Market Trends of Multi-factor Authentication Industry
Healthcare Sector to be the Fastest Growing End User
- The MFA market in the healthcare sector is evolving rapidly, with healthcare organizations increasingly seeking to protect patient data, ensure compliance, and protect against a rapidly changing threat landscape. In the past few years, the growing use of advanced technologies such as AI, ML, and IoT in healthcare has enlarged the attack surface for cybercriminals. In response, healthcare organizations globally are analyzed to increase their investments in cybersecurity to prevent and mitigate cyberattacks, thus driving the market’s growth.
- The healthcare sector has become a target of significant interest among cybercriminals due to its generation of valuable data from electronic health records (HER), electronic medical records (EMRs), wearable devices, a range of sensors, IoT platforms, etc. Market vendors are indulging in partnership activities to foster cybersecurity in the healthcare sector, thus significantly expanding the market’s growth.
- According to the World Economic Forum, in 2023, for the 13th year in a row, the healthcare industry reported the most expensive data breaches, at an average cost of USD 10.93 million, which is almost double that of the financial sector, which came second with an average cost of USD 5.9 million. To maintain the integrity, confidentiality, and availability of patient information, it is necessary to protect such digital assets.
- Asia-Pacific is analyzed to hold a significant share of the market. For instance, in April 2024, to make it easier for beneficiaries of the Central Government Health Scheme to access healthcare services, the Union Ministry of Health launched the myCGHS iOS app. Developed by NIC Himachal Pradesh and the NIC Health Team, the app enables appointment booking and accessing health records, lab reports, medicine history, and reimbursement claim status. Two-factor authentication and MPIN are part of the security measures. The launch is a milestone in digital healthcare and will enhance CGHS services. It is available on the App Store and Google Play at no charge. The Union Health Minister emphasized the commitment of the Government to leverage technology to make healthcare accessible.
- Overall, the growing adoption of advanced technologies in the healthcare sector, with further growth in connected devices, will require these end-user industries to strengthen their cybersecurity landscape.
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North America Holds Significant Market Share
- The United States is at the epicenter of cybercrime due to the growing penetration of digital technologies in end-user industries compared to other countries. Businesses in the US face a higher volume of cyberattacks, which incur costly consequences. Cybersecurity has become an increasingly important area of focus in the United States, owing to the rising number of cyber threats and attacks that organizations and individuals face.
- As per the Identity Theft Resource Center (ITRC) report published in February 2024, in 2023, the United States recorded 3,205 data breaches, which is a 78% increase in 2022 and a 72% increase since 2021. Such high-profile data breaches and cybersecurity incidents have raised awareness among businesses and consumers about the importance of implementing robust security measures to safeguard personal and sensitive information. Hence, companies are increasingly adopting multi-factor authentication solutions to help organizations mitigate the risk of account takeover and identity-related fraud.
- The increasing frequency of cyber-attacks drives the adoption of multi-factor authentication solutions in the United States. Many organizations in the region are adopting and investing in cybersecurity solutions owing to the growing regulatory requirement and many industries subject to regulations such as GDPR, HIPPA, and PCI DSS. This requires organizations to implement cybersecurity solutions and increase their investments in multi-factor authentication solutions.
- As online threats and cyberattacks increase in Canada, the Canadian Government has recognized the importance of safeguarding citizens' and immigrants' sensitive information and personal data. Hence, in July 2023, the Canadian Government made multi-factor authentication mandatory for users accessing immigration, refugees, and citizenship services through GCKey. The new policy applies to individuals creating a new account using GCKey and those signing into their existing accounts. Such adoptions are driving the demand for MFA solutions.
- In addition, Canada's demand for data security solutions is continuously growing. Canada has stringent data protection regulations, including the Personal Information Protection and Electronic Documents Act (PIPEDA). Organizations must implement robust data security measures such as MFA solutions to ensure compliance with these regulations, driving the demand for data security solutions. As organizations undergo digital transformation, there is a greater reliance on digital data. Protecting sensitive information throughout its lifecycle, from creation to storage and transmission, becomes a critical aspect of digital initiatives.
- Therefore, the increasing number of cybercrimes and data and security breaches in Canada fuel the adoption of multi-factor authentication, which is expected to increase for securing digital identities, owing to the increasing number of identity theft cases across the industries, supporting the market’s growth.
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