Multi Factor Authentication Software Statistics 2024


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In the rapidly evolving digital age, safeguarding sensitive information has never been more critical. Multi-factor authentication (MFA) software stands as a fortress, protecting against increasingly sophisticated cyber threats. As we venture into 2024, understanding trends and statistics within the MFA landscape is paramount for businesses striving to fortify their cyber defenses and secure their operational integrity. Delving into the intricacies of MFA software reveals not just a lineup of data, but a compelling narrative of technological advancement and strategic necessity in contemporary cybersecurity.

Key stakeholders, including IT professionals, corporate executives, and cybersecurity analysts, will find the insights derived from MFA statistics invaluable. This data provides a granular view of industry trends, user adoption rates, and emerging challenges, equipping stakeholders with the knowledge needed to navigate the cybersecurity terrain effectively. The efficacy of current MFA solutions, along with projections for future developments, can significantly influence policy formulation, budget allocation, and technological investment.

Ultimately, leveraging these statistics allows organizations to make informed, data-driven decisions that enhance their security postures. As the industry continues to evolve, possessing a deep understanding of MFA trends ensures that businesses remain resilient against cyber adversaries, positioning themselves at the forefront of security innovation. Understanding this data not only facilitates immediate strategic adjustments but also lays the foundation for long-term cybersecurity success.

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Top Multi Factor Authentication Software Statistics 2024

☰ Use “CTRL+F” to quickly find Multi Factor Authentication Software facts. There are total 62 Multi Factor Authentication Software Statistics on this page πŸ™‚


Adoption And Market Trends

  • The global passwordless authentication market was estimated at $15.6 billion in 2022 and is expected to grow significantly by 2027. [?]
  • In April 2023, RSA SecurID dominated the two-factor authentication software market with a market share of 42.89%. [4]
  • Two-factor authentication was mandated for 150 million Google users in 2021, resulting in a 50% decrease in compromised accounts. [4]
  • The global Multi-Factor Authentication (MFA) market is projected to reach USD 49.7 billion by 2032, growing at a CAGR of 15.2%. [5]
  • In 2023, the multi-factor authentication market generated USD 14.4 billion in revenue. [8]
  • The adoption of two-factor authentication increased from 28% in 2017 to 78% in 2021. [20]
  • The MFA market size is expected to grow from $12.9 billion in 2022 to $26.7 billion in 2027. [9]

Effectiveness And Security

  • According to Microsoft, MFA can block over 99.9% of account compromise attacks. [7]
  • A report released by Microsoft in 2019 indicated that 2FA blocks 99.9% of automated attacks. [4]
  • Google’s research shows that adding a recovery phone number can block up to 100% of automated bots, 99% of bulk phishing attacks, and 66% of targeted attacks. [15]
  • MFA adoption is linked to a 50% reduction in successful breaches for companies that require it. [22]

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Industry Adoption And Usage

  • As of 2021, nearly 50% of US businesses require Multi-Factor Authentication for their employees. [19]
  • In larger companies with over 10,000 employees, 87% employ MFA. [8]
  • The technology industry in 2023 has 743 customers that use two-factor authentication technologies. [4]
  • In 2019, Google found that 45% of internet users have enabled 2FA on at least one of their accounts. [4]
  • The financial and professional services industries each had 547 customers using two-factor authentication in 2023. [4]
  • Microsoft and Google 2FA offer 100% security for automated attacks. [4]

User Experience And Challenges

  • Only 38% of enterprise organizations have deployed MFA despite its effectiveness. [3]
  • 42% of businesses in 2021 mentioned costs as a reason for not deciding to use multi-factor authentication. [4]
  • 48% of respondents felt it was challenging to integrate MFA into current systems, and 49% cited poor user experience as a barrier. [4]
  • 20% of executives say their organizations’ accounting and finance teams do not work closely and consistently with cybersecurity teams. [1]

