DUBLIN--(BUSINESS WIRE)--The "Multi-factor Authentication Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The multi-factor authentication market was valued at USD 10.64 billion in 2020 and is expected to reach USD 28.34 billion by 2026 and grow at a CAGR of 17.83% over the forecast period (2021-2026).
Blockchain and decentralized authentication systems are coming in trends, which may replace centralized data and application servers with a network of computers that encrypt, store data, and stay in sync with each other. The general concept is to represent user identities with encryption key-pairs, which can be tied to additional parameters, such as the user's biometric data instead of passwords, to make a high authentification.
The growing number of cyberattacks across enterprises is driving the market, as nearly half of all cyberattacks target small businesses, with mostly ransomware attacks and hijacking corporate online and financial accounts. OneLogin's own authentication app, OneLogin Protect, allows the users to verify their identities via their smartphones. It also integrates with other third-party authentication factors, like Google Authenticator and Yubico's YubiKeys, and provides a single sign-on option for the company's desktops.
Password has been a traditional source of authentication for a while now. However, hackers often exploit this single gateway to access the records of the users and companies and are causing losses worth billions to these entities. A recent study by Verizon suggests that "compromised identities" represent the top reason for security breaches. In 2019, the number of data breaches in the United States amounted to 1,473, with over 164.68 million sensitive records exposed, according to the survey data published by the Identity Theft Resource Center.
Additionally, according to Google, users who added a recovery phone number to their accounts (and indirectly enabled SMS-based MFA) were also enhancing their account security. The companies study shows that simply adding a recovery phone number to Google Account can block up to 100% of automated bots, 99% of bulk phishing attacks, and 66% of targeted attacks that occurred during its investigation.
During the situation of a global pandemic, the demand for remote work solutions has seen a surge due to organizations transitioning from their conventional workplace methods to work from home scenarios. These impacts have to be carefully concerned in the context of the organization's cybersecurity as more and more personal unsecured devices start accessing the organization network; the risk of compromising network security goes up.
Competitive Landscape
The multi-factor authentication market is moderately concentrated as the market comprises global and local players, where the product penetration with innovation is growing. Software firms are also looking in this market, which increases the rivalry among the players.
The key players are CA Technologies, Inc., Fujitsu Limited, Gemalto NV, etc.
Key Topics Covered:
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 The Increased Security Breach Incidences
4.3 Market Restraints
4.3.1 Complexities in Implementing and Using Multi-factor Authentication
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.5 Impact of COVID-19 on the Market
4.6 Standards/Specifications for Authentication Solutions (ACE, FBA, FIDO, etc.)
5 TRENDS IN AUTHENTICATION TYPE
5.1 Two-factor Authentication
5.2 Three-factor Authentication
5.3 Other Types of Authentication
6 MARKET SEGMENTATION
6.1 Solution
6.1.1 Hardware
6.1.2 Software
6.2 Type of Authentication
6.2.1 Two-factor
6.2.2 Other Types of Authentication
6.3 End-user Vertical
6.3.1 BFSI
6.3.2 Healthcare
6.3.3 IT and Telecom
6.3.4 Retail
6.3.5 Government
6.3.6 Other End-user Verticals
6.4 Geography
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Okta Inc.
7.1.2 Microsoft Corporation
7.1.3 Duo Security Inc. (Cisco Systems)
7.1.4 Broadcom Inc.
7.1.5 OneLogin Inc.
7.1.6 ForgeRock Inc.
7.1.7 SecureAuth Corporation
7.1.8 Gemalto NV(Thales Group)
7.1.9 Yubico AB
7.1.10 HID Global Corporation (ASSA ABLOY AB)
7.1.11 OneSpan Inc.
7.1.12 Entrust Datacard Corporation
7.1.13 RSA Security LLC
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/37d90t
