The global multi-factor authentication (MFA) market size is expected to reach $18 billion by 2025, at a CAGR of 15% between 2017 and 2025, with most of that spend in North America. An increase in online transactions, e-commerce and growing digitalization of financial and welfare services are some of the key drivers leading to adoption of multi-factor authentication solutions.
These trends, coupled with the rapid increase in data stores and the prevalence of complex hybrid environments, are creating opportunities for cyber attacks. As a result, organizations are requiring secure, multi-layered authentication to help protect against devastating data breaches. We expect growth to continue to be highest within the highly regulated financial sector, but we’re also seeing robust demand in healthcare and public sectors.
Key Recommendations for the Vendor
- Vendors should give preference to what a buyer needs and create a package that focuses on features and functionality that are of value to the buyer. An integrated solution that takes care of both privacy and security requirements will give a competitive advantage and assist in winning business.
- Vendors need to build a go-to-market strategy that bundles solutions to fulfill the needs of the buyer and integrates with other security tools, like threat management systems, event management systems and security information based on the target market.
- Small and medium-sized buyers usually have a smaller budget and cannot spend additional dollars on specially trained resources. Vendors should package their offerings with a pricing strategy that buyers can easily understand and accept.
Security threats and attacks are evolving continuously as hybrid cloud, mobility and shadow IT evolve. Consequently, multi-factor authentication and user education have become important steps that every organization can take to help prevent cyber criminals from gaining entry to their environment.
Want more information about the MFA market and how your business can take advantage of what will soon be an $18 billion opportunity? Contact us today.
By Shalvi Nand
Market Intelligence Senior Analyst
Last modified: May 2, 2019