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Study Period | 2019 - 2030 |
Market Size (2025) | USD 21.11 Billion |
Market Size (2030) | USD 45.30 Billion |
CAGR (2025 - 2030) | 16.50 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Market Concentration | Low |
Major Players![]() *Disclaimer: Major Players sorted in no particular order |
Multifactor Authentication (MFA) Market Analysis
The Multifactor Authentication Market size is estimated at USD 21.11 billion in 2025, and is expected to reach USD 45.30 billion by 2030, at a CAGR of 16.5% during the forecast period (2025-2030).
The multi-factor authentication market landscape is experiencing significant transformation driven by evolving regulatory frameworks and compliance mandates across regions. The European Union has implemented stringent data privacy regulations through GDPR, while Canada enforces the Personal Information Protection and Electronic Documents Act (PIPEDA). In the Middle East, the Saudi National Cybersecurity Authority issued new regulations and procedures as a Cybersecurity Toolkit in December 2023 to enhance cybersecurity measures. These regulatory developments are reshaping how organizations approach authentication security and security protocols across different jurisdictions.
The healthcare sector has emerged as a critical focus area for MFA adoption, with the World Economic Forum reporting that healthcare industry data breaches cost USD 10.93 million in 2023, nearly double that of the financial sector. The integration of electronic health records (EHR), medical devices, and IoT platforms has created a complex digital ecosystem requiring robust authentication measures. Healthcare organizations are increasingly implementing biometric authentication and mobile-based verification systems to protect patient data and ensure regulatory compliance.
The financial services sector is witnessing a rapid evolution in authentication technologies, particularly in emerging markets. In November 2023, Qatar Islamic Bank enhanced its mobile application with advanced MFA features to improve customer experience and transaction security. The integration of biometric verification, behavioral analytics, and risk-based authentication is becoming standard practice across banking institutions. According to recent data from the Identity Theft Resource Center, the United States recorded 3,205 data breaches in 2023, marking a 78% increase from 2022, highlighting the urgent need for enhanced identity access management measures.
Regional variations in MFA adoption present distinct market characteristics, with the UAE's cybersecurity landscape particularly noteworthy as it accounts for approximately 5% of global cyber-attacks. The country's smart city initiatives have necessitated robust authentication measures, with reports indicating that 561 authentication crisis attacks were averted in just six months. In India, the cybersecurity landscape is equally challenging, with Cloudflare reporting that 83% of Indian companies experienced cybersecurity incidents in FY 2022, driving the adoption of advanced digital authentication solutions across sectors.
Multifactor Authentication (MFA) Market Trends
Rising Cybercrime, Digital Disruption, and Increased Compliance Demands
The escalating frequency and sophistication of cyber-attacks across various end-user industries, including BFSI, Healthcare, IT, and Telecom, are driving unprecedented demand for MFA solutions. Organizations are increasingly digitalizing their operational processes, creating new vulnerabilities that cybercriminals can exploit. For instance, in September 2023, Palo Alto Networks reported that 67% of Indian Government/Essential Services witnessed over 50% cyber attacks in 2022–2023, demonstrating the significant risk to critical infrastructure.
The regulatory landscape continues to evolve, with governments worldwide implementing stricter compliance requirements. The Federal Cybersecurity strategy for improving the Nation's Cybersecurity has mandated all Federal agencies to adopt secure MFA to enhance information security by 2023. This regulatory pressure, combined with the need to protect against sophisticated cyber threats, has made MFA implementation a critical component of organizational security strategies. The emergence of data security compliances, including HIPAA, has further strengthened the case for MFA solutions, particularly in protecting sensitive health data from unauthorized access and breaches.
Rising Adoption of Interconnected Devices
The proliferation of Industrial Internet of Things (IIoT) and cloud-based software for business automation has significantly increased the number of connected devices in enterprise environments. According to GSMA's report in March 2023, worldwide Internet of Things (IoT) connections in enterprises are following a growing trend and are projected to reach 44 billion connections by 2030. This exponential growth in connected devices creates new security challenges and vulnerabilities that organizations must address through robust two-factor authentication measures.
