CHICAGO, April 23, 2021 /PRNewswire/ — According to the new market research report “Multi-Factor Authentication Market by Component (Hardware, Solutions, and Services), Model Type (Two, Three, Four, and Five-Factor), Organization Size, End User (BFSI, Healthcare, Media and Entertainment, Government), and Region – Global Forecast to 2026″, published by MarketsandMarkets™, the market size is projected to grow from USD 11.1 billion in 2021 to USD 23.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 16.2% during the forecast period. Major driving factors for the MFA market include rise in security breaches, fraud, and data identity thefts, surge in use of BYOD/ IoT devices, high demand for cloud-based MFA solutions and services, high volume of online transactions, and stringent government regulations.
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282 – Tables
49 – Figures
269 – Pages
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By component, the services segment to register the highest growth rate during the forecast period
The services segment includes various services that are required to deploy, execute, and maintain the MFA solutions and services in an organization. As the adoption of the MFA solution increases, the demand for these services is also expected to increase. During COVID-19, the growing concern of data breaches and privacy compliance regulations is making companies focus on…