Research Nester’s recent market research analysis on “Multi-Factor Authentication Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitor’s analysis and a detailed overview of the global multi-factor authentication market in terms of market segmentation by authentication type, model type, enterprise size, end-user and by region.
Increasing Cyber-Attacks & Rising Remote-Work Culture to Promote Global Market Share of Multi-Factor Authentication
Organizations have had to adopt stronger security measures due to the increasing frequency and sophistication of cyberattacks. According to a survey, businesses worldwide reported 493.33 million ransomware assaults in 2022. The average cost of data breaches caused by stolen or compromised identifying documents was USD 4.5 million. This increased demand for multi-factor authentication since, in such circumstances, MFA offers an effective defense against intrusions and breaches, making it an essential safeguard for sensitive data.
The prevalence of remote work and the Bring Your Device (BYOD) movement have increased cybercriminals' potential attack surfaces. Secure remote access to corporate networks, cloud services, and vital applications requires MFA. As of 2023, 12.7% of all employed people worked from home, and 28.2% used hybrids, creating a surplus of chances for the multi-factor authentication sector.
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Some of the major growth factors and challenges that are associated with the growth of the global multi-factor authentication market are:
Growth Drivers:
• Penetration of smart mobile devices
• Technological advancements
Challenges:
Users experience complexity and frustration during the authentication procedure, Expensive investment, and Integration difficulties, particularly in a diverse context are some of the major factors anticipated to hamper the global market size of multi-factor authentication.
By authentication type, the global multi-factor authentication market is segmented into passwordless authentication and password authentication. Passwordless authentication is expected to account for 57% of the market. Passwordless authentication methods are more difficult to brute force than legacy passwords, and less vulnerable to cyber-attacks.
By region, North America is expected to dominate the market for multi-factor authentication. By the end of 2035, it is predicted that North America will control 34% of the market. This is supported by several factors, including the existence of significant providers, the regulatory environment, innovation, and investment, as well as a high rate of technological adoption. Businesses in the area have begun to employ MFA solutions designed to stop cyberattacks. According to a survey, in the first half of 2022, cybercrime had an impact on 53.35 million US people. Additionally, identity theft and commercial espionage can be prevented by enhancing personal data protection and safeguarding sensitive information.
This report also provides the existing competitive scenario of some of the key players of the global multi-factor authentication market which includes company profiling of, Broadcom Inc., Trust Stamp, Open Text Corporation, Oracle, Microsoft, Duo, Okta., Fujitsu Limited, and others
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https://www.researchnester.com/reports/multi-factor-authentication-market/5191