The emergence of remote work security solutions and the implementation of Bring Your Own Device (BYOD) policies have further accelerated the need for MFA solutions. In September 2023, Venn, a remote work technology provider, partnered with Ekran System to offer MFA solutions for BYO-PC strategy in enterprises. Additionally, Two Sense, a behavioral MFA solution provider, partnered with Protel BPO in February 2024 to offer MFA solutions that collect and analyze behavioral data such as keystroke timing and mouse movements to verify identity and provide enhanced security against phishing attacks.
Increased Instances of Identity Theft and Fraud
The digital transformation landscape has created new opportunities for identity theft and fraud, particularly as organizations adopt technologies like cloud computing, artificial intelligence, and big data analytics. According to the Identity Theft Resource Center (ITRC) report published in January 2024, 2023 was the worst year for data breaches in the United States and worldwide, with a 78% increase in data compromises year-over-year, from 1,801 in 2022 to 3,205 in 2023.
The cybersecurity market is responding to these challenges through the integration of AI-powered Adaptive Multi-Factor Authentication solutions that monitor user activity to identify patterns and detect anomalous behavior. In September 2023, the National Security Agency established an artificial intelligence security center, considering the growing acquisition, development, and integration of AI capabilities into US defense and intelligence systems. This center, part of the NSA's Cybersecurity Collaboration Center, collaborates with foreign and private partners to strengthen the defense-industrial base of the United States against challenges from adversaries.
Segment Analysis: By Offering Type
Software Segment in Multi-Factor Authentication Market
The software segment dominates the global multi-factor authentication market, commanding approximately 85% of the market share in 2024. This significant market presence is primarily driven by the increasing adoption of cloud-based authentication solutions and mobile applications across various industries. The segment's growth is further supported by the rising demand for authenticator solutions and mobile apps that provide secure access to critical business applications and data. Major technology companies are continuously launching innovative software solutions to address evolving cybersecurity challenges, with features like biometric authentication, push notifications, and risk-based authentication becoming increasingly prevalent in enterprise security frameworks.
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Services Segment in Multi-Factor Authentication Market
The services segment is projected to exhibit the highest growth rate of approximately 20% during the forecast period 2024-2029. This accelerated growth is attributed to the increasing complexity of MFA implementations and the rising need for professional services to support deployment, integration, and maintenance of MFA solutions. Organizations are increasingly seeking expert assistance to ensure seamless integration of MFA solutions with existing systems, driving demand for implementation and support services. The trend is particularly pronounced in sectors like healthcare, finance, and government, where specialized expertise is required to meet stringent compliance requirements and security standards.
Hardware Segment in Multi-Factor Authentication Market
The hardware segment plays a crucial role in the multi-factor authentication market by providing physical security tokens, biometric devices, and other authentication hardware. This segment is particularly important in high-security environments where physical authentication factors are mandatory. The segment's growth is driven by innovations in biometric technology, the development of advanced security tokens, and the increasing adoption of hardware-based authentication solutions in government and defense sectors. The emergence of FIDO-compliant hardware authenticators and the integration of biometric capabilities in authentication devices are shaping the evolution of this segment.
Segment Analysis: By Authentication Type
Two-Factor Authentication Segment in Multi-Factor Authentication Market
Two-factor authentication dominates the global multi-factor authentication market, commanding approximately 74% market share in 2024. This significant market position is driven by its widespread adoption across various industries as it provides an effective balance between security and user convenience. The segment's dominance is particularly evident in the banking and financial sectors, where it has become a standard security measure for protecting digital transactions and customer data. Two-factor authentication's popularity stems from its ability to significantly reduce the risk of unauthorized access by requiring users to verify their identity through two distinct authentication methods, typically combining something they know (like a password) with something they possess (such as a mobile device for OTP). The implementation of regulatory requirements and compliance standards across different regions has further cemented its position as the preferred authentication method for organizations worldwide.
Four-Factor Authentication Segment in Multi-Factor Authentication Market
The four-factor authentication segment is emerging as the fastest-growing segment in the multi-factor authentication market, projected to grow at approximately 21% CAGR from 2024 to 2029. This remarkable growth is driven by the increasing demand for enhanced security measures in high-security environments and critical infrastructure sectors. Organizations are increasingly adopting four-factor authentication to create multiple layers of security by incorporating various authentication methods such as passwords, biometrics, possession factors, and location-based verification. The segment's growth is particularly notable in sectors handling highly sensitive data, such as government agencies, defense organizations, and financial institutions. The rising sophistication of cyber threats and the growing need for foolproof security measures are compelling organizations to implement more robust authentication mechanisms, thereby driving the adoption of four-factor authentication solutions.
