The multi-factor authentication market was valued at USD 9.07 billion in 2019, and it is expected to reach USD 24.16 billion by 2025, registering a CAGR of 17.83%, during the forecast period (2022 – 2031). Blockchain and decentralized authentication systems are coming in trends, which may replace centralized data and application servers with a network of computers that encrypt, store data, and stay in sync with each other. The general concept is to represent user identities with encryption key-pairs, which can be tied to additional parameters, such as the user’s biometric data instead of passwords, to make a high authentification.
– The growing number of cyberattacks across enterprises is driving the market, as nearly half of all cyberattacks target small businesses, with mostly ransomware attacks and hijacking corporate online and financial accounts. OneLogin’s own authentication app, OneLogin Protect, allows the users to verify their identities via their smartphones. It also integrates with other third-party authentication factors, like Google Authenticator and Yubico’s YubiKeys, and provides a single sign-on option for the company’s desktops.
– Password has been a traditional source of authentication for a while now. However, hackers often exploit this single gateway to access the records of the users and companies and are causing losses worth billions to these entities. A recent study by Verizon suggests that “compromised identities” represent the top reason for security breaches. In 2019, the number of data breaches in the United States amounted to 1,473, with over 164.68 million sensitive records exposed, according to the survey data published by the Identity Theft Resource Center.
– Additionally, according to Google, users who added a recovery phone number to their accounts (and indirectly enabled SMS-based MFA) were also enhancing their account security. The companies study shows that simply adding a recovery phone number to Google Account can block up to 100% of automated bots, 99% of bulk phishing attacks, and 66% of targeted attacks that occurred during its investigation.
– During the situation of a global pandemic, the demand for remote work solutions has seen a surge due to organizations transitioning from their conventional workplace methods to work from home scenarios. These impacts have to be carefully concerned in the context of the organization’s cybersecurity as more and more personal unsecured devices start accessing the organization network; the risk of compromising network security goes up.
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Key Market Trends
Healthcare Segment is Expected to Witness Significant Growth
– Cyberattacks are becoming more purposeful, sophisticated, and costly. The healthcare industry is having to come to terms with its exposure to cyber risks. The healthcare industry is in a time of transition and that includes IT infrastructure and cybersecurity. The healthcare segment is expected to hold a prominent share of the market in the forecast period. According to Protenus and DataBreaches.net, healthcare data breaches in 2019 almost tripled from 2018, where over 41 million patient records were breached in 2019.
– Further, the healthcare sector has been positively impacted by digitization and has evolved over the past two decades to help itself become a digitized sector. Healthcare records have been stored digitally and contain private data.
– Further, developed economies use expensive technology, ranging from computer systems and medical equipment to devices attached to, or even embedded in the human body, such as fitness monitors or digital pacemakers. These devices have increased the vulnerability of access for hackers.
– Many healthcare-related cybercrime activities occurred in the past year, which has led the industry to adapt to multi-factor authentication (MFA) at end-point systems, managing authentication of on-premise and cloud databases, network security, and compliance suites.
– For instance, in January 2019, Singapore’s Ministry of Health announced that confidential information pertaining to 14,200 people diagnosed with HIV was stolen and leaked online. The compromised personal data includes names, contact details (phone number and address), HIV test results, and other medical information of some 5,400 Singaporeans and 8,800 foreigners.
Asia-Pacific Expected to Witness Significant Growth
– The Asia-Pacific region is expected to be the fastest-growing region in the multifactor authentication market because of a higher level of implementation of bring your own device (BYOD) and choose your own device (CYOD) policies, as well as mobility services, which are increasing cyber-attacks and data breaches.
– CREALOGIX has rolled out the solution to major banks in Asia, providing its customers with one single app for banking and authentication. There is no longer a One-Time-Password (OTP) hardware token that is generated by a hardware device for each action as part of a multifactor authentication system. The soft token replaces the hard token and provides all the security advantages of multifactor authentication.
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– Moreover, hacking and monetary losses are surging in regions like China. Black hat hackers’ biggest objective is to steal information for monetary gains. This is a major concern for all financial institutions, as they handle private information as well as finances. It is quite an easy task for an individual to capture usernames and passwords of other individuals by using multiple techniques like Sniffing, installing Keylogger, etc.
– Further, as of June 2020, 40,300 hacking attempts suspected from entities in China to sabotage financial, utility, and infra services in the region. Moreover, companies realize that implementing two-factor authentication will reduce the losses suffered by financial institutions in terms of money and brand trust.
Competitive Landscape
The multi-factor authentication market is moderately concentrated as the market comprises global and local players, where the product penetration with innovation is growing. Software firms are also looking in this market, which increases the rivalry among the players. The key players are CA Technologies, Inc., Fujitsu Limited, Gemalto NV, etc. Recent developments in the market studied are –
– Jun 2020 – Okta Inc. announced that it was co-ordinating with CrowdStrike Inc. Netskope, and Proofpoint, Inc. to help organizations implement an integrated, zero trust security strategy required to protect dynamic and remote working environments.
– Apr 2020 – Microsoft announced the commercial release of a more simplified Azure Active Directory registration process that adds multifactor authentication (MFA) and self-service password reset features for end-users. This MFA plus self-service password registration process is now at the “general availability” (GA) release stage.
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