Security

Multi-factor authentication market to reach $34B by 2027

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October 4, 2022

The multi-factor authentication will reach $34.497 billion by 2027, rising from $11.543 billion in 2020, according to Research and Markets data. It will grow at a compound annual growth rate of 16.88% during the forecasted period.

With MFA, users have to enter additional information other than a username or password to login. Due to the growth of cloud computing, companies are becoming more concerned about security, especially with a 68% growth in data breaches this year. As a result, more companies are looking into MFA.

However, there are a few factors holding back adoption, mainly that it can be time-consuming and expensive to set up. In addition, criminals can use actions such as sim swapping or switching to gain access to user's sim card and access IDs to bypass MFA.