March 4, 2024

Multi-factor Authentication Market Size to Grow USD 74.73 Bn By 2033

The global multi-factor authentication market size accounted for US$ 14.34 billion in 2023 and is projected to reach around USD 74.73 billion by 2033, growing at a CAGR of 18% from 2024 to 2033.

Key Takeaways

  • Asia-Pacific contributed more than 40% of market share in 2023.
  • North America is estimated to expand at the fastest CAGR between 2024 and 2033.
  • By authentication type, the password authentication segment held the largest market share of 57% in 2023.
  • By authentication type, the password-less authentication segment is anticipated to grow at a remarkable CAGR of 19.16% between 2024 and 2033.
  • By model type, the multi-factor with three-factor authentication segment generated over 29% of the market share in 2023.
  • By model type, the multi-factor with four-factor authentication segment is expected to expand at the fastest CAGR over the projected period.
  • By component, the hardware segment generated over 45% of the market share in 2023.
  • By component, the services segment is expected to expand at the fastest CAGR over the projected period.
  • By end user, the commercial security segment generated over 26% of the market share in 2023.
  • By end user, the telecommunication segment is expected to expand at the fastest CAGR over the projected period.

Multi-factor Authentication Market Size 2024 To 2033

Report Summary

The global multi-factor authentication market report provides a Point-by-Point and In-Depth analysis of global market size, regional and country-level market size, market share, segmentation market growth, competitive landscape, sales analysis, opportunities analysis, strategic market growth analysis, the impact of domestic and global market key players, value chain optimization, trade regulations, recent developments, product launches, area marketplace expanding, and technological innovations.

The study offers a comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales in the multi-factor authentication market across the globe.

A comprehensive estimate on the multi-factor authentication market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the sales of multi-factor authentication during the forecast period. Price point comparison by region with global average price is also considered in the study.

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Multi-factor Authentication Market Scope

Report CoverageDetails
Growth Rate from 2024 to 2033CAGR of 18%
Global Market Size in 2023USD 14.34 Billion
Global Market Size by 2033USD 74.73 Billion
Asia-Pacific Market Size in 2023USD 5.74 Billion
Asia-Pacific Market Size by 2033USD 30.40 Billion
Base Year2023
Forecast Period2024 to 2033
Segments CoveredBy Authentication Type, By Model Type, By Component, and By End User
Regions CoveredNorth America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Key Highlights:

Reports Coverage: It incorporates key market sections, key makers secured, the extent of items offered in the years considered, worldwide containerized multi-factor authentication market and study goals. Moreover, it contacts the division study gave in the report based on the sort of item and applications.

Market Outline: This area stresses the key investigations, market development rate, serious scene, market drivers, patterns, and issues notwithstanding the naturally visible pointers.

Market Production by Region: The report conveys information identified with import and fare, income, creation, and key players of every single local market contemplated are canvassed right now.

Also Read: Unified Communication as a Service Market Size, Share, Growth 2033

Market Players

The report includes the profiles of key multi-factor authentication market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information, key development in past five years.

Recent Developments

  • In April 2022, Trust Stamp introduced its Biometric Multi-Factor Authentication (Biometric MFA) solution. This innovative system streamlines robust identity verification using just a selfie, incorporating a second and third layer of authentication by assessing liveliness and securely tokenizing data from the selfie. This eliminates the need for traditional passcodes from methods like SMS, email, authenticator apps, or hardware tokens.
  • In March 2022, cybersecurity software firm MIRACL announced a strategic collaboration with Aware Inc., an authentication company specializing in adaptive authentication using biometrics. This partnership aims to address common business challenges by providing a secure and efficient single-step multi-factor authentication solution.

Multi-factor Authentication Market Companies

  • RSA Security
  • Symantec Corporation
  • Gemalto (Thales Group)
  • Duo Security (Cisco)
  • Okta, Inc.
  • HID Global
  • OneLogin, Inc.
  • Ping Identity
  • IBM Corporation
  • Microsoft Corporation
  • Entrust Datacard Corporation
  • Authy Inc.
  • NEC Corporation
  • CyberArk Software Ltd.
  • SecureAuth Corporation

Segments Covered in the Report

By Authentication Type

  • Password authentication
  • Password less authentication

By Model Type

  • Smart card with pin
  • Multi-factor with three-factor authentication
  • Multi-factor with four-factor authentication
  • Multi-factor with five-factor authentication

By Component

  • Solutions
  • Hardware
  • Services

By End User

  • BFSI
  • Government
  • Travel and Immigration
  • Military and Defense
  • Commercial Security
  • IT
  • Telecommunication
  • Healthcare
  • Media and Entertainment
  • Other

Regional Segmentation

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
  • Latin America (Brazil and Rest of Latin America)
  • Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

Research Methodology

Secondary Research

It involves company databases such as Hoover’s: This assists us to recognize financial information, the structure of the market participants and industry’s competitive landscape.