Remaining Segments in Authentication Type Market Segmentation
The three-factor authentication and other authentication types segments complete the market landscape, each serving specific security requirements across different industries. Three-factor authentication has established itself as a middle-ground solution, offering enhanced security over two-factor authentication while maintaining reasonable usability for end-users. This segment is particularly popular in healthcare, pharmaceutical, and enterprise applications where sensitive data protection is crucial. The other authentication types segment, which includes emerging authentication methods and specialized solutions, continues to evolve with technological advancements and changing security requirements. These segments play a crucial role in providing organizations with flexible authentication options that can be tailored to their specific security needs and compliance requirements.
Segment Analysis: By End-User Industry
Banking & Financial Institutions Segment in Multi-Factor Authentication Market
The banking and financial institutions segment dominates the global multi-factor authentication market, holding approximately 24% market share in 2024. This significant market position is primarily driven by the sector's critical need to protect customer data, financial transactions, and vital infrastructure against sophisticated cyber threats. The segment's dominance is further reinforced by the growing digitalization of banking services, including internet banking, mobile banking, and electronic payments, which necessitate robust authentication mechanisms. Financial institutions are increasingly adopting multi-factor authentication solutions to comply with stringent regulatory requirements and protect against evolving cyber threats. For instance, in February 2024, Sinch announced the availability of its messaging APIs and solutions on Temenos Exchange, enhancing security for banking customers with scalable multi-factor authentication solutions designed to make transactions safer and easier to perform.
Healthcare & Pharmaceutical Segment in Multi-Factor Authentication Market
The healthcare and pharmaceutical segment is emerging as the fastest-growing sector in the multi-factor authentication market, with a projected growth rate of approximately 19% during 2024-2029. This remarkable growth is driven by the sector's increasing digitalization and the critical need to protect sensitive patient data and electronic health records. The healthcare sector has become particularly vulnerable to cyber threats, as evidenced by the World Economic Forum's report indicating that healthcare organizations faced the most expensive data breaches in 2023, with an average cost of USD 10.93 million. The adoption of advanced technologies such as AI, ML, and IoT in healthcare has expanded the attack surface for cybercriminals, compelling healthcare organizations to strengthen their cybersecurity measures through robust authentication solutions. This trend is further supported by recent developments such as the launch of the myCGHS iOS app in April 2024, which implements two-factor authentication to protect healthcare services access.
Remaining Segments in End-User Industry
The multi-factor authentication market encompasses several other significant segments including technology-based companies, government entities, retail & e-commerce, and process-based applications in energy and manufacturing. The technology sector is particularly notable for its comprehensive adoption of MFA solutions to protect cloud infrastructure and digital assets. Government entities are increasingly implementing MFA as part of their cybersecurity frameworks to protect critical infrastructure and citizen data. The retail and e-commerce segment is driven by the need to secure online transactions and protect customer information, while the process-based applications segment focuses on securing industrial control systems and manufacturing processes. Each of these segments contributes uniquely to the market's growth, driven by their specific security requirements and regulatory compliance needs.
Multi-factor Authentication Market Geography Segment Analysis
Multi-factor Authentication Market in North America
North America represents a mature and sophisticated market for multi-factor authentication solutions, driven by stringent regulatory requirements and high cybersecurity awareness. The region's leadership in technology adoption, coupled with the presence of major vendors and a robust IT infrastructure, creates a favorable environment for MFA implementation. Both the United States and Canada demonstrate a strong commitment to cybersecurity measures, particularly in sectors like banking, healthcare, and government services. The region's emphasis on digital transformation initiatives and the growing remote workforce have further accelerated the adoption of MFA solutions across various industries.
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Multi-factor Authentication Market in United States
The United States dominates the North American multi-factor authentication market, holding approximately 85% market share in the region. The country faces a sophisticated and evolving cyber threat landscape, positioning itself at the epicenter of cybercrime due to the growing penetration of digital technologies across industries. American businesses face a higher volume of cyberattacks compared to other countries, driving robust adoption of MFA solutions. The country's regulatory environment, including compliance requirements such as GDPR, HIPAA, and PCI DSS, further propels the implementation of multi-factor authentication across various sectors. The government sector, particularly federal, state, and local entities, demonstrates strong adoption rates, supported by continuous investment in cybersecurity research and development.
