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Access to corporate resources by statistic usernames and passwords alone is not sufficient today to secure enterprise data due to the increasing breaches and the advanced technologies that hackers use to access and manipulate data. In this digital age, it is vital to validate identity and control data access, and multifactor authentication has become such an essential requirement. When security teams confront trends such as cloud migration and consumers' influx, authentication approaches, strategies, and plans will continue to evolve.
The demand for multi-factor authentication (MFA) has grown steadily over the years. In the past, authentication has often been used in a company to address certain groups and use cases such as access to VPNs. There is now a need to establish standard authentication processes for a much broader range of applications and users—such as protecting access to collaboration portals and cloud-based services. In response, prominent vendors like Dropbox, Facebook, Google, LinkedIn, Microsoft, and Twitter have added authentication capabilities to their online services as a result of significant breaches of security. The need for enterprises to use multi-factor authentication is continuously increasing. This desire is driven by demands to mitigate risks and address compliance mandates and to preserve safety in the midst of emerging developments like the proliferation of cloud services.
Market Study Report LLC's Global MFA Market report provides comprehensive coverage of industry through brief analysis, data charts, figures, and statistics to facilitate the process of taking business decisions. The global multi-factor authentication market is expected to grow at a CAGR of 18 percent, and there are several reasons behind the popularity of MFA like the escalated security and the improved protection it provides compared to a single username and password combination. The two-factor MFA model was then followed by the authentication of three, four, and five-factor models too. A wide variety of applications leverage different models of MFA: BFSI, government, immigration and travel, trade safety, electronics, and healthcare.
There have been various factors combined for access control methods. The increasing demand for safety-related applications has led to a rising interest in the protection of confidential data by means of password, token, and biometrics.