The Multifactor Authentication Market is estimated to grow from USD 5.2 billion in 2016 to USD 12.5 billion by 2022, growing at a CAGR of 15.5% during the forecast period, as per a report by MarketsandMarkets.
In today’s world, interconnected devices become more prevalent creating much more opportunity for MFA models in the IoT environment. The rise in the interconnected devices, capable of carrying personal data, results in much more ways to implement an MFA solution for the security of the data.
MFA in the IoT environment authenticates multiple devices resulting in a new level of assured authentication. With this multilayered approach, the chances of authenticating anyone’s identity are extremely high, and the risk of loss, theft, or compromise of any single item in the chain of authentication devices is minimal. Thus, the interconnected devices in the IoT environment will create much more opportunities for the MFA.
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The general perception is that there has never been a serious security breach, which requires robust authentication methods. This ignorance results in the lesser adoption of MFA solutions for the authentication purpose, which acts as a major challenge in the MFA market. Small and mid-size organizations find it difficult to integrate the existing IT infrastructure with the MFA solution. Thus, the uncertainty and pushback from end users for the adoption of MFA solutions act as a major challenge for the MFA market.
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