Multi-factor Authentication Market in Canada
Canada emerges as the fastest-growing market in North America, with a projected growth rate of approximately 19% during 2024-2029. The country's cybersecurity market is evolving rapidly with increasing digitalization trends in both private and public sectors. Canada's energy sector is witnessing a significant transformation driven by digital technologies such as cloud, AI, IoT, and quantum computing, creating new opportunities for MFA implementation. The Canadian government's recognition of cybersecurity importance is evident in its mandatory implementation of multi-factor authentication for various government services, including Immigration, Refugees, and Citizenship Canada services. The healthcare sector in Canada shows particular promise in MFA adoption, with initiatives like the eHealth Centre of Excellence (eCE) launching comprehensive cybersecurity programs.
Multi-factor Authentication Market in Europe
Europe demonstrates a strong commitment to cybersecurity and data protection, reflected in its comprehensive regulatory framework including GDPR and industry-specific regulations. The region's diverse market landscape encompasses various countries with different levels of digital maturity and cybersecurity needs. The United Kingdom, Germany, and France emerge as key markets, each contributing significantly to the region's MFA adoption. The European Union's initiatives, such as the NIS2 Network and Information Security Directive, play a crucial role in shaping the region's cybersecurity landscape and driving multi-factor authentication implementation across various sectors.
Multi-factor Authentication Market in United Kingdom
The United Kingdom maintains its position as the largest market for multi-factor authentication in Europe, commanding approximately 31% of the regional market share. The country's robust financial services sector, coupled with its position as a global fintech hub, drives significant adoption of MFA solutions. The UK's approach to cybersecurity is characterized by a strong regulatory framework and proactive government initiatives to protect critical infrastructure. The nation's emphasis on digital transformation across various sectors, particularly in financial services, healthcare, and government services, continues to fuel the demand for advanced authentication security solutions.
Multi-factor Authentication Market in France
France demonstrates remarkable growth potential in the European multi-factor authentication market, with a projected growth rate of approximately 18% from 2024-2029. The country's strong focus on digital sovereignty and cybersecurity innovation creates a fertile ground for MFA adoption. French organizations, particularly in the defense and critical infrastructure sectors, are increasingly implementing sophisticated authentication security solutions. The government's proactive stance on cybersecurity, coupled with strong support for technological innovation, positions France as a key growth market for MFA solutions.
Multi-factor Authentication Market in Asia-Pacific
The Asia-Pacific region represents a dynamic and rapidly evolving market for multi-factor authentication solutions, characterized by diverse technological adoption rates and varying regulatory landscapes across countries. The region encompasses major economies like China, India, and Japan, each contributing uniquely to the market's growth trajectory. The increasing digitalization initiatives, growing cyber threats, and strengthening regulatory frameworks across these countries create a robust environment for MFA adoption. The region's rapid technological advancement and increasing awareness of cybersecurity needs drive significant market expansion.
Multi-factor Authentication Market in China
China emerges as the dominant force in the Asia-Pacific multi-factor authentication market, leading both in market size and growth potential. The country's massive digital transformation initiatives and robust technological infrastructure support widespread adoption of MFA solutions. China's emphasis on cybersecurity in critical sectors, coupled with its large enterprise base and growing digital economy, creates substantial opportunities for MFA implementation. The nation's focus on developing indigenous cybersecurity capabilities and protecting its digital infrastructure further strengthens its position in the regional market.
Multi-factor Authentication Market in China
As the fastest-growing market in the region, China continues to demonstrate exceptional momentum in MFA adoption. The country's comprehensive approach to cybersecurity, encompassing both public and private sectors, drives sustained growth. China's robust digital ecosystem, including its expansive e-commerce sector and digital payment systems, necessitates advanced authentication security solutions. The nation's strategic focus on technological self-reliance and cybersecurity enhancement creates a strong foundation for continued market expansion.
