Multi-Factor Authentication Market Size, Share, Top Opportunities, Emerging Trends, Top Key Players Update, and Forecast 2028
The global multi-factor authentication (MFA) market is expected to witness significant growth, increasing from USD 15.2 billion in 2023 to USD 34.8 billion by 2028, reflecting a robust compound annual growth rate (CAGR) of 18.0% over the forecast period. This surge is largely driven by the widespread adoption of Bring Your Own Device (BYOD), Choose Your Own Device (CYOD), and remote work (WFH) practices, alongside a sharp rise in security breaches and advanced cyberattacks that pose serious financial and reputational risks.
Over the past decade, digital payments and online banking have seen remarkable growth, reshaping the financial landscape through technological innovation and evolving consumer behavior. With the rise of digital platforms, ensuring secure user authentication has become increasingly critical to prevent fraud. These dynamics are fueling the demand and evolution of the MFA market, as organizations seek more robust security solutions.
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Based on components, the services segment is expected to grow at a higher CAGR during the forecasted period.
The services segment helps to deploy, execute, and maintain MFA platforms in organizations. The demand for these services is also expected to increase with the growing adoption of MFA platforms. The services in the MFA market are critical as they support the proper functioning of software and hardware-based solutions. MFA services comprise technical support services that require the effective integration of MFA solutions. Moreover, technical expertise is required to maintain and update MFA hardware and software. The demand for these services is directly related to the adoption level of MFA solutions. Training and education are vital for organizations to maintain the security of their email cloud, endpoints, networks, and application points. Many organizations are providing online training and education services to their customers. Technology advisory and consulting services aim to increase the awareness of MFA technologies with professional services that comprise a highly skilled development team, R&D team, training and education, and extensive expertise to help clients leverage MFA solution offerings. Training and education services are essential because non-IT companies lack the expertise to understand cybersecurity technologies and secure organizational information.
By model type, the two-factor authentication segment is expected to hold the largest market size during the forecast period.
Two-factor authentication, often called two-step verification, is a security process wherein the user provides two authentication factors. Two-factor authentication (2FA) has become increasingly essential in the business landscape due to its ability to enhance security in an era of growing cyber threats. Two-factor authentication adds a layer of protection, making it harder for attackers to access a person’s devices and online accounts because knowing the victim’s password alone is insufficient to pass the authentication check. Any two smart cards, PIN, SMS application, tokens, biometrics (iris, face, palm, fingerprint, and so on), passwords, and so on can be used to achieve two-factor authentication. 2FA offers a cost-effective security solution for organizations.
By region, Asia Pacific is expected to grow at the highest CAGR during the forecast period.
Asia Pacific experiences considerable security spending owing to the ever-growing threat landscape of the region. Asia Pacific is expected to invest more in security due to the increasing threat of identity and access breaches. The region comprises emerging economies like India, Japan, China, South Korea, Australia, and other Asia Pacific countries. Factors such as increasing internet usage, compliance regulation, and adoption of smartphones are the major factors fueling the adoption of MFA solutions in the region.
Asia Pacific is increasingly targeted by cybercriminals using advanced and sophisticated attack vectors. These attacks often aim to compromise sensitive data, disrupt critical infrastructure, or steal financial assets. MFA acts as a formidable defense against such attacks by adding a layer of security. BFSI is the most targeted vertical in Asia Pacific regarding identity fraud. The proliferation of digital banking services and the growing preference for online transactions have exposed banks to a higher risk of cyber threats. MFA helps secure online banking by requiring customers to provide multiple verification forms before gaining access to their accounts or authorizing transactions.
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Unique Features in the Multi-Factor Authentication Market
One of the most distinguishing features of the MFA market is the wide variety of authentication methods available. These include biometrics (such as fingerprints, facial recognition, and iris scans), hardware tokens, software-based OTPs (one-time passwords), push notifications, and smartcards. This flexibility allows organizations to tailor their authentication strategies based on risk levels, user preferences, and compliance requirements.
Modern MFA solutions increasingly incorporate adaptive or risk-based authentication, which dynamically adjusts the level of authentication required based on user behavior, device, location, or network activity. For example, a user logging in from an unusual location or device might trigger additional verification steps. This feature enhances security while maintaining a smooth user experience.
With the shift to cloud computing and hybrid IT infrastructures, MFA solutions now offer seamless integration with cloud applications, identity providers, and enterprise systems. This ensures secure access across diverse platforms and enhances the manageability of identities across on-premises and cloud ecosystems.
MFA is a key requirement in many regulatory frameworks, such as GDPR, HIPAA, PCI-DSS, and PSD2. Vendors are increasingly offering solutions designed to help organizations meet these standards, with built-in auditing, logging, and compliance reporting features. This makes MFA not just a security measure but also a compliance enabler.
Major Highlights of the Multi-Factor Authentication Market
The surge in sophisticated cyberattacks, phishing schemes, and data breaches has heightened the demand for MFA solutions. Organizations are seeking advanced security layers to protect sensitive information, systems, and user identities from financial and reputational losses.