Phishing And Cyber Attacks

  • Phishing continues to be a preferred method of hackers in 2023, with a record number of mobile phishing attacks reported in 2022. [2]
  • 76% of organizations were targeted by ransomware attacks in 2022, and only 50% managed to retrieve their data after paying the ransom. [2]
  • 78% of business email compromise (BEC) attacks involved fake CEO emails, increasing by 64% from Q3 to Q4 2022. [2]
  • Federal Trade Commission data shows consumers reported losing nearly $8.8 billion to fraud in 2022, a 30% increase over the previous year. [2]

Technological Advancements

  • AI in the cybersecurity market is growing at a CAGR of 23.6% and will reach $46.3 billion by 2027. [1]
  • The use of AI and machine learning in cybersecurity is expected to provide real-time threat analysis by 2024. [6]
  • Quantum computing is expected to revolutionize data processing and problem-solving in cybersecurity by 2024. [6]
  • By 2024, solutions like Splashtop will play a significant role in fortifying cybersecurity frameworks for remote work. [6]

Regulatory And Compliance

  • The Payment Card Industry Data Security Standard requires MFA for all remote network access to a Card Data Environment. [13]
  • The second Payment Services Directive requires “strong customer authentication” on most electronic payments in the European Economic Area since September 14, 2019. [13]
  • NIST Special Publication 800-63-3 provides guidance on using various forms of two-factor authentication in business processes requiring different levels of assurance. [13]

Market Segmentation And Analysis

  • In 2022, the total MFA market revenue stood at USD 12.5 billion, with password authentication accounting for USD 7.3 billion and password-less authentication contributing USD 5.3 billion. [8]
  • Large enterprises dominate the MFA landscape with a 64% market share, while small enterprises account for 36%. [8]
  • In the global MFA market, 57.8% of MFA adoption is through authenticator applications. [8]
  • North America accounted for a market value of USD 67.77 billion in the cybersecurity market in 2022. [24]

Cybersecurity Trends

  • By 2025, global cybercrime costs are expected to reach $10.5 trillion annually. [18]
  • The average cost of a data breach in 2023 was $4.45 million. [17]
  • The global cybersecurity market share is expected to be worth $660.67 billion by 2030, growing at a CAGR of 15.9% from 2022 to 2030. [10]
  • The use of biometrics for authentication is expected to rise, with fingerprint recognition projected to hold a 41% share by 2025. [28]

Adoption Barriers And Solutions

  • A Cyber Readiness Institute study found that 20% of SMBs believe MFA is too inconvenient to use. [27]
  • Despite MFA’s effectiveness, only 37% of respondents use it for their work accounts. [21]
  • The use of SMS one-time passwords is the most common MFA method, employed by 86% of companies. [28]

Emerging Threats And Mitigation

  • More than 50% of users reuse their passwords, increasing the risk of breaches. [15]
  • By 2024, Zero Trust security will focus on continuous verification and minimal access rights to reduce vulnerabilities. [14]
  • The rise of AI-powered chatbots like ChatGPT has empowered hackers to be bolder and more prolific. [12]

Future Projections And Developments

  • The cybersecurity market is expected to grow at a CAGR of 11% from 2023 to 2032. [11]
  • The global cybersecurity market size is projected to grow from $172.32 billion in 2023 to $424.97 billion by 2030. [24]
  • By 2025, the collective data of humanity will reach 175 zettabytes. [2]

Consumer And Employee Insights

  • 73% of consumers prefer using smartphones for MFA, with only 17% preferring a built-in authenticator. [23]
  • 91% of security IT decision-makers acknowledge that MFA plays a significant role in protecting their organization. [19]
  • The majority of consumers (87%) feel that MFA should be free, supporting the notion that businesses should invest in customer protection. [25]

Industry-specific Insights

  • The healthcare industry, dealing with stringent HIPAA regulations, commonly employs 2FA. [4]
  • The financial sector has a 300 times higher risk of cyber-attacks compared to other industries. [4]
  • 21% of businesses still use legacy 2FA that exposes them to security risks. [19]

