Global Multifactor Authentication Market: An Overview
Multifactor authentication (MFA) is a security system that requires more than one method of authentication from independent categories of credentials to verify the user’s identity for a login or other transaction. MFA systems are rising in demand, thanks to increased need for cyber-security solutions which are low-cost, rely on adopted security framework, and meet the growing challenges of real-time security. The rising need for such solutions across government, and private companies wherein specialisation in IT falls behind considerably are expected to emerge as major drivers for growth in the near future. Several major tech companies have faced the wrath of cyber-attacks and continuous cases of widespread theft of data across county governments, and various corporations are expected to drive significant growth for the global multifactor authentication market.
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Global Multifactor Authentication Market: Notable Developments
The FBI recently issued a warning for online shoppers during the holiday seasons. The major security agency warned online shoppers about sharing critical information like debit card pin, numbers, and others as usual. However, surprisingly the agency also called on shoppers to use more multifactor authentication to protect their online data. The agency said that hackers were watching online shopping carts to steal personal information and all means necessary to prevent cases of e-skimming are essential for legitimate transactions through websites and mobile apps. Sweeping warnings like these drive home the importance of multifactor authentication and promise new opportunities for growth for players in the global multifactor authentication market.
Microsoft, one of the biggest players in the cloud technology has put multifactor authentication at the heart of all AI related applications on Azure. The company has opened its services to Android and other mobile devices alike to improve security with multifactor authentication. The licensing will allow organizations to allow the use of multifactor authentication to provide secure access to users. This is likely to provide a major boost to multifactor authentication as many companies using its services will likely get to test the feature with their employees and the new experience can lead to new opportunities for players in the multifactor authentication market.
Global Multifactor Authentication Market: Drivers and Trends
Recently, several companies like Adobe, Sony were hacked which resulted in severe financial losses for the concerned companies as well as potential losses for their users who lost financial data. The hacks have also occurred at various counties, wherein huge sums of money was paid as ransom for causing further damage to the systems. The rise in cyber-attacks, ill-prepared systems, and difficult to adapt current IT security infrastructure are expected to drive significant growth for players in the global multifactor authentication market. The rising demand for clouds, high penetration of smartphones, and increasing mobility for employees are also expected to emerge as key drivers of growth in the global multifactor authentication market. The widespread demand for security solutions, the high costs of IT operations, and lack of specialisation in the area for key sectors like finance are also expected to result in major growth for players in the multifactor authentication market.
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Global Multifactor Authentication Market: Geographical Analysis
The global multifactor authentication market report will cover all the key regions of the globe including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, the global multifactor authentication market will witness considerable growth in North America. The adoption of these solutions by major tech companies like Google, Microsoft, among others and recent warnings by security agencies like FBI will drive significant growth for players in the multifactor authentication market in the near future.
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