The global MFA Market size is projected to grow from USD 11.1 billion in 2021 to USD 23.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 16.2% during the forecast period. Major driving factors for the MFA market include rise in security breaches, fraud, and data identity thefts, surge in use of BYOD/ IoT devices, high demand for cloud-based MFA solutions and services, high volume of online transactions, and stringent government regulations.
By component, the services segment to register the highest growth rate during the forecast period
The services segment includes various services that are required to deploy, execute, and maintain the MFA solutions and services in an organization. As the adoption of the MFA solution increases, the demand for these services is also expected to increase. During COVID-19, the growing concern of data breaches and privacy compliance regulations is making companies focus on adopting MFA solutions to achieve compliance, improved data security, and better flexibility in operations. Major MFA vendors are widely supporting organizations with quick support services in such unprecedented times. Financial services, healthcare, and the e-commerce industry verticals have witnessed huge data losses due to security breaches. As a result, they are highly dependent on MFA solutions for strengthening their cybersecurity capabilities.
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Based on end-user, the BFSI segment estimated to hold the largest market size during the forecast period
The COVID-19 outbreak has impacted every possible vertical across the globe, especially high-profile and high-value data verticals such as BFSI, healthcare, and government. With the increasing cyber threat landscape and risk surface, the demand for MFA solutions is also rising. MFA takes a holistic approach to create a layer of defense and make it difficult for an unauthorized person to gain access. The BFSI vertical is an early adopter of cutting-edge MFA solutions as they possess highly sensitive financial data. Financial institutions increasingly understand the value of technological advancements to improve the customer experience and protect themselves and their customers against the consequences of security breaches. These institutions also have a deep understanding of how MFA solutions could be used to combat threats posed by fraud and identity theft. Various government mandates, such as PSD2 and PCI-DSS, necessitate financial institutions to meet the terms and standards related to the privacy of customer data. MFA solutions and services also help the BFSI industry vertical deliver robust security, secure identities, and manage regulatory compliances.
Key and innovative vendors in the MFA market include Micro Focus (UK), Broadcom (US), Microsoft (US), OneSpan (US), Okta (US), Thales (France), RSA Security (US), Duo Security (US), Ping Identity (US), HID Global (US), ESET (Slovakia), ForgeRock (US), CyberArk (US), OneLogin (US), SecureAuth (US), Oracle (US), Salesforce (US), Secret Double Octopus (Israel), Silverfort (Israel), Trusona (US), FusionAuth (US), HYPR (US), Keyless (US), and Luxchain (Hong Kong).
These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their presence in the MFA market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2018 to 2021 to innovate their offerings and broaden their customer base.
RSA Security was acquired by EMC Corporation in 2006 and operated as a division within EMC. When EMC was acquired by Dell Technologies in 2016, RSA became part of Dell Technologies. Dell Technologies announced the sale of its legacy security firm RSA to a consortium of investors led by Symphony Technology Group (STG) in February 2020. RSA was founded in 2002 and is headquartered in California, US. STG is a private equity firm and one of the market-leading companies in data, software, and analytics. RSA provides RSA SecurID Suite that enables organizations of all sizes to mitigate identity risk and maintain compliance without impeding user productivity. It ensures that users have appropriate access and confirms they are who they say they are with a modern, convenient user experience. It also provides unified visibility and control across different applications and areas within an organization. The company provides essential cybersecurity capabilities that fuse comprehensive visibility with advanced analytics designed to enable more effective detection and response, and drive faster, better-informed decisions to help manage an organization’s security and risk posture. RSA solutions are engineered to enable organizations to detect, investigate, and respond to advanced attacks; confirm and manage identities; and, ultimately, help reduce IP theft, fraud, and cybercrime. The company has been engaged in providing security solutions and offers security solutions in the areas of managing organizational risk, safeguarding mobile access and collaboration, preventing online fraud, and defending against advanced threats. The company operates in the Americas, APAC, Europe, MEA.
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OneSpan was founded in 1991 and is headquartered in Illinois, US. In May 2018, VASCO changed its name to OneSpan, with a new ticker symbol OSPN. The company is a specialist in user authentication, electronic signature, digital signature, online application security, mobile app security, Public Key Infrastructure (PKI), digital identities, user convenience, transaction data signing, network security, two-factor authentication, and SaaS. The company has industry expertise in the areas of financial services, banking, insurance, and government. It has more than 10,000 customers, including the world’s top banks, such as Bank of America, Deutsche Bank, and Public Bank. The company has a global presence with main offices in Chicago, Montreal, Brussels, and Zurich.
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