Multi-factor authentication (MFA) is a way of authenticating an individual's identification using criteria given by the user.
Authentication requirements are classified as “something you know”, “something you are”, “something you have”. These three factors include PINs, hardware tokens, biological traits, and passwords. OTP - One Time Password - is another authentication element that has gained popularity and is widely used across all applications.
Multi-factor authentication protects personal and sensitive information by offering a high level of security. The approach exceeds standard systems that rely just on one-factor authentication, such as a login and PIN/password, which may be easily guessed or forgotten.
Market Analysis
DataM Intelligence’s report on the multi-factor authentication market provides insightful analysis of the latest trends and developments in the market. It outlines the current market dynamics and provides detailed insights into the market growth, revenue opportunities, and key players. Our report provides an accurate assessment of the multi-factor authentication market size and opportunities and explores the potential impact of the latest trends and developments.
Exploring Market Drivers and Opportunities
Customers' rising use of digital banking and online transactions is expected to stimulate demand for MFA. Due to the increase in eCommerce and the usage of online banking, as well as the essential restrictions implemented by central banks, large enterprises are being instructed to authenticate clients using robust authentication techniques.
As mobile banking for online transactions (hardware and software) expands, so will the need for OTP authenticators. During transactions, multi-factor authentication protects customers against phishing attempts and fraud. Furthermore, the integration of these systems for payment by the healthcare, retail, and BFSI sectors represents an enormous opportunity for the MFA authentication market to grow.
Market Challenges
The shortage of cybersecurity expertise is a key impediment to the expansion of the multi-factor authentication market. Because of a lack of understanding of modern cyber threats, firms fail to invest enough in their security architecture, resulting in enormous data and financial losses. Furthermore, enterprises with critical cybersecurity requirements have reported a significant scarcity of competent people, rendering them more exposed to attacks.
Market Key Players
The research study includes profiles of leading companies operating in the multi-factor authentication market: Okta Inc., Duo Security Inc., (Cisco Systems), Microsoft Corporation, OneLogin Inc.
For businesses, investors, and decision-makers in the multi-factor authentication market, conducting a thorough market analysis is crucial in staying ahead of the competition. By examining market drivers, challenges, and opportunities, recent developments stakeholders can comprehensively understand the current market landscape and future projections.
To Gain comprehensive insights into the multi-factor authentication market and its prospects, request a sample report from DataM Intelligence and we’ll send it directly to your email by clicking Download Sample
