Amid the COVID-19 crisis, the global market for multi-factor authentication (MFA) estimated at $8.6 billion in the year 2020, is projected to reach a revised size of $21.3 billion by 2027, growing at a CAGR of 13.9% over the analysis period 2020-2027, according to ResearchAndMarkets.
Two factor authentication, one of the segments analyzed in the report, is projected to record a 13.2% CAGR and reach US$14.9 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Three Factor Authentication segment is readjusted to a revised 15.9% CAGR for the next 7-year period.
The U.S. MFA market is estimated at $2.3 billion
The Multi-Factor Authentication (MFA) market in the U.S. is estimated at $2.3 billion in the year 2020. China, the world’s second largest economy, is forecast to reach a projected market size of $4.8 billion by the year 2027 trailing a CAGR of 17.9% over the analysis period 2020 to 2027.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 9.9% and 12.1% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 10.9% CAGR.
Four factor authentication segment to record 15.3% CAGR
In the global four factor authentication segment, USA, Canada, Japan, China and Europe will drive the 14.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of $259.7 million in the year 2020 will reach a projected size of $664.9 million by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach $3.2 billion by the year 2027, while Latin America will expand at a 17% CAGR through the analysis period.
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