Saudi Arabia Multi-Factor Authentication market to witness Steady growth till 2026
Rising adoption rate of
digital services and growing number of cyber-attacks is expected to drive the demand
of Saudi Arabia Multi-Factor Authentication market in the forecast period
According
to TechSci Research report, “Saudi
Arabia Multi-Factor Authentication Market By Component (Hardware,
Solutions, and Services) By Model Type (Two, Three, Four, and Five-Factor) By
Authentication Type (Password, Without Password) By Organization Size (Small
and Medium-Sized Enterprises, Large Enterprises) By End User (BFSI, Government,
IT & Telecommunication, Healthcare, Media & Entertainment, Others), By
Region, Company Forecast & Opportunities, 2026”, The Saudi Arabia Multi-Factor Authentication market is
expected to grow at a steady rate in the forecast period. Multi-factor
authentication provides the extra security layer to secure the online
transactions and authenticate the user identity which prevents unauthorized
access. The growing advancements in multi-factor authentication technology
including scanning technology, biometric technology, mobile authentication
technologies, among others are paving the way for the multi-factor
authentication market growth. The rise in the disposable income among
middle-class families increased the expenditure capacity of consumers to buy
smart devices which in turn is influencing the multi-factor authentication
market growth. The surge in the focus of smartphone manufacturers to provide
built-in security and privacy features to consumers is contributing to the
market growth. The rise in the number of government initiatives coupled with
the ongoing digital transformation of the prominent industry verticals to
increase transparency and speed up the process is expected to boost the growth
of the market. The Saudi Vision 2030 digitally transforming the commercial and
industrial infrastructure and aims to promote the growth of the organizations
is expected to fuel the growth of the multi-factor authentication market.
The COVID-19 outbreak across the world which has been
declared as a pandemic by World Health Organization has affected several
countries adversely. Leading authorities of Saudi Arabia imposed lockdown
restrictions and released a set of precautionary measures to contain the spread
of novel coronavirus. Coronavirus-affected patients started suffering from
shortness of breath along with coughing and sneezing. Organizations imposed
work from home policy and provided the facility bring your own device into the
organization which urged the organization to transform their business models
into a digital model, thereby increasing the demand for multi-factor
authentication services during this period.
The rapid surge in online communication in the organizations and
preference shift towards the remote working facility is expected to increase
the risk of cyber-attacks thereby creating lucrative opportunities for the
growth of the market.
However, the complexities in the installation process
and the associated costs may create a hindrance in the Saudi Arabia
Multi-Factor Authentication market growth.
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Saudi
Arabia Multi-Factor Authentication market is segmented into component, model
type, authentication type, organization size, end user, regional distribution,
company. Based on the end user, the market can be divided into BFSI,
government, IT & telecommunication, healthcare, media & entertainment,
and others. The BFSI end user segment is expected to account for major market share
in the forecast period, 2022-2026. In banking and financial institutions, there
is a plethora of confidential information which needs to be protected. The high
adoption of multi-factor authentication to make the transactions secure and
prevent the occurrence of fraudulent activity and data loss.
Microsoft Corporation, OneSpan Inc.,
Okta, Inc., Micro Focus International plc, Thales Group, RSA Security LLC, HID
Global, Eset, LLC, ForgeRock, Inc., CyberArk Software Ltd., OneLogin, Inc.,
SecureAuth Corporation, Oracle Corporation, salesforce.com, Inc., Suprema HQ
Inc, and others are some of the leading players operating in Saudi Arabia Multi-Factor
Authentication market. Companies operating in the market are using strategies
such as joint ventures, product launches, mergers, and research collaborations
to boost their share and increase their geographic reach.
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“The
rapid development of e-commerce platforms and the growing consumer preference
to buy through online channels are increasing the probability of online
transactions. E-commerce platforms provide the consumer with ease and
convenience thereby enhancing the shopping experience of consumers. The growing
adoption of online payment gateways of the consumers to make secure and quick
transactions and the high demand for net-banking facilities among consumers to
quickly access confidential information is expected to propel the growth of the
multi-factor authentication market till 2026” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Saudi Arabia Multi-Factor Authentication Market By
Component (Hardware, Solutions, and Services) By Model Type (Two, Three, Four,
and Five-Factor) By Authentication Type (Password, Without Password) By
Organization Size (Small and Medium-Sized Enterprises, Large Enterprises) By
End User (BFSI, Government, IT & Telecommunication, Healthcare, Media &
Entertainment, Others), By Region, Company Forecast & Opportunities, 2026”, has evaluated the future growth potential of Saudi
Arabia Multi-Factor Authentication market and provides statistics & information
on market size, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in Saudi
Arabia Multi-Factor Authentication market.
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