authentication to organizations, is anticipated to fuel the multi-factor authentication market over the forecasted period.
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The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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