The secondary research sources referred in the process are as follows:

  • Governmental bodies, and organizations creating economic policies
  • National and international social welfare institutions
  • Company websites, financial reports and SEC filings, broker and investor reports
  • Related patent and regulatory databases
  • Statistical databases and market reports
  • Corporate Presentations, news, press release, and specification sheet of Manufacturers

Primary Research

Primary research includes face-to-face interviews, online surveys, and telephonic interviews.

  • Means of primary research: Email interactions, telephonic discussions and Questionnaire-based research etc.
  • In order to validate our research findings and analysis, we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.

TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology (Premium Insights)

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Multi-factor Authentication Market 

5.1. COVID-19 Landscape: Multi-factor Authentication Industry Impact

5.2. COVID 19 – Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Multi-factor Authentication Market, By Authentication Type

8.1. Multi-factor Authentication Market, by Authentication Type, 2024-2033

8.1.1. Password authentication

8.1.1.1. Market Revenue and Forecast (2021-2033)

8.1.2. Password less authentication

8.1.2.1. Market Revenue and Forecast (2021-2033)

Chapter 9. Global Multi-factor Authentication Market, By Model Type

9.1. Multi-factor Authentication Market, by Model Type, 2024-2033

9.1.1. Smart card with pin

9.1.1.1. Market Revenue and Forecast (2021-2033)

9.1.2. Multi-factor with three-factor authentication

9.1.2.1. Market Revenue and Forecast (2021-2033)

9.1.3. Multi-factor with four-factor authentication

9.1.3.1. Market Revenue and Forecast (2021-2033)

9.1.4. Multi-factor with five-factor authentication

9.1.4.1. Market Revenue and Forecast (2021-2033)

Chapter 10. Global Multi-factor Authentication Market, By Component 

10.1. Multi-factor Authentication Market, by Component, 2024-2033

10.1.1. Solutions

10.1.1.1. Market Revenue and Forecast (2021-2033)

10.1.2. Hardware

10.1.2.1. Market Revenue and Forecast (2021-2033)

10.1.3. Services

10.1.3.1. Market Revenue and Forecast (2021-2033)

Chapter 11. Global Multi-factor Authentication Market, By End User 

11.1. Multi-factor Authentication Market, by End User, 2024-2033

11.1.1. BFSI

11.1.1.1. Market Revenue and Forecast (2021-2033)

11.1.2. Government

11.1.2.1. Market Revenue and Forecast (2021-2033)

11.1.3. Travel and Immigration

11.1.3.1. Market Revenue and Forecast (2021-2033)

11.1.4. Military and Defense

11.1.4.1. Market Revenue and Forecast (2021-2033)

11.1.5. Commercial Security

11.1.5.1. Market Revenue and Forecast (2021-2033)

11.1.6. IT

11.1.6.1. Market Revenue and Forecast (2021-2033)

11.1.7. Telecommunication

11.1.7.1. Market Revenue and Forecast (2021-2033)

11.1.8. Healthcare

11.1.8.1. Market Revenue and Forecast (2021-2033)

11.1.9. Media and Entertainment

11.1.9.1. Market Revenue and Forecast (2021-2033)

11.1.10. Other

11.1.10.1. Market Revenue and Forecast (2021-2033)

Chapter 12. Global Multi-factor Authentication Market, Regional Estimates and Trend Forecast