The proliferation of remote work (WFH), Bring Your Own Device (BYOD), and Choose Your Own Device (CYOD) models has fueled the need for stronger access controls. MFA plays a pivotal role in securing remote access to enterprise systems and cloud platforms, ensuring secure operations regardless of device or location.
MFA technologies are evolving with the integration of biometrics, behavioral analytics, artificial intelligence, and adaptive authentication. These innovations are enabling more accurate, convenient, and context-aware verification processes, reducing reliance on traditional passwords.
Sectors such as banking and finance, healthcare, retail, government, and IT are embracing MFA solutions to meet both security demands and compliance requirements. This cross-sector adoption is broadening the market landscape and driving vendor innovation.
Compliance with global data protection and privacy regulations—such as GDPR, HIPAA, and PSD2—is pushing organizations to adopt MFA as a core component of their identity and access management strategies. Regulatory frameworks are reinforcing MFA as a standard security practice.
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Top Companies in the Multi-Factor Authentication Market
Microsoft (US), Thales (France), Okta (US), Broadcom (US), OneSpan (US), Micro Focus (UK), HID Global (US), Cisco (US), Ping Identity (US), RSA Security (US), ESET (Slovakia), Yubico (US0, ForgeRock (US), CyberArk (US), OneLogin (US), SecureAuth (US), Oracle (US), SalesForce (US), Secret Double Octopus (Israel), Silverfort (Israel), Trusona (US), FusionAuth (US), HYPR (US), Keyless (US), Luxchain (China) are the key players and other players in the MFA market.
Microsoft (US)
Microsoft develops and supports software, services, devices, and solutions. Its product offerings include Operating Systems (OS), cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. The company also designs, manufactures, and sells devices, including Personal Computers (PCs), tablets, gaming and entertainment consoles, other intelligent devices, and related accessories. It offers a range of services, including cloud-based solutions that provide customers with software, services, platforms, and content, as well as solution support and consulting services.
In the category of MFA, it offers Microsoft Intra. It utilizes push notifications, biometrics, or one-time passcodes to approve sign-ins from mobile apps. It helps to increase the security of accounts with two-step verification in place of or in addition to passwords. Microsoft focuses on organic and inorganic strategies to optimize its growth and remain competitive. The company caters to various industry verticals, including finance and insurance, manufacturing, retail, media and entertainment, public sector, healthcare, and IT and telecommunications. It has a geographical presence in more than 190 countries across North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
Thales (France)
Thales Group is a French multinational company that designs and builds electrical systems and provides services for the aerospace, defense, transportation, and security markets. The French government partially owns the company and operates in more than 56 countries. For digitalization processes, businesses and governments depend on the Thales Group. Additionally, the identity management and data protection technologies of Thales Group help banks exchange funds, maintain border control, and many other applications. Thales’ SafeNet OTP hardware tokens provide secure access to enterprise, web-based, and cloud applications while complying with privacy and security regulations. It offers strong authentication on multiple applications via OTP generation on mobile devices. According to the company, more than 30,000 organizations rely on Thales Group’s solutions to verify the identities of people and things, grant access to digital services, analyze vast quantities of information, and encrypt data. With 80,000 employees, Thales Group has offices in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Okta (US)
Okta is the leading independent identity provider. The Okta Identity Cloud is powered by the company’s category-defining platform that enables customers to securely connect the right people to the right technologies and services at the right time. It offers Okta Customer Identity, an identity service that allows centralized management, frictionless experience, speed-to-market, and internet-scale security. It is secure, developer-friendly, and with minimal custom code.
Over 15,000 customers across nearly every industry used the Okta Identity Cloud to secure and manage identities worldwide. Okta has partnered with leading application, infrastructure, and security vendors, such as Amazon Web Services, Cisco, CrowdStrike, Google Cloud, Microsoft, Netskope, Proofpoint, Salesforce, ServiceNow, VMware, and Workday. The company has a large customer base across North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America.
Ping Identity (US)
Ping Identity is a leading US-based provider of identity security solutions, specializing in Single Sign-On (SSO), Multi-Factor Authentication (MFA), and identity governance. The company helps enterprises secure and manage identities and access to applications and services across cloud and on-premises environments, with key products including PingFederate, PingAccess, PingOne, PingID, and PingDirectory. Serving a diverse range of clients in finance, healthcare, and technology, Ping Identity ensures robust identity management for modern enterprises.
RSA Security (US)
RSA Security, also based in the US, is a prominent cybersecurity company known for its expertise in digital risk management, encryption, and network security. Initially renowned for the RSA encryption algorithm, RSA offers products like RSA SecurID for multi-factor authentication, RSA NetWitness for threat detection and response, RSA Archer for integrated risk management, and the RSA Fraud and Risk Intelligence Suite. With a clientele that includes governments and financial institutions, RSA provides comprehensive security solutions worldwide.
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