South Korea (Republic of Korea) - Multifactor Authentication (MFA) Market by Type, Component and Deployment - Forecast and Analysis 2024-2028

South Korea (Republic of Korea) - Multifactor Authentication (MFA) Market 2024-2028 :

South Korea (Republic of Korea) - Multifactor Authentication (MFA) Market size is forecast to increase by USD 897.51 million, at a CAGR of 24.49% between 2023 and 2028. The growth rate of the market depends on several factors, including the introduction of Out-of-Band (OOB) authentication, the high-level security provided by hardware OTP tokens, and the growing adoption of BYOD among enterprises. Multifactor authentication solutions and services comprise biometrics and phone-based authentication solutions, making them the most secure authentication solutions in the market. Multifactor authentication is a security process that validates the user multiple times before allowing access to the data. It ensures that there is no security breach that would affect the confidentiality of the data.

The report offers extensive research analysis on the market, with a categorization based on Type, including password-based authentication and password-less authentication. It further segments the market by Component, encompassing service and product. In addition, it further segments the market by Deployment comprising on-premises and cloud. Market size, historical data (2018-2022), and future projections are presented in terms of value (in USD million) for all the mentioned segments.

What will be the Size of the Market During the Forecast Period?

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Market Overview

Market  Growth Analysis Driver

One of the key factors driving the market growth is the introduction of Out-of-Band (OOB) authentication. OOB authentication enables end-users to prevent fraud and works using a secured communication channel. In addition, enterprises are adopting OOB technology for high-risk transactions to verify the identity of the user and authenticate for both financial and non-financial transactions.

Moreover, OOB authentication makes use of two different networks working together to identify a user. In addition, OOB authentication technology is a kind of multifactor authentication. Furthermore, this technology works well in a situation when any hacker gains security credentials to a user's account. In addition, the OOB authentication method is cheaper to deploy compared with keys and other complex biometric technologies. Therefore, it is positively impacting the  South Korea (Republic of Korea) - multifactor authentication market. Hence, such factors are driving the regional market growth during the forecast period.

Market Growth and Trends

A key factor shaping the market growth is the proliferation of cloud-based multifactor authentication solutions and services. The increase in maintenance costs for hardware and software-based two-factor and three-factor authentication models has aroused the interest of many companies in the adoption of cloud-based multifactor authentication solutions and services. In addition, companies are integrating multifactor authentication techniques with the cloud due to the growing demand for cloud-based multifactor authentication.

Moreover, companies prefer cloud-based multifactor authentication because of its benefits, such as easy installation and upgrading, pay-as-you-go, zero maintenance costs, less dependency on internal IT personnel, and improved reliability and scalability. In addition, cloud-based multifactor authentication offers secure access to networks and applications, protects users while improving user experience, and addresses compliance requirements for the security of regulated data. Therefore, it is positively impacting the South Korea (Republic of Korea) - multifactor authentication market. Hence, such factors are driving the regional market growth during the forecast period.

Market Restrain

The rise in the number of technical defects is one of the key challenges hindering market growth. Multifactor authentication offers better security than other alternatives, including PINs, keys, and tokens. However, the lack of accuracy of the multifactor authentication solutions and services is a significant challenge. In addition, this impacts the profits of companies.

Moreover, technical defects, including the failure to verify and authenticate the identity of a person, are major issues faced by companies. In addition, companies must conduct multiple trial runs before introducing multifactor authentication solutions and services in the market to ensure a high rate of accuracy. Furthermore, this increases the cost of multifactor authentication, preventing price-conscious end-users from adopting the technology, which will hinder the growth of the regional market during the forecast period.

Market Segmentation By Type

The password-based authentication segment is estimated to witness significant growth during the forecast period. Password-based multifactor authentication segment refers to a security mechanism that improves the traditional password-only approach by requiring users to provide additional forms of identification before accessing a system or application. In addition, it involves a combination of something the user knows (password) and something they have or are (e.g., a one-time code from a mobile app or a biometric scan).

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The password-based authentication segment was the largest segment and was valued at USD 95.57 million in 2018. Moreover, this dual-layered authentication significantly strengthens security, as even if a password is compromised, an additional layer of verification adds an extra hurdle for unauthorized access. In addition, while it provides an effective defense against various cyber threats, including phishing and brute force attacks, successful implementation requires careful consideration of user experience, system compatibility, and the overall security posture to strike the right balance between usability and protection. Hence, such factors are fuelling the growth of this segment which in turn drives the regional market growth during the forecast period.

Market Segmentation By Component

Rising online transactions will fuel the service segment which in turn will increase the regional market. Increased flexibility in enterprises has facilitated employees to work from home or outside the office. In such cases, verification of the remote access user is important. Therefore, enterprises are adopting safe and secure authentication services that allow only an authorized person to access their information. Moreover, multifactor authentication solutions and services are gaining prominence in organizations for restricting people from gaining unauthorized access to critical data and tampering with critical information. Furthermore, factors such as increased data breaches, cyber-attacks, and the growing adoption of bring your own device (BYOD) are fuelling the growth of this segment which in turn drives the regional market growth during the forecast period.

Market Customer Landscape

The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.

Global Market Customer Landscape

Who are the Major Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Broadcom Inc: The company offers multifactor authentication solution namely Symantec VIP with push authentication request, credential wallet, anti cloning through its subsidiary Symantec.

Cisco Systems Inc: The company offers multifactor authentication solution namely Cisco Duo multifactor authentication which helps to prevent malware, phishing, and ransomware attacks.

CyberArk Software Ltd: The company offers multifactor authentication solution namely CyberArk Identity Adaptive multifactor authentication to eliminate reliance on passwords with a broad set of secondary authentication factors.

The  Market  growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

• Dell Technologies Inc.
• ESET Spol Sro
• FusionAuth
• HID Global Corp.
• Microsoft Corp.
• Okta Inc.
• OneSpan Inc.
• Open Text Corp.
• Oracle Corp.
• Ping Identity Corp.
• Quest Software Inc.
• Safran SA
• Salesforce Inc.
• SecureAuth Corp.
• Silverfort Inc.
• Thales Group
• Yubico AB

Market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Segment Overview

The market research report forecasts market growth and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.

• Type Outlook
  • Password-based authentication
  • Password-less authentication
• Component Outlook
  • Service
  • Product
• Deployment Outlook
  • On-premises
  • Cloud

Scope
Report Coverage	Details
Page number	139
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 24.49%
Market Growth 2024-2028	USD 897.51 million
Market structure	Fragmented
YoY growth 2023-2024(%)	23.12
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	Broadcom Inc., Cisco Systems Inc., CyberArk Software Ltd., Dell Technologies Inc., ESET Spol Sro, FusionAuth, HID Global Corp., Microsoft Corp., Okta Inc., OneSpan Inc., Open Text Corp., Oracle Corp., Ping Identity Corp., Quest Software Inc., Safran SA, Salesforce Inc., SecureAuth Corp., Silverfort Inc., Thales Group, and Yubico AB
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this South Korea Multifactor Authentication Market Research Report?

• CAGR of the market report forecast during the forecast period
• Detailed information on factors that will drive the growth of the South Korea (Republic of Korea) - Multifactor Authentication (MFA) Market between 2023 and 2028
• Precise estimation of the market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market across South Korea
• Thorough market analysis and report of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of Industry companies

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