Global Insights

  • In 2023, nearly two-thirds of users utilized MFA for authentication. [8]
  • The cybersecurity market in Germany is anticipated to reach USD 17.54 billion by 2028, registering a CAGR of 11.36% from 2023 to 2028. [16]
  • In the U.K., the National Cyber Security Centre leads the nation’s cybersecurity mission since 2016. [26]

Key Takeaways

  • MFA adoption is growing but still faces significant barriers related to cost, integration, and user experience.
  • AI and machine learning are set to play crucial roles in real-time threat analysis and cybersecurity enhancements.
  • The global cybersecurity market is on a robust growth trajectory, driven by increasing awareness and regulatory requirements.
  • Despite the effectiveness of MFA, a large proportion of businesses and consumers have yet to fully adopt it.

Also Read

Sources

  1. forbes – https://www.forbes.com/sites/chuckbrooks/2023/03/05/cybersecurity-trends–statistics-for-2023-more-treachery-and-risk-ahead-as-attack-surface-and-hacker-capabilities-grow/
  2. Unknown URL – Unknown URL
  3. scmagazine – https://www.scmagazine.com/perspective/if-multi-factor-authentication-works-so-well-why-doesnt-everyone-use-it
  4. enterpriseappstoday – https://www.enterpriseappstoday.com/stats/two-factor-authentication-statistics.html
  5. market – https://scoop.market.us/multi-factor-authentication-mfa-market-news/
  6. splashtop – https://www.splashtop.com/blog/cybersecurity-trends-and-predictions-2024
  7. prodaft – https://resources.prodaft.com/prodaft-threat-intelligence-blog/the-evolution-of-multi-factor-authentication
  8. market – https://scoop.market.us/multi-factor-authentication-statistics/
  9. migusgroup – https://migusgroup.com/blog/key-mfa-statistics-and-trends/
  10. yahoo – https://finance.yahoo.com/news/cybersecurity-market-growth-hit-15-124600747.html
  11. market – https://market.us/report/cyber-security-market/
  12. sdtimes – https://sdtimes.com/security/despite-advancements-in-authentication-technology-mfa-adoption-lags/
  13. wikipedia – https://en.wikipedia.org/wiki/Multi-factor_authentication
  14. forbes – https://www.forbes.com/sites/bernardmarr/2023/10/11/the-10-biggest-cyber-security-trends-in-2024-everyone-must-be-ready-for-now/
  15. drivestrike – https://drivestrike.com/multifactor-authentication-prevents-99-9-of-cyber-attacks/
  16. mordorintelligence – https://www.mordorintelligence.com/industry-reports/cyber-security-market
  17. isdecisions – https://www.isdecisions.com/en/blog/mfa/what-is-the-future-of-multi-factor-authentication
  18. devry – https://www.devry.edu/blog/cyber-security-trends.html
  19. worldmetrics – https://worldmetrics.org/multifactor-authentication-statistics/
  20. zippia – https://www.zippia.com/advice/mfa-statistics/
  21. auth0 – https://auth0.com/blog/how-to-use-psychology-to-increase-mfa-adoption/
  22. wifitalents – https://wifitalents.com/statistic/multifactor-authentication/
  23. gitnux – https://gitnux.org/two-factor-authentication-statistics/
  24. fortunebusinessinsights – https://www.fortunebusinessinsights.com/industry-reports/cyber-security-market-101165
  25. prove – https://www.prove.com/blog/prove-identity-2023-state-of-mfa-report-consumer-attitudes-multi-factor-authentication
  26. grandviewresearch – https://www.grandviewresearch.com/industry-analysis/cyber-security-market
  27. oloid – https://www.oloid.ai/blog/multi-factor-authentication-benefits-and-challenges/
  28. wifitalents – https://wifitalents.com/statistic/multi-factor-authentication/

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