Multi-Factor Authentication Market Analysis

Authentication Type (Password Authentication, Password-less Authentication)

Passwordless authentication is anticipated to hold the 57% share of the multi-factor authentication market in the Authentication Type segment. The password-less authentication methods are more difficult to brute force than legacy passwords, and less vulnerable to cyber-attacks. In India, 77 percent of respondents were considering implementing a strategy without passwords in their companies. This came as a major boost for the segment.

Enterprise Size (Small& Medium Enterprises, Large Enterprises)

Large enterprises are expected to have a dominant position throughout the forecast period, accounting for more usage of MFA to protect against cyber-attacks. Two-factor authentication systems can be used widely in large enterprises as it reduces the risk of password theft. Multi-factor authentication can successfully prevent 99.9% of current automated cyberattacks. Overall, MFA is quite effective at stopping cyberattacks because it also foils 76% of targeted attacks and 96% of large-scale phishing attempts. Large businesses are drawn to implement multi-factor authentication because of its reliability.

Our in-depth analysis of the global market includes the following segments: