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Multi-Factor Authentication Market worth $34.8 billion by 2028 – Exclusive Report by MarketsandMarkets™

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CHICAGO, Oct. 10, 2023 /PRNewswire/ — Due to growing legal requirements, greater remote work, and technological advancements, Multi-Factor Authentication (MFA) is expected to continue growing in the future. MFA is an essential component of contemporary digital security because of its practicality and the persistent occurrence of cyber threats.

The global Multi-Factor Authentication Market size is projected to grow from USD 15.2 billion in 2023 to USD 34.8 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 18.0% during the forecast period, according to a new report by MarketsandMarkets™.Growing adoption of BYOD, CYOD, and WFH trends drives the growth of the MFA market. However, a lack of awareness related to MFA among enterprises may hinder market growth.
Browse in-depth TOC on “Multi-Factor Authentication Market”
348 – Tables 45 – Figures299 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2017-2028
Base year considered
2022
Forecast period
2023–2028
Forecast units
Value (USD Million/USD Billion) 
Segments Covered
Authentication type, components, model type, end users industry, and regions
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies covered
Major vendors in the global MFA market include 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).
 
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.
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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.
Top Key Companies in 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.
Recent Developments
In April 2023, Thales launched the SafeNet eToken Fusion series, a new set of USB tokens. With the help of the SafeNet eToken Fusion Series, businesses may use passwordless authentication techniques resistant to phishing attacks, enhancing the security of company resources used on any device.In November 2022, Okta launched Okta Customer Identity Cloud, an easy-to-implement and customizable customer identity solution. The Okta Customer Identity Cloud for Consumer Apps helps any organization with advanced security features like Adaptive MFA.In September 2022, Microsoft partnered with Silverfort to bring unified identity protection to on-premises and cloud. Silverfort developed a suitable identity protection system with the aid of Microsoft’s MFA.In April 2022, HID Global partnered with Microsoft to Improve Certificate-Based Authentication. This partnership will combine HID’s smart credentials and credential management capabilities with Azure AD.In May 2021, OneSpan announced that Belfius Bank had incorporated OneSpan Mobile Security Suite (MSS) into its mobile application. For the 1.5 million mobile customers of the bank, OneSpan’s technology offers biometric authentication, risk analysis, and other best practices for app security in the background.Inquire Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=231220047
Multi-Factor Authentication Market Advantages
Increasing cybersecurity concerns, legal constraints, an increase in remote work, and technological advancements all point to the growth of Multi-Factor Authentication (MFA) in the future. Because of its practicality and the increasing presence of cyber risks, MFA is an essential component of contemporary digital security.Reduced Risk of Data Breaches: By requiring multiple authentication factors, the risk of data breaches caused by passwords that have been lost, stolen, or otherwise compromised is reduced.Compliance: MFA, which is frequently demanded in a variety of industries, assists organisations in complying with data protection standards by assuring stronger authentication techniques.User Convenience: Many MFA techniques, such biometric authentication or mobile app login, are user-friendly, making it simpler for people to safeguard their accounts.Report Objectives
To describe and forecast the global Multi-Factor Authentication (MFA) market by offering, software type, deployment mode, application, vertical, and region.To forecast the market size of five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin AmericaTo analyze the subsegments of the market concerning individual growth trends, prospects, and contributions to the overall marketTo provide detailed information on significant factors (drivers, restraints, opportunities, and challenges) influencing the market’s growthTo analyze the opportunities in the market for stakeholders and provide the competitive landscape details of major playersTo profile the key players of the MFA market and comprehensively analyze their market shares and core competenciesTrack and analyze competitive developments, such as mergers and acquisitions (M&A), new product developments, and partnerships and collaborations in the market.Browse Adjacent Market: Information Security Market Research Reports & Consulting
Browse Other Reports:
Data Loss Prevention Market – Global Forecast to 2028
Remote Work Security Market – Global Forecast to 2028
Email Encryption Market – Global Forecast to 2028
Public Key Infrastructure (PKI) Market – Global Forecast to 2028
Zero Trust Security Market – Global Forecast to 2028
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
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Sendbird Unveils Easy-to-Use AI Chatbot Tailored for Small Businesses

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SEOUL, South Korea, Feb. 28, 2024 /PRNewswire/ — Sendbird, a leading communications platform for web and mobile apps, has launched its AI chatbot, designed for easy setup and tailored to help small-to-medium-sized businesses (SMBs)  in various customer-facing sectors like e-commerce and healthcare. This affordable, no-code solution aims to enhance customer engagement and support. Businesses can access an AI chatbot starter package offering features such as chatbot personas creation, knowledge enrichment, workflow integration, and performance tracking analytics, all without requiring technical skills.

