Multifactor Authentication Market Outlook Key Futuristic Trends and Competitive Landscape by 2030
According to HTF Market Intelligence, the Multifactor Authentication Market is Anticipated to grow at a CAGR of 16.52% during the forecast period.
Multifactor Authentication Market Overview
The multi-factor authentication is a security mechanism in which entities are authenticated through more than one required validation and security procedure. It is built from a combination of logical, physical, and biometric validation techniques used to secure a product, service, and facility. It is majorly implemented where an individual’s authentication, as well as validation, is the highest priority. MFA is mostly implemented at the nuclear power plants, bank warehouse, among others, to gain access to a secured system or location. Increase in data breaches and cyber-attacks is one of the key factors driving the growth of the market and further is expected to witness a massive growth during the forecast period.
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Market Trends
Biometrics to Become Authentication Benchmark
The proliferation of Cloud Services
Smart Cards and Biometrics: A Boon for Security Applications
Market Drivers
Increase in Data Breaches and Cyber Attacks
Stringent Regulations and the Growing Pressure of Data Security Compliances
Rising investments in cloud technologies and enterprise mobility
Growing Adoption of BYOD among Enterprises
Market Opportunities:
The Rising Demand of MFA for Data Security in the Cloud Environment
Rising Adoption of the Interconnected Devices in the IoT Environment
The Emerging Demand from Economies
Multifactor Authentication Market Segmentation
The Multifactor Authentication Market is Segmented by Application (Banking and Finance, Government, Travel and Immigration, Military and Defense, Commercial Security, Consumer Electronics, Healthcare, Others) by Authentication (Password Authentication, Passwordless Authentication) by Components (Solutions, Hardware, Services) and by Geography (North America, South America, Europe
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