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The increased number of data breaches and cyber-attacks is likely to encourage innovation in multi-factor authentication manufacturing, boosting the market over the forecast period.

The global multi-factor authentication market is expected to grow from $13.08 billion in 2022 to $15.29 billion in 2023, at a compound annual growth rate (CAGR) of 16.9%. The multi-factor authentication market is expected to grow to $28.56 billion in 2027 at a CAGR of 16.9%.

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Global Multi-Factor Authentication Market Segments Include:

• By Model Type: Two Factor, Three Factor, Four Factor, Five Factor
• By Authentication Type: Password, Password-less
• By Component: Hardware, Software, and Services
• By Organization: Large, SME’s
• By Vertical: BFSI, Government, Travel and Immigration, Military and Defense, Commercial Security, Healthacre, IT, Telecommunication, Media and Entertainment, Other Verticals
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global multi-factor authentication market in 2021.

Major Market Players in the multi-factor authentication market include Microsoft Corporation, Broadcom Inc., OneSpan Inc., Okta Inc., Thales Group, Dell Technologies Inc., Cisco Systems Inc., HID Global Corporation, Yubico AB.

The primary trend gaining traction in the multi-factor authentication market is technological improvement. To strengthen their market position, major multi-factor authentication firms are focusing on providing technologically advanced security services and solutions such as smart cards and password-less authentication systems. For example, in June 2022, Xage Security, a computer and network security business based in the United States, launched multi-layer, multi-factor authentication protection for critical infrastructure. Xage’s multi-layer MFA solution combines zero-trust access control with an authentication technique based on defense-in-depth. As each tier of access power is granted to the users, they prove their identity, providing independent user verification at the level of a full operation.

The Multi-Factor Authentication Global Market Report 2023  provides a multi-factor authentication market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The multi-factor authentication market forecast analyzes multi-factor authentication market size, multi-factor authentication market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Multi-factor authentication is a technique of authentication whose primary goal is to create a layered authorisation that makes it more difficult for an unauthorised person to obtain access to user information. By forcing users to identify themselves with more than a username and password, the organization’s security is enhanced.

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