According to a research report "Multi-Factor Authentication Market by Authentication Type (Password-Based Authentication, Passwordless Authentication), Component (Hardware, Software, Services), Model Type, End User Industry and Region - Global Forecast to 2028" published by MarketsandMarkets, the global MFA market size is projected to grow from USD 15.2 billion in 2023 to USD 34.8 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 18.0% during the forecast period. Growing adoption of BYOD, CYOD, and WFH trends drives the growth of the MFA market. However, a lack of awareness related to MFA among enterprises may hinder market growth.