MULTI-FACTOR AUTHENTIFICATION MIRACL
Pulse MIRACL’s Rob Griffin explains the pitfalls and
opportunties surrounding the adoption of Multi- Factor Authentification in the gaming sector, emphasising the need for regulation to protect players from bots and bad actors.
MIRACL: We can’t expect consumers to police the platforms they frequent
According to a recent
Market.us report, the global multi-factor authentication market was valued at $12.5bn last year and will reach $49.7bn by 2032. What factors are - and will continue to - stimulate MFA market growth?
“Multi-factor authentication (MFA) is most evolved in enterprise markets in which organisations need to control and secure the network access given to employees. Now that working from home infrastructure has largely been built out and zero trust has been adopted by most enterprises, there are really two growth drivers and those are emerging markets and supply chain.
Te larger commercial opportunity for MFA exists in B2C markets. Online banking kicked this off but here user experience is entirely secondary to security. However, in most online consumer markets user experience is crucial; indeed it has become the principal source of market differentiation.
Authenticator apps have hit a plateau in adoption due to poor user experience. SMS 2FA is a little better but is also not secure. Tere is therefore a large open space for scalable passwordless solutions that offer superior security but most importantly, better user experience.
Tat need for user experience, and also consumer data privacy, means that the products used to develop enterprise MFA solutions are ill-suited to B2C markets. Tat is certainly what inspired our R&D at MIRACL and we think other providers will try and follow our path. We believe market growth will accelerate when more of these solutions become readily available.”
P76 WIRE / PULSE / INSIGHT / REPORTS
Rob Griffin CEO, MIRACL
The multi-factor authentication market is dominated by North America, accounting for 38 per cent global revenue share. Why are advancements in R&D facilities and the technological adoption rate greater stateside than anywhere else?
“Te US is well ahead in enterprise MFA adoption, which is tied to the use of Single Sign- On, Identity Access Management and Privilege Access Management solutions. Tis is no surprise given the digital-first nature of much of corporate America.
Ironically, in some sectors such as consumer- facing banking and Savings and Loans, the USA trails other markets that were faster to adopt consumer banking.
Te big driver for MFA at a consumer level is regulation, which is largely driven by account protection. Te scale of US online consumer services has made them a prime target for bot- driven hacking services. Tis is the reason that the USA is starting to lead B2C MFA adoption outside banking.”
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