Furthemore, Sendbird has unveiled a developer-centric Pro package, which simplifies mobile app integration and provides more workflows and function calls for third-party software connections. These connections empower the AI chatbot to expand its capabilities and improve the competitiveness. For instance, the AI chatbot can offer personalized recommendations for flights, accommodations, or products.
Sendbird’s no-code AI chatbot seamlessly integrates with Sendbird Desk, its in-app chat customer service solution, providing businesses with a unified sales or support desk. This integration boosts automated efficiency while maintaining a nuanced understanding of human support, leading to swifter, more accurate responses and increased customer satisfaction.
Built on a real-time communication platform trusted by industry leaders like Rakuten, Paytm, Traveloka, Carousell, PayPay, Yahoo, DoorDash, Krafton, Sendbird’s AI chatbot ensures seamless integration with both websites and mobile applications. This enables businesses to streamline support processes, save time, and allocate resources effectively, exceeding customer expectations.
Sendbird CEO and Co-founder John S. Kim emphasizes the importance of making AI accessible to SMBs, stating, “Today, large enterprises and consumer brands effectively use AI to engage with their customers. But there is no way for a small company to compete. What we aim to do with our no-code AI chatbot is to make that technology accessible to SMBs.”
To explore the benefits firsthand, businesses can access a free trial of Sendbird’s AI chat bot at sendbird.com/products/ai-chatbot. Additionally, to enhance superior customer support and engagement further, go to Sendbird Desk at sendbird.com/products/customer-support.
About Sendbird
Sendbird is the all-in-one communication platform empowering web and mobile applications with customizable user experiences. Sendbird’s cutting-edge APIs unlock the potential of AI-powered chatbots, one-way notification messages, chat, video calls and live streaming, tailored for use in commerce, marketing, and exceptional customer support. Trusted by industry leaders such as Rakuten, Paytm, Traveloka, Carousell, PayPay, Yahoo, DoorDash, and Krafton, Sendbird powers over 7 billion interactions monthly for over 4000+ applications worldwide.
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Vieworks Unveils Cutting-Edge X-ray Imaging Solutions at ECR 2024

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ANYANG, South Korea, Feb. 27, 2024 /PRNewswire/ — Vieworks, a leading provider of medical and industrial X-ray imaging solutions, is gearing up to showcase its innovative lineup at the European Congress of Radiology (ECR) 2024, scheduled from February 28 to March 3 in Vienna, Austria. Vieworks will introduce a range of groundbreaking solutions including the VXvue software with AI diagnostic support for both human and veterinary applications, alongside X-ray flat panel detectors (Hall X3, Booth 324).

At the exhibition, Vieworks will unveil a total of 19 products, featuring 15 static and dynamic flat panel detectors accompanied by dedicated image acquisition software. Particularly noteworthy will be the introduction of the enhanced VXvue software integrated with AI diagnostic support solutions. 
Vieworks’ large-format and large-area detector products (VIVIX-S 1751S, VIVIX-S 4747V) are designed to optimize full-spine, half-body, and large-area imaging, offering static image detectors capable of capturing wider area images in a single scan compared to conventional models, thereby reducing patient radiation exposure. With advantages such as high resolution and swift image acquisition, these detectors enable more efficient diagnosis.
In addition to these innovations, Vieworks will showcase a variety of its flagship products, including FPDs for general radiography (VIVIX-S V, VIVIX-S F series), portable C-arms and fluoroscopy applications (VIVIX-D series), and digital detectors for breast examination (VIVIX-M series).
Developed in-house by Vieworks, VXvue is a user-centric image processing software designed to post-process clinical images acquired through X-ray detectors. With recent enhancements, VXvue can analyze X-ray clinical images of animals such as dogs and cats, providing abnormal findings related to musculoskeletal and thoracic diseases within 15 seconds. By offering post-processing of images along with information on the location of ailments and their probability, VXvue is poised to significantly improve the diagnostic process for veterinarians.
VXvue also offers advanced solutions for human application, incorporating the ‘PureImpact™’ technology, a high-performance image processing algorithm that enhances image clarity, and AI. This enables detailed depiction of soft tissue and skeletal structures with minimal radiation exposure.
A Vieworks spokesperson stated, “This year, we will continue to invest in innovative technologies such as AI to advance our product diversification and technological sophistication. Through these efforts, we aim to secure loyalty from our key customers in North America and Europe and expand our market share.”
ECR, regarded as one of the world’s largest congresses alongside the Radiological Society of North America (RSNA), anticipates participation from over 240 companies representing 35 countries.
About Vieworks Co., Ltd.
As a global leader in digital imaging in various applications from medical x-ray imaging to industrial x-ray inspection, Vieworks offers the most advanced x-ray flat panel detectors and software as a solution to the world. Vieworks creates new standards in the imaging industry by providing professionals with the most valued and high-quality images and offering innovative vision and insight for all. For more information, please visit xrayimaging.vieworks.com.
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Geotab Brings Conversational AI to Connected Transportation Solutions at Mobile World Congress