12.1. North America

12.1.1. Market Revenue and Forecast, by Authentication Type (2021-2033)

12.1.2. Market Revenue and Forecast, by Model Type (2021-2033)

12.1.3. Market Revenue and Forecast, by Component (2021-2033)

12.1.4. Market Revenue and Forecast, by End User (2021-2033)

12.1.5. U.S.

12.1.5.1. Market Revenue and Forecast, by Authentication Type (2021-2033)

12.1.5.2. Market Revenue and Forecast, by Model Type (2021-2033)

12.1.5.3. Market Revenue and Forecast, by Component (2021-2033)

12.1.5.4. Market Revenue and Forecast, by End User (2021-2033)

12.1.6. Rest of North America

12.1.6.1. Market Revenue and Forecast, by Authentication Type (2021-2033)

12.1.6.2. Market Revenue and Forecast, by Model Type (2021-2033)

12.1.6.3. Market Revenue and Forecast, by Component (2021-2033)

12.1.6.4. Market Revenue and Forecast, by End User (2021-2033)

12.2. Europe

12.2.1. Market Revenue and Forecast, by Authentication Type (2021-2033)

12.2.2. Market Revenue and Forecast, by Model Type (2021-2033)

12.2.3. Market Revenue and Forecast, by Component (2021-2033)

12.2.4. Market Revenue and Forecast, by End User (2021-2033)

12.2.5. UK

12.2.5.1. Market Revenue and Forecast, by Authentication Type (2021-2033)

12.2.5.2. Market Revenue and Forecast, by Model Type (2021-2033)

12.2.5.3. Market Revenue and Forecast, by Component (2021-2033)

12.2.5.4. Market Revenue and Forecast, by End User (2021-2033)

12.2.6. Germany

12.2.6.1. Market Revenue and Forecast, by Authentication Type (2021-2033)

12.2.6.2. Market Revenue and Forecast, by Model Type (2021-2033)

12.2.6.3. Market Revenue and Forecast, by Component (2021-2033)

12.2.6.4. Market Revenue and Forecast, by End User (2021-2033)

12.2.7. France

12.2.7.1. Market Revenue and Forecast, by Authentication Type (2021-2033)

12.2.7.2. Market Revenue and Forecast, by Model Type (2021-2033)

12.2.7.3. Market Revenue and Forecast, by Component (2021-2033)

12.2.7.4. Market Revenue and Forecast, by End User (2021-2033)

12.2.8. Rest of Europe

12.2.8.1. Market Revenue and Forecast, by Authentication Type (2021-2033)

12.2.8.2. Market Revenue and Forecast, by Model Type (2021-2033)

12.2.8.3. Market Revenue and Forecast, by Component (2021-2033)

12.2.8.4. Market Revenue and Forecast, by End User (2021-2033)

12.3. APAC

12.3.1. Market Revenue and Forecast, by Authentication Type (2021-2033)

12.3.2. Market Revenue and Forecast, by Model Type (2021-2033)

12.3.3. Market Revenue and Forecast, by Component (2021-2033)

12.3.4. Market Revenue and Forecast, by End User (2021-2033)

12.3.5. India

12.3.5.1. Market Revenue and Forecast, by Authentication Type (2021-2033)

12.3.5.2. Market Revenue and Forecast, by Model Type (2021-2033)

12.3.5.3. Market Revenue and Forecast, by Component (2021-2033)

12.3.5.4. Market Revenue and Forecast, by End User (2021-2033)

12.3.6. China

12.3.6.1. Market Revenue and Forecast, by Authentication Type (2021-2033)

12.3.6.2. Market Revenue and Forecast, by Model Type (2021-2033)

12.3.6.3. Market Revenue and Forecast, by Component (2021-2033)

12.3.6.4. Market Revenue and Forecast, by End User (2021-2033)

12.3.7. Japan

12.3.7.1. Market Revenue and Forecast, by Authentication Type (2021-2033)

12.3.7.2. Market Revenue and Forecast, by Model Type (2021-2033)

12.3.7.3. Market Revenue and Forecast, by Component (2021-2033)

12.3.7.4. Market Revenue and Forecast, by End User (2021-2033)

12.3.8. Rest of APAC

12.3.8.1. Market Revenue and Forecast, by Authentication Type (2021-2033)

12.3.8.2. Market Revenue and Forecast, by Model Type (2021-2033)

12.3.8.3. Market Revenue and Forecast, by Component (2021-2033)

12.3.8.4. Market Revenue and Forecast, by End User (2021-2033)

12.4. MEA

12.4.1. Market Revenue and Forecast, by Authentication Type (2021-2033)

12.4.2. Market Revenue and Forecast, by Model Type (2021-2033)