Multi-factor Authentication Market in Latin America
Latin America demonstrates growing adoption of multi-factor authentication solutions, driven by increasing smartphone penetration and rising online banking transactions. Several countries in the region, including Brazil, Argentina, and Mexico, are rapidly undergoing digital transformation, characterized by high network connectedness and advanced use of mobile devices. The region witnesses an evolution of authentication technologies, including biometric authentication, hardware tokens, and mobile authentication methods. The BFSI sector emerges as a significant contributor to market growth, supported by the expansion of FinTech companies and digital payments. Brazil leads the regional market both in terms of market size and growth rate, while Colombia and Chile show promising developments in identity theft management and advanced authentication solutions.
Multi-factor Authentication Market in Middle East & Africa
The Middle East & Africa region exhibits significant potential in the multi-factor authentication market, driven by rapid digitization of public and private sector enterprises. The region's growth is particularly influenced by initiatives such as Saudi Vision 2030 and the UAE's smart city developments. Countries across the region are implementing various cybersecurity measures and regulations to tackle growing cyber threats. The UAE emerges as the largest market in the region, driven by its thriving economy and critical logistical infrastructure development, while Saudi Arabia shows the fastest growth potential supported by its comprehensive cybersecurity initiatives and digital transformation programs.
Multifactor Authentication (MFA) Market Overview
Top Companies in Multi-factor Authentication Market
The multi-factor authentication market features prominent multi-factor authentication companies including Yubico AB, Giesecke+Devrient GmbH, Thetis, GoTrustID Inc., Thales Group, Duo Security (Cisco Systems), RSA Security, Okta, Google, Ping Identity, ManageEngine, and Microsoft Corporation. These multi-factor authentication vendors are actively pursuing product innovations focused on developing FIDO2-compliant solutions, biometric authentication capabilities, and cloud-based MFA platforms. Strategic partnerships and integrations with technology providers have become crucial for expanding solution capabilities and market reach, particularly in sectors like government, banking, and healthcare. Companies are investing significantly in research and development to enhance their authentication technologies while simultaneously expanding their geographic presence through both organic growth and acquisitions. The emphasis on offering comprehensive identity and access management solutions that combine hardware tokens, mobile authentication, and biometric verification demonstrates the industry's evolution toward more sophisticated and user-friendly authentication security solutions.
Market Dominated by Global Technology Leaders
The multi-factor authentication market exhibits a balanced mix of global technology conglomerates and specialized security solution providers. Large technology companies like Microsoft, Google, and Cisco leverage their extensive enterprise relationships and integrated product ecosystems to maintain strong market positions, while specialized players like Yubico and RSA Security compete through focused innovation in authentication technologies. The market has witnessed significant consolidation through strategic acquisitions, such as Cisco's acquisition of Duo Security and Thoma Bravo's acquisition of ForgeRock, which was subsequently combined with Ping Identity, indicating a trend toward creating comprehensive security platforms.
The competitive landscape is characterized by ongoing partnerships between hardware and software providers to create end-to-end authentication solutions. Regional players maintain competitive positions in specific geographic markets by offering localized solutions and maintaining strong relationships with government and financial institutions. The market demonstrates moderate consolidation, with larger players expanding their capabilities through acquisitions of innovative startups and specialized authentication software vendors, while also maintaining strategic partnerships to enhance their solution offerings and market reach.
Innovation and Integration Drive Market Success
Success in the multi-factor authentication market increasingly depends on providers' ability to deliver seamless, secure, and scalable solutions that integrate with existing enterprise systems. Incumbent players must focus on expanding their authentication methods to include emerging technologies like passwordless authentication and behavioral biometrics, while maintaining compatibility with legacy systems. The ability to offer flexible deployment options across cloud, hybrid, and on-premises environments, combined with strong compliance capabilities and user-friendly interfaces, has become crucial for maintaining market share. Companies must also develop strong partner ecosystems and maintain robust support infrastructure to serve diverse industry verticals effectively.
For emerging players and contenders, success lies in identifying and addressing specific market gaps or underserved segments with innovative solutions. This includes developing specialized authentication solutions for high-growth sectors like healthcare and financial services, or focusing on specific authentication technologies like mobile-based solutions or hardware tokens. The increasing regulatory focus on cybersecurity and data protection across regions presents both opportunities and challenges, requiring providers to maintain agility in adapting their solutions to evolving compliance requirements. The market's future success factors also include the ability to address growing concerns around privacy, user experience, and the need for stronger phishing-resistant authentication methods. The role of MFA and 2FA in providing secure access is becoming increasingly critical in this evolving landscape.
