Multi-factor Authentication Market Size

Multi-Factor Authentication (MFA) Market Analysis

Multi-factor Authentication (MFA) Market is expected to register a CAGR of 18.5% during the forecast period. The increasing number of cyberattacks across enterprises is augmenting the market. Nearly half of all cyberattacks target small businesses, with the majority involving ransomware and the theft of corporate online and financial accounts.

• OneLogin's authentication app, OneLogin Protect, allows users to verify their identities through smartphones. It also integrates with third-party authentication factors, like Google Authenticator and Yubico's YubiKeys, and provides a single sign-on option for the company's desktops.
• Demand for MFA is anticipated to rise due to the increase in online transactions and the high customer adoption rate of digital banking. Large organizations are being pushed to implement robust authentication procedures for consumers due to the surge in e-commerce and internet banking usage and mandated rules from central banks. The demand for OTP authenticators is expected to increase due to the increased use of mobile banking for online transactions (both hardware and software). MFA is used to ensure secure transactions and to safeguard clients from fraud and phishing scams. Additionally, integrating various payment systems in the healthcare, retail, and BFSI industries presents a potential opportunity for the MFA authentication industry.
• As per Google, the users who added a recovery phone number to their accounts (and indirectly enabled SMS-based MFA) also enhanced their account security. According to the company's study, adding a recovery phone number to Google Account can block up to 100% of automated bots, 99% of bulk phishing attacks, and 66% of targeted attacks during its investigation.
• During a global pandemic, the demand for remote work solutions has surged due to organizations transitioning from conventional workplace methods to work-from-home scenarios. These impacts must be thoroughly examined in the context of the organization's cybersecurity. As more and more personal unsecured devices start accessing the organization's network, the risk of compromising network security increases.
• The high cost of deploying MFA solutions is the major challenge businesses face when adopting these solutions. MFA solutions assist organizations and users in lowering the possibility of data loss. Due to budget constraints, these solutions are expensive for Small and medium enterprises. Furthermore, the costs of maintenance and timely upgrades add to the overall increase in an organization's expenses. The prices of software licensing, software maintenance, and user technical support are prohibitively expensive for low-budget enterprises to implement. The high cost of MFA solutions is due to various factors such as hardware tokens, software tokens, biometric authentication, and the requirement of certification in MFA to meet compliance standards.