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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According to TechSci Research report 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, One Span 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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