According to the 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, multi-factor authentication (MFA) market is anticipated to expand profusely during 2021-2027.
 

Focus on enhancing data security and privacy, alongside increasing incidents of cyberattacks & data breaches are the major growth inducing factors for multi-factor authentication market.
 

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For the unversed, MFA refers to a method of authentication in which users must provide 2 or more verification factors in order to gain access to a resource, such as an online account, an application, or a VPN. MFA requires one or more authentication elements in addition to a login and password to reduce the chances of a successful cyberattack. It has risen to prominence as a key component of a comprehensive identity and access management (IAM) strategy, favorably influencing market dynamics in recent years.
 

Notably, major corporations have begun to include MFA into their operations in order to improve the security of their company as well as the data of their users, consequently boosting industry growth.
 

Based on component, multi-factor authentication industry is categorized into service and solution. In terms of authentication model, the market is divided into three-factor, four-factor, and two-factor.
 

On the basis of application ambit, the government & defense segment held 20% market share in 2020 and is anticipated to grow at a rapid rate during 2021-2027, owing to rising efforts for protecting sensitive government & defense information.
 

The retail application segment share is expected to increase significantly by 2027, with a CAGR of more than 10% throughout the analysis period. In the future, a significant increase in online shoppers around the world is projected to stimulate demand from the application.
 

The others application segment is expected to grow at a CAGR of around 15% over the assessment period, owing rapid digitalization in the tourist industry.
 

Considering the regional perspective, Latin America market held 5% revenue share in 2020 and is slated to amass profitable returns by the year 2027, owing to rising incidents of data breach across the region.
 

The key players in the multi-factor authentication (MFA) marketplace are Yubico AB, Thales Group, SecurEnvoy Limited, Secureauth Corporation, SAASPASS, Dell Technologies, Inc., Ping Identity Holding Corp., OneLogin, Inc., Okta, Inc., Microsoft Corporation, MessageBird B.V., iWelcome B.V., HID Global, Entrust Corp., Deepnet Security Ltd., Confident Technologies, Inc., Cisco Systems Inc., Censornet Ltd., Broadcom, Inc., and aPersona, Inc.