Multi-Factor Authentication Market Share

North American Market Forecast

The multi-factor authentication market is anticipated to hold a 34% revenue share by the end of 2037. Factors that underpin this are the presence of important providers, regulatory environment, innovation and investment as well as a high rate of technology adoption.

Businesses in the region have started using MFA solutions to prevent cyber-attacks.  As per a report 53.35 million US citizens were affected by cybercrime in the first half of 2022. Also, identity theft and trade espionage by giving greater protection of personal data and protecting sensitive information to make it easier for them to grow.

European Market Statistics

The European multi-factor authentication market is growing at a significant rate owing to the country’s economic development and technological maturity. The General Data Protection Regulation (GDPR) has heightened the importance of data protection, leading to increased MFA adoption in various sectors. Data breach costs have been lowered for GDPR Ready companies. In 2019 alone, 37 % of these firms lost over USD 500,000, this has led companies to adopt MFA as a precursor, increasing market demand.