The Global Market for Multi-Factor Authentication (MFA) is Projected to Surpass US$8.9 Billion by 2020

Focus on Critical Infrastructure Assurance Drives Demand for Multi-Factor Authentication (MFA), According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Multi-Factor Authentication (MFA) market. The global market for Multi-Factor Authentication (MFA) is projected to surpass US$8.9 billion by 2020, driven by the emergence of information and communication infrastructure as critical infrastructure in the current digital era and the growing pressure to secure the same from security breaches.

The importance of data security in the information age cannot be undermined. As a complex network of linkages and interdependencies, the wired world is becoming increasingly vulnerable. The Internet has evolved into a critical infrastructure which is defined as an asset that is vital for the functioning of society and the economy. Virtual assets are today as important as physical assets, the incapacitation of which can damage business health, public safety, and economic stability. Information networks therefore represent the Achilles heel of the modern digital economy and corrupting the networks results in disruption of businesses, industries, the entire nation and its economy. The security challenges thus created require new strategies for defense and safeguard. As companies, governments and organizations brace themselves to be proactively prepared for unconventional cyber-attacks and the ever present threat to information compromise, data security technologies including Multi-Factor Authentication (MFA) are poised to gain. Strong authentication represents the backbone of critical infrastructure protection. Authentication of the identity of individual and/or machine remotely accessing sensitive information is the first step in protecting critical information assets against hack, breach, and espionage.

The era of cloud computing is also brining in new opportunities for growth in the market. The recent spurt in cloud breaches brings to fore the ineffectiveness of passwords as a medium of authentication, given the increase in theft of static security data. The public cloud represents a multi-tenant architecture where resources are shared among multiple customers, the need for accurate authentication is therefore vital to prevent authorized access to sensitive business information. Service providers are therefore faced with the responsibility of implementing effective data confidentiality and access mechanisms, as the competitiveness of the services offered critically hinges onto the robustness of the security features offered. As the guardian of customer applications and data, cloud service providers are increasingly adopting MFA as a simple best practice to add additional layers of protection into their central server administration systems.

Other factors driving growth in the market include the growing popularity of Authentication as a Service (AaaS) as a lucrative recurring revenue service model; globalization of businesses & workforce decentralization and the ensuing need for secure access to corporate networks; rise of BYOD and the effectiveness of MFA as a potent tool to tackle BYOD security complexity; and stringent regulations & growing pressure of data security compliance.    

As stated by the new market research report on Multi-Factor Authentication (MFA), the United States represents the largest market worldwide. Asia-Pacific, exhibiting a CAGR of over 22.6% over the analysis period, ranks as the fastest growing market, led by developing business IT infrastructure, rise in the number of cloud ready Asian countries, and increased adoption of e-Governance by local governments.   

Major players covered in the report include 3M Company, Bio-Key International Inc., CA Technologies Inc., Confident Technologies Inc., Cross Match Technologies Inc., Deepnet Security Ltd., Dell Inc., Early Warning Services LLC, EMC Corporation, Entrust Inc., Equifax Inc., ESET spol. s r.o., Fujitsu Limited, Gemalto NV, HID Global Corp., ID Control BV, Identiv Inc., International Business Machines Corporation (IBM), LexisNexis, Mi-Token Inc., Nexus AB, Nok Nok Labs Inc., Okta Inc., OneLogin Inc., Passfaces Corporation, PerfectCloud Corp., Ping Identity Corporation, PKWARE Inc., PointSharp AB, Safran S.A., SecureAuth Corporation, SecurEnvoy PLC, SecurStar GmbH, SMS PASSCODE, SurePassID, Swivel Secure, Symantec Corporation, Tricerion Ltd., Trustwave Holdings Inc., ValidSoft, VASCO Data Security International Inc., VCW Security Ltd., and Yubico among others.

The research report titled “Multi-Factor Authentication (MFA): A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections in US$ Million for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific, Latin America, and Rest of World. MFA technology types analyzed include Two-Factor Authentication and Others. 

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