Developments in four-factor authentication systems to augment MFA market outlook by 2027
By Samikshya Borse, content specialist at Global Market Insights.
The multi-factor authentication (MFA) market is expected to gain momentum as a result of ongoing trend of BYOD and work-from-home. Over the past few years, there have been heightened concerns over securing sensitive data possessed by companies and businesses.
Organizations are encouraging employees to adopt the Bring Your Own Device policy as it not only raises enterprise agility but also helps reduce infrastructure costs. However, many of these devices have little or no data security protection which poses a huge threat to business-critical data and enterprise networks.
Using advanced MFA solutions and services, companies and enterprises can be safeguarded from cyberattacks and protect sensitive data. These solutions allow organizations to secure data on employees’ devices, thereby offering a strong layer of security over the biometric authentication and passwords.
It also makes sure that the data is protected in case of any losses or device thefts, since encrypted data cannot be decrypted without an authentic encryption key. The MFA solution segment held over 65 percent industry share in 2020 as solution providers are undertaking several strategic initiatives for speeding up the MFA technology innovation process so as to provide sustainable solutions to end-users.
According to Global Market Insights, Inc., the multi-factor authentication market may register over $20 billion by 2027.
Rise in number of cyberattacks worldwide is leading to a pressing need for authentication measures including fingerprint scanners or text messages to access accounts as well as to protect enterprises from data breaches and brute force attacks.
Developments in commercial infrastructure have encouraged the use of identity-confirming based on credentials like knowledge, possession, location, and inherence factors. The four-factor authentication segment is anticipated to record a CAGR of 10 percent in the upcoming years. Use of these systems throughout government agencies and enterprises for giving excessive security could drive industry progress.
Meanwhile, the tourism and hospitality sector is expected to contribute a substantial share to MFA market on account of robust demand for biometric verification methods and security tokens for confirming an employee’s identity in tourist attractions like museums and amusement parks.
The sector deals with a large amount of sensitive consumer data on a daily basis, such as names, addresses and credit card details which can make them an easy target for cyber criminals to carry out credit card frauds and identity theft crimes.
In Europe, the MFA market is estimated to record over $5 billion in revenue supported by favorable compliance regulations and government initiatives which mandate companies to use advanced security measures. Considering this, many enterprises in the region are focusing on the acquisition of local market players for offering innovative and advanced MFA solutions.
On a global scale, the multi-factor authentication market consists of firms such as Confident Technologies, Inc., Apersona, Inc., Censornet Ltd., Deepnet Security Ltd., Broadcom Inc., and Cisco Systems, Inc. These organizations are focused on business strategies like development of new solutions and services to sustain and expand in the MFA landscape.
About the author
Samikshya Borse is a content marketing specialist at Global Market Insights, Inc.
DISCLAIMER: Biometric Update’s Industry Insights are submitted content. The views expressed in this post are that of the author, and don’t necessarily reflect the views of Biometric Update.