In the year 2018, the global market for Multi-Factor Authentication was worth USD 6,230 million. Now the market is expected to touch USD 16,800 million by the end of 2024, at a rising CAGR of 18 percent. Multifactor authentication (MFA) is an authentication method wherein a computer user is required more than two or more pieces of evidence to verify their identity for a login or other transaction.
In the global Multi-Factor Authentication Market, Banking, Financial Services and Insurance (BFSI) segment contributed the largest market share during the forecast period, due to rising demand for secure identification and verification systems. North America, based on geography, led the largest market share in the market growth, owing to the plethora of IT infrastructures and more financial institutions and companies in this region. Multi-Factor Authentication comes with a range of models, including two-factor authentication, three-factor authentication, four-factor authentication, and five-factor authentication. For the two-factor authentication, a smart card with a pin, biometric technology with a pin, a smart card with biometric technology, two biometric authentications, and one-time password with pin included. In the three-factor authentications comprise smart card with pin and biometric technology, pin with two biometric technologies, a smart card with two biometric technologies, and three biometric authentications. While, four- and five-factor authentication includes the use of smart card and pin with more than one biometric technology such as face recognition, fingerprint recognition, voice recognition, and so on.
The Multi-Factor Authentication model utilizing two factors is gaining traction in the market, with nearly 90.88 percent occupation rate of its share as of 2017, followed by three-, four-, and five-factor authentication respectively. Due to its high degree of security capability, Multi-Factor Authentication is much better than a single username and password combination.