Research suggests biometric advances provide opportunities in fast-growing MFA market
The global multi-factor authentication (MFA) market will grow at a CAGR of over 15 percent to reach $17.76 billion by 2025, due to increasing implementation of BYOD and cloud-based services by enterprises, along with security regulations and mandates, according to Grand View Research.
A new study, “Multi-Factor Authentication Market Size, Share & Trends Analysis Report By Model, By Application (BFSI, Government and Defense, Travel and Immigration, Retail), And Segment Forecasts, 2018-2025,” indicates that advances in biometric technologies, hardware and software applications, and cloud-based authentication services could enable extensive growth opportunities.
Three-factor authentication is expected to increase the fastest, with deployments increasing at a CAGR of roughly 17 percent, however two-factor authentication is expected to remain the dominant model for the forecast period, making up 75 percent of the market in 2025, according to the study.
North America and Europe were the top regions by revenue contribution in 2017, with key contributing factors including advanced infrastructure and adoption of smart devices, but Grand View estimates the Asia Pacific market will post a CAGR of 19 percent.
The study also breaks down the market by segments and identifies key market players.