According to the recent research report titled ‘Multi-Factor Authentication (MFA) Market Size By Component (Solution, Service), By Authentication Model (Two-Factor, Three-Factor, Four-Factor), By Application (BFSI, Government & Defense, Healthcare, Tourism and Hospitality, Retail, IT & Telecom), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, global multi-factor authentication (MFA) market size is expected to grow substantially over 2021-2027.
 

Increasing number of cyberattacks and data breaches, and subsequent spike in demand for effective data security & privacy solutions are the primary factors driving global multi-factor authentication (MFA) market growth.
 

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For the unversed, MFA is a kind of authentication wherein users must provide two or more authentication factors for accessing a resource, such as an application, an online account, or a VPN. It requires one or more authentication factors with a login and password to minimize the chances of a successful cyberattack.
 

Notably, MFA is gaining popularity as the main aspect of a comprehensive identity and access management (IAM) strategy. Organizations are incorporating these solutions to increase security and safeguard data of their users, thereby enhancing company growth.
 

Citing an instance, in August 2021, software firm GitHub asked its users to migrate to two-factor authentication (2FA) for their accounts. The firm recommended using one of the 2FA choices accessible on its website due to the efficacy of multi-factor authentication in safeguarding customers against a wide range of assaults including phishing.
 

Speaking of restraints, complex corporate deployment and high initial investments are anticipated to hinder worldwide multi-factor authentication (MFA) industry expansion over the forecast period.
 

As per application spectrum, government & defense segment held 20% of overall market share in 2020 and is expected to witness significant growth over 2021-2027, due to growing emphasis on safeguarding sensitive government and defense information.
 

Meanwhile, retail segment share is projected to expand with 10% CAGR over the next six years, owing to rising trend of online shopping.
 

Regionally, Latin America captured 5% of total revenue share in 2020 and is poised to amass notable returns by 2027, attributable to rising data breaches.
 

Elaborating on competitive landscape, OneLogin Inc., Microsoft Corporation, Ping Identity Holding Corporation, SAASPASS, Thales Group (Gemalto), Yubico AB, SecurEnvoy Ltd., SecureAuth Corporation, Dell Technologies Inc. (RSA Security LLC), and MessageBird are among the prominent organizations operating in global multi-factor authentication (MFA) marketplace.