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Demonstrates Geotab Ace with AI capabilities to interpret complex data with natural-language processing – a game-changer in connected vehicle transformationEnables fleets to make faster data-driven decisions based on safety, route planning, maintenance schedules, sustainability, and moreVisit us for the Geotab Ace demo on the Ontario Canada exhibition in Hall 7, 7G61, Kiosk 11 at MWC
BARCELONA, Spain, Feb. 27, 2024 /CNW/ – Geotab Inc. (“Geotab”), a leading connected vehicle technology provider, will demonstrate its industry-first generative AI assistant for connected transportation, Geotab Ace, at Mobile World Congress. Geotab Ace is fueled by data-led AI processing capabilities analyzing more than 75 billion data points daily across global telecoms networks. Deeply integrated into MyGeotab, Geotab Ace instantly generates insights, while democratising and streamlining access to information to unlock new value from fleet data. 
Geotab Ace was launched earlier this month at Geotab Connect, with the first public demonstrations of the AI copilot being debuted at Mobile World Congress. Geotab Ace has access to an expansive array of insights, including predictive safety analytics, predictive maintenance, trip data, zone activity, electric vehicle statistics, exception events, GPS tracking, and more. This allows it to provide nuanced answers to a broad range of complex questions while remembering past interactions to improve future responses. Geotab Ace is built on privacy-by-design principles and keeps all customer telematics data within Geotab’s environment, never shared with any Large Language Model (LLM).
Enhancements to the user experience include tailored insights through intuitive dialogue with natural language processing – allowing organizations with fleets to extend on-demand insights in areas including safety, operations, maintenance, efficiency, and sustainability to assess the performance of their vehicles, assets, drivers, and more in simple, easy-to-understand terms.
Fleets can now significantly reduce the time taken to gain insights and access customized data reflections that are tailored to their specific needs, enhancing their capacity and expediency for making data-driven decisions.
“By bringing the intuitive simplicity of conversational AI directly into the Geotab platform, we are transforming the way fleets interact with their data, crafting a future where insights are immediate, intelligent, and instrumental to success,” said Edward Kulperger, Senior Vice President, Geotab EMEA. “It embodies our mission to simplify data analysis and unlock a world of trustworthy, insightful and actionable fleet intelligence.”
Geotab’s position as an industry trailblazer is reinforced by its 4 million globally connected vehicles, 50,000 customers across 160 countries, and an extensive telecoms carrier and partner network. This depth of expertise and global scale enables the company to develop unprecedented AI models, unlocking unmatched value and efficiency for fleets around the world.
Geotab Ace will be available to be experienced hands-on in the Ontario (Canada) Pavilion in Hall 7, 7G61, Kiosk 11 at Mobile World Congress from February 26 – 29, 2024.
To learn more about Geotab Ace, visit https://www.geotab.com/uk/ace/..
About GeotabGeotab is a global leader in connected transportation solutions. We provide telematics — vehicle and asset tracking — solutions to over 50,000 customers in 160 countries. For more than 20 years, we have invested in ground-breaking data research and innovation to enable partners and customers, including Fortune 500 and public sector organizations, to transform their fleets and operations. With over 4 million subscriptions and processing more than 75 billion data points a day, we help customers make better decisions, increase productivity, have safer fleets, and achieve their sustainability goals. Geotab’s open platform and Marketplace offers hundreds of third-party solution options. Backed by a team of industry-leading data scientists and AI experts, Geotab is unlocking the power of data to understand real-time and predictive analytics — solving for today’s challenges and tomorrow’s world. To learn more, visit www.geotab.com, follow @GEOTAB on Twitter and LinkedIn, or visit the Geotab Blog.

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