Security News > 2022 > February > MFA market to reach $34.7 billion by 2027

The global multi-factor authentication market reached a value of $12.9 billion in 2021, and is expected to reach $34.7 billion by 2027, exhibiting a CAGR of 17.8% during 2022-2027, according to ResearchAndMarkets.

These insights are included in the report as a major market contributor.

The MFA system is designed to protect organizations and business units from potential security breaches through a multi-layered verification process.

The growing instances of security breaches and cyber-attacks, along with a significant increase in online frauds, is among the key factors driving the growth of the market.

Advancements in biometrics, software and hardware technologies, coupled with the favorable government measures to enhance national security, are projected to drive the market further.

Other factors driving the market growth include increased usage of digital payment methods and the rising penetration rate of smartphones and wireless devices.

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https://www.helpnetsecurity.com/2022/02/23/mfa-market-2027-2/