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The global multi-factor authentication market was valued at US$ 12.9 Billion in 2021.
We expect the global multi-factor authentication market to exhibit a CAGR of 17.8% during 2022-2027.
The emergence of cloud-integrated MFA solutions, along with the continuous advancements in biometrics, software, and hardware technologies to create elaborate defense system, are primarily driving the global multi-factor authentication market.
The sudden outbreak of the COVID-19 pandemic has led to the increasing adoption of multi-factor authentication solutions to ensure the security of the enterprises and their customers via facial recognition and document verification system, during the deployment of work from home model.
Based on the model, the global multi-factor authentication market has been segregated into two-factor authentication, three-factor authentication, four-factor authentication, and five-factor authentication. Among these, two-factor authentication model holds the majority of the total market share.
Based on the deployment type, the global multi-factor authentication market can be divided into on-premises and cloud-based, where on-premises deployment exhibits a clear dominance in the market.
Based on the application, the global multi-factor authentication market has been categorized into smart card authentication, phone-based authentication, and hardware OTP token authentication. Currently, phone-based authentication represents the largest market share.
Based on the vertical, the global multi-factor authentication market can be bifurcated into banking & finance, government, travel & immigration, military & defense, IT and telecom, healthcare, retail and ecommerce, and others. Among these, the banking and finance sector accounts for the majority of the total market share.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America currently dominates the global market.
Some of the major players in the global multi-factor authentication market include CA Technologies, Crossmatch, Deepnet Security Ltd., Entrust, Fujitsu, Gemalto NV, Microsoft Corporation, NEC Corp, Okta, Ping Identity, RSA Security, SecureAuth, SecurEnvoy, Suprema HQ, Symantec VIP, etc.
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