Multi-factor Authentication Market Segmentation, Application, Trends, Opportunity & Forecast till 2030
The global multi-factor authentication (MFA) market was valued at USD 14.28 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 14.2% between 2023 and 2030. MFA enhances security by adding multiple layers of authentication to verify user identities and secure transactions over the Internet. A major driver of this market growth is the increasing frequency of cyberattacks and data breaches in organizations. As the number of these incidents rises, there is a growing demand for enhanced security measures, coupled with stricter regulations for the protection of sensitive data, all of which are expected to fuel the growth of the MFA market. Investments in cloud technologies, enterprise mobility, and the increasing adoption of Bring Your Own Device (BYOD) policies across enterprises are also key factors accelerating the adoption of MFA solutions. The rise of authentication-as-a-service solutions, which provide advanced security and identity ...