According to the new research report on " Multi-Factor Authentication Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis," published by The Insight Partners, the multi-factor authentication market size is expected to reach US$ 55.04 billion by 2031 and register a CAGR of 18.2% from 2023 to 2031.
The Europe multi-factor authentication market is segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. In terms of revenue, UK dominated the multi-factor authentication market share. Stringent European government regulations to protect consumer data and the increasing number of cyberattacks across European countries are a few of the factors driving the multi-factor authentication market in Europe. Stringent government regulations mandate businesses and organizations of all sizes to ensure data privacy and security. The General Data Protection Regulation (GDPR), the Revised Payment Services Directive (PSD2), the Network and Information Security (NIS) Directive, the eIDAS Regulation, European Banking Authority (EBA) Guidelines on Security Measures for Operational and Security Risks are a few of the European regulations that emphasize the importance of implementing strong authentication solutions to protect personal data, secure electronic transactions, and enhance overall cybersecurity within the EU. Moreover, EU Login, which is the European Commission's user authentication service, also uses multi-factor authentication. Such stringent regulations by governments of various countries in Europe fuel the multi-factor authentication market growth in the region.
Key Findings of Study:
Based on end user, the multi-factor authentication market is segmented into IT & telecom, BFSI, government, education, healthcare, and others. The IT & telecom segment held the largest multi-factor authentication market share in 2023. The IT & telecom segment is expected to record the highest CAGR in the multi-factor authentication market during the forecast period. The IT & telecom sector is highly exposed to cyberattacks and fraudulent activities. The multi-factor authentication solution is necessary for the IT & telecom sector to keep the user information secure. With the rising adoption of advanced technologies and smartphones, customers are relying on their hi-tech mobile phones for numerous activities. Therefore, the adoption of multi-factor authentication solutions is increasing to manage these activities efficiently and secure the system and data to enhance customer engagement.
Multi-factor authentication for banks and financial institutions provides an extra layer of security, which ensures that only the right people have access to valuable assets and information. In addition, the number of cyberattacks is rising year on year. For instance, according to Miniorange, a multi-factor authentication solution provider, it is estimated that the cost of cyberattacks in the banking sector has increased dramatically, reaching US$ 16.7 million (15.4 million euros) per firm yearly. Thus, to ensure extra security in the BFSI sector, multi-factor authentication is considered crucial. All these factors are expected to contribute to the market growth during the forecast period.
Microsoft; Thales.; Okta; OneSpan; HID Global Corporation; Cisco Systems, Inc.; Ping Identity.; RSA Security; CyberArk Software Ltd. are among the key players profiled in the multi-factor authentication market report. Several other major players were studied and analyzed during the multi-factor authentication market analysis to get a holistic view of the market and its ecosystem. The multi-factor authentication market also provides detailed market insights, which help the key players strategize their growth.
The report includes growth prospects owing to the current multi-factor authentication market trends and their foreseeable impact during the forecast period. The report includes multi-factor authentication market forecast by deployment type, enterprise size, application and geography from 2023 to 2031.
Contact UsContact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id:
sales@premiummarketinsights.com