DUBLIN--(BUSINESS WIRE)--The "Global Multifactor Authentication Market (2022-2027) by Authentication Type, Model Type, Components, Organization size, End-user, Geography, Competitive Analysis and the Impact of Covid-19 with Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Multifactor Authentication Market is estimated to be USD 13.4 Bn in 2022 and is expected to reach USD 26.84 Bn by 2027, growing at a CAGR of 14.90%
Market dynamics are forces that impact the prices and behaviors of the Global Multifactor Authentication Market stakeholders. These forces create pricing signals which result from the changes in the supply and demand curves for a given product or service. Forces of Market Dynamics may be related to macro-economic and micro-economic factors.
There are dynamic market forces other than price, demand, and supply. Human emotions can also drive decisions, influence the market, and create price signals. As the market dynamics impact the supply and demand curves, decision-makers aim to determine the best way to use various financial tools to stem various strategies for speeding the growth and reducing the risks.
Competitive Quadrant
The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
Ansoff Analysis
The report presents a detailed Ansoff matrix analysis for the Global Multifactor Authentication Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification.
The matrix is also used for risk analysis to understand the risk involved with each approach. The analyst analyses the Global Multifactor Authentication Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position. Based on the SWOT analysis conducted on the industry and industry players, the analyst has devised suitable strategies for market growth.
Why buy this report?
- The report offers a comprehensive evaluation of the Global Multifactor Authentication Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
- The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
- The report includes an in-depth market analysis using Porter's 5 forces model and the Ansoff Matrix. In addition, the impact of Covid-19 on the market is also featured in the report.
- The report also includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
- The report also contains the competitive analysis using Positioning Quadrants, the analyst's Proprietary competitive positioning tool.
Market Dynamics
Drivers
- Growing Adoptions of BYOD, CYOD, and WFH Trends
- Rising Security Breaches and Sophisticated Cyberattacks Leading to Financial and Reputational Losses
- Stringent Government Regulations to Increase the Adoption of MFA Solutions
- Escalating Instances of Identity Theft and Fraud
Restraints
- High Cost and Technical Complexities in Implementing MFA Solutions
- Increasing Response Time in Higher Order Authentication Models
Opportunities
- Proliferation of Cloud-Based MFA Solutions and Services
- Rising Adoption of Interconnected Devices in the IoT Environment
- High Volume of Online Transactions
Challenges
- Lack of Awareness Related to MFA Among Enterprises
- Scarcity of Skilled Cybersecurity Professionals
Market Segmentation
The Global Multifactor Authentication Market is segmented based on Authentication Type, Model Type, Components, Organization size, End-user, and Geography.
- By Authentication Type, the market is classified into Password Authentication and Passwordless Authentication.
- By Model Type, the market is classified into Two-Factor Authentication, Multi-Factor with Three-Factor Authentication, Multi-Factor with Four-Factor Authentication, and Multi-Factor with Five-Factor Authentication.
- By Components, the market is classified into Solutions, Hardware, and Services.
- By Organization size, the market is classified into Large Enterprises and SMEs.
- By End-user, the market is classified into BFSI, Government, Travel and Immigration, Military and Defense, Commercial Security, IT, Telecommunication, Healthcare, Media and Entertainment, and Other verticals (education, retail and eCommerce).
- By Geography, the market is classified into Americas, Europe, Middle-East & Africa and Asia-Pacific.
Companies Mentioned
- Broadcom
- Cisco
- CyberArk
- Duo Security
- ESET
- ForgeRock
- FusionAuth
- HID Global
- HYPR
- Keyless
- Luxchain
- Micro Focus
- Microsoft
- Okta
- OneLogin
- OneSpan
- Oracle
- Ping Identity
- RSA Security
- Salesforce
- Secret Double Octopus
- SecureAuth
- Silverfort
- Thales
- Trusona
For more information about this report visit https://www.researchandmarkets.com/r/pbpghv