Multifactor Authentication (MFA) Market Leaders
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Yubico AB
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Giesecke+Devrient GmbH
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Thetis
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GoTrustid Inc.
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Thales
- *Disclaimer: Major Players sorted in no particular order
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Multifactor Authentication (MFA) Market News
- March 2024: Identiv Inc., a global leader in digital security and identification within the Internet of Things (IoT) realm, unveiled ScrambleFactor, enhancing its portfolio of high-security physical access control systems. Tailored for the federal market, the ScrambleFactor reader combines fingerprint biometrics with an LCD touchscreen keypad, offering multiple authentication methods that emphasize security, speed, functionality, and convenience.
- March 2024: Intercede, a specialist in digital identity management, rolled out MyID MFA (multi-factor authentication) 5.0. This newest iteration in the MyID lineup elevates security standards, empowering organizations to safeguard both on-premise and cloud applications alongside Windows desktop logins. It offers a suite of phishing-resistant MFA solutions, such as OTPs (one-time passwords), mobile applications, syncable FIDO passkeys, and hardware devices secured by biometrics.
Multifactor Authentication (MFA) Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
- 4.1 Market Overview
- 4.2 Analysis of Macro Economic Scenarios
- 4.3 Insights on the Regulatory Landscape Related to Cyber Security
5. MARKET DYNAMICS
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5.1 Market Drivers
- 5.1.1 Rising Cybercrime, Digital Disruption, and Increased Compliance Demands
- 5.1.2 Rising Adoption of Interconnected Devices
- 5.1.3 Increased Instances of Identity Theft and Fraud
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5.2 Market Challenges
- 5.2.1 Lack of Technical Expertise
- 5.2.2 Complexities in Implementing and Using Multi-factor Authentication
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5.3 Market Opportunities
- 5.3.1 Standards/Specifications for Authentication Solutions (ACE, FBA, FIDO, etc.)
- 5.3.2 Pricing Analysis for MFA Tools (Hardware and Software)
6. MARKET SEGMENTATION
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6.1 By Offering Type
- 6.1.1 Hardware
- 6.1.1.1 Token
- 6.1.1.2 Biometric Devices
- 6.1.1.3 Other Devices
- 6.1.2 Software
- 6.1.2.1 Authenticator Solutions
- 6.1.2.2 Mobile Apps
- 6.1.3 Services
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6.2 By Authentication Type
- 6.2.1 Two-factor Authentication
- 6.2.2 Three-factor Authentication
- 6.2.3 Four-factor Authentication
- 6.2.4 Other Types of Authentication
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6.3 By End-user Industry
- 6.3.1 Banking and Financial Institutions
- 6.3.2 Cryptocurrency
- 6.3.3 Technology-based Companies (SaaS and IT Service Vendors)
- 6.3.4 Government - Federal, State, and Local Entities (Including System Integrators)
- 6.3.5 Healthcare and Pharmaceutical
- 6.3.6 Retail and E-commerce
- 6.3.7 Process-based Applications - Energy and Manufacturing
- 6.3.8 Other End-user Verticals - Education, Immigration, Etc.
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6.4 By Geography***
- 6.4.1 North America
- 6.4.1.1 United States
- 6.4.1.2 Canada
- 6.4.2 Europe
- 6.4.2.1 United Kingdom
- 6.4.2.2 Germany
- 6.4.2.3 France
- 6.4.3 Asia
- 6.4.3.1 China
- 6.4.3.2 India
- 6.4.3.3 Japan
- 6.4.4 Australia and New Zealand
- 6.4.5 Latin America
- 6.4.6 Middle East and Africa
7. COMPETITIVE LANDSCAPE
- 7.1 Vendor Positioning Analysis
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7.2 Company Profiles
- 7.2.1 Yubico AB
- 7.2.2 Giesecke+Devrient GmbH
- 7.2.3 Thetis
- 7.2.4 GoTrustid Inc.
- 7.2.5 Thales
- 7.2.6 Duo (Cisco Systems Inc.)
- 7.2.7 RSA SECURITY LLC
- 7.2.8 Okta Inc.
- 7.2.9 Google LLC (ALPHABET INC.)
