Transparency Market Research delivers key insights on the global multifactor authentication market. In terms of revenue, the global multifactor authentication market is estimated to expand at a CAGR of 16.08% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global multifactor authentication market.

The global multifactor authentication market is broadly affected by several factors, including increase in adoption of multifactor authentications by various mobile phones, laptops, etc. Thus, rising demand for cloud-based multifactor authentication solutions and services and increasing number of online transactions is propelling the global multifactor authentication market.

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Multifactor Authentication Market: Dynamics

Rise in volume of online transactions with high rate of adoption of digital banking by customers is expected to propel the multifactor authentication market. Large organizations are being urged to verify customers using strong authentication procedures by central banks due to a surge in e-commerce and the use of internet banking.

Multifactor authentication is used to protect clients from phishing attempts and fraudulent transactions during transactions. Furthermore, integration of these systems for payment by healthcare, retail, and BFSI sectors represents a significant opportunity for the multifactor authentication market.

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Multifactor Authentication Market: Prominent Regions

In terms of region, North America is anticipated to hold a significant share of the global multifactor authentication market, owing to the early start for adoption of multifactor authentications in countries such as the U.S. and Canada.

Enterprises in North America are increasingly implementing MFA solutions in the region to prevent cyberattacks, identity thefts, and commercial espionage by offering a high level of data security and ensuring privacy & security of sensitive information to ease business progression.

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Multifactor Authentication Market: Key Player

Key players operating in the global multifactor authentication market are Thales Group, Micro Focus, Broadcom, Microsoft Corporation, OneSpan, Okta, RSA Security, Duo Security, Ping Identity, HID Global, ForgeRock, CyberArk, OneLogin, and Oracle.