12.4.3. Market Revenue and Forecast, by Component (2021-2033)

12.4.4. Market Revenue and Forecast, by End User (2021-2033)

12.4.5. GCC

12.4.5.1. Market Revenue and Forecast, by Authentication Type (2021-2033)

12.4.5.2. Market Revenue and Forecast, by Model Type (2021-2033)

12.4.5.3. Market Revenue and Forecast, by Component (2021-2033)

12.4.5.4. Market Revenue and Forecast, by End User (2021-2033)

12.4.6. North Africa

12.4.6.1. Market Revenue and Forecast, by Authentication Type (2021-2033)

12.4.6.2. Market Revenue and Forecast, by Model Type (2021-2033)

12.4.6.3. Market Revenue and Forecast, by Component (2021-2033)

12.4.6.4. Market Revenue and Forecast, by End User (2021-2033)

12.4.7. South Africa

12.4.7.1. Market Revenue and Forecast, by Authentication Type (2021-2033)

12.4.7.2. Market Revenue and Forecast, by Model Type (2021-2033)

12.4.7.3. Market Revenue and Forecast, by Component (2021-2033)

12.4.7.4. Market Revenue and Forecast, by End User (2021-2033)

12.4.8. Rest of MEA

12.4.8.1. Market Revenue and Forecast, by Authentication Type (2021-2033)

12.4.8.2. Market Revenue and Forecast, by Model Type (2021-2033)

12.4.8.3. Market Revenue and Forecast, by Component (2021-2033)

12.4.8.4. Market Revenue and Forecast, by End User (2021-2033)

12.5. Latin America

12.5.1. Market Revenue and Forecast, by Authentication Type (2021-2033)

12.5.2. Market Revenue and Forecast, by Model Type (2021-2033)

12.5.3. Market Revenue and Forecast, by Component (2021-2033)

12.5.4. Market Revenue and Forecast, by End User (2021-2033)

12.5.5. Brazil

12.5.5.1. Market Revenue and Forecast, by Authentication Type (2021-2033)

12.5.5.2. Market Revenue and Forecast, by Model Type (2021-2033)

12.5.5.3. Market Revenue and Forecast, by Component (2021-2033)

12.5.5.4. Market Revenue and Forecast, by End User (2021-2033)

12.5.6. Rest of LATAM

12.5.6.1. Market Revenue and Forecast, by Authentication Type (2021-2033)

12.5.6.2. Market Revenue and Forecast, by Model Type (2021-2033)

12.5.6.3. Market Revenue and Forecast, by Component (2021-2033)

12.5.6.4. Market Revenue and Forecast, by End User (2021-2033)

Chapter 13. Company Profiles

13.1. RSA Security

13.1.1. Company Overview

13.1.2. Product Offerings

13.1.3. Financial Performance

13.1.4. Recent Initiatives

13.2. Symantec Corporation

13.2.1. Company Overview

13.2.2. Product Offerings

13.2.3. Financial Performance

13.2.4. Recent Initiatives

13.3. Gemalto (Thales Group)

13.3.1. Company Overview

13.3.2. Product Offerings

13.3.3. Financial Performance

13.3.4. Recent Initiatives

13.4. Duo Security (Cisco)

13.4.1. Company Overview

13.4.2. Product Offerings

13.4.3. Financial Performance

13.4.4. Recent Initiatives

13.5. Okta, Inc.

13.5.1. Company Overview

13.5.2. Product Offerings

13.5.3. Financial Performance

13.5.4. Recent Initiatives

13.6. HID Global

13.6.1. Company Overview

13.6.2. Product Offerings

13.6.3. Financial Performance

13.6.4. Recent Initiatives

13.7. OneLogin, Inc.

13.7.1. Company Overview

13.7.2. Product Offerings

13.7.3. Financial Performance

13.7.4. Recent Initiatives

13.8. Ping Identity

13.8.1. Company Overview

13.8.2. Product Offerings

13.8.3. Financial Performance

13.8.4. Recent Initiatives

13.9. IBM Corporation

13.9.1. Company Overview

13.9.2. Product Offerings

13.9.3. Financial Performance

13.9.4. Recent Initiatives

13.10. Microsoft Corporation

13.10.1. Company Overview

13.10.2. Product Offerings

13.10.3. Financial Performance

13.10.4. Recent Initiatives

Chapter 14. Research Methodology

14.1. Primary Research

14.2. Secondary Research

14.3. Assumptions

Chapter 15. Appendix

15.1. About Us

15.2. Glossary of Terms

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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