- 7.2.10 Ping Identity Corporation
- 7.2.11 ManageEngine (Zoho Corporation Pvt. Ltd)
- 7.2.12 Microsoft Corporation
- 7.2.13 Telesign Corporation (Proximus Group)
- *List Not Exhaustive
8. FUTURE OUTLOOK OF THE MARKET
Multifactor Authentication (MFA) Market Industry Segmentation
The multi-factor authentication market is defined based on the revenues generated from the hardware, software, and services used in various end-user industries across the globe. The analysis is based on the market insights captured through secondary research and the primaries. The market also covers the major factors impacting the growth of the market in terms of drivers and restraints.
The multi-factor authentication market is segmented by offering type (hardware [token, biometric devices, and other devices], software [authenticator solutions and mobile apps], and services), authentication type (two-factor authentication, three-factor authentication, four-factor authentication, and other types of authentication), end-user industry (banking and financial institutions, cryptocurrency, technology-based companies [SaaS and IT service vendors], government [federal, state, and local entities (including system integrators)], healthcare and pharmaceutical, retail and e-commerce, process-based applications [energy and manufacturing], and other end-user industries [education and immigration]), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa). The report offers market sizes and forecasts in terms of value (USD) for all the above segments.
By Offering Type | Hardware | Token | |
Biometric Devices | |||
Other Devices | |||
Software | Authenticator Solutions | ||
Mobile Apps | |||
Services | |||
By Authentication Type | Two-factor Authentication | ||
Three-factor Authentication | |||
Four-factor Authentication | |||
Other Types of Authentication | |||
By End-user Industry | Banking and Financial Institutions | ||
Cryptocurrency | |||
Technology-based Companies (SaaS and IT Service Vendors) | |||
Government - Federal, State, and Local Entities (Including System Integrators) | |||
Healthcare and Pharmaceutical | |||
Retail and E-commerce | |||
Process-based Applications - Energy and Manufacturing | |||
Other End-user Verticals - Education, Immigration, Etc. | |||
By Geography*** | North America | United States | |
Canada | |||
Europe | United Kingdom | ||
Germany | |||
France | |||
Asia | China | ||
India | |||
Japan | |||
Australia and New Zealand | |||
Latin America | |||
Middle East and Africa |
Multifactor Authentication (MFA) Market Research FAQs
How big is the Multi-factor Authentication Market?
The Multi-factor Authentication Market size is expected to reach USD 21.11 billion in 2025 and grow at a CAGR of 16.5% to reach USD 45.30 billion by 2030.
What is the current Multi-factor Authentication Market size?
In 2025, the Multi-factor Authentication Market size is expected to reach USD 21.11 billion.
Who are the key players in Multi-factor Authentication Market?
Yubico AB, Giesecke+Devrient GmbH, Thetis, GoTrustid Inc. and Thales are the major companies operating in the Multi-factor Authentication Market.
Which is the fastest growing region in Multi-factor Authentication Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in Multi-factor Authentication Market?
In 2025, the North America accounts for the largest market share in Multi-factor Authentication Market.
What years does this Multi-factor Authentication Market cover, and what was the market size in 2024?
In 2024, the Multi-factor Authentication Market size was estimated at USD 17.63 billion. The report covers the Multi-factor Authentication Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Multi-factor Authentication Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Multifactor Authentication (MFA) Market Research
Mordor Intelligence delivers comprehensive insights into the multifactor authentication market through detailed industry analysis, market outlook, and growth forecasts. Our research extensively covers MFA solutions, including two-factor authentication, passwordless authentication, and biometric authentication technologies. The report provides valuable market data on leading MFA vendors and their market share, emerging industry trends, and strategic developments. Stakeholders can access detailed market segmentation, size estimates, and competitive analysis of key multi-factor authentication companies in an easy-to-read report PDF format.
Our consulting expertise extends beyond traditional market research to provide strategic insights for organizations implementing secure access solutions. We assist clients with technology scouting to identify cutting-edge authentication methods, regulatory assessment of multi-factor authentication regulations, and competition assessment of various 2FA solutions. Our team conducts comprehensive customer need analysis to understand authentication preferences and security requirements across different industries. We also provide support in assessing product pricing and positioning strategies, particularly for emerging technologies like zero trust authentication and adaptive authentication. Through B2B surveys and expert interviews, we help stakeholders understand implementation challenges and success factors in the evolving authentication landscape.