Last updated on April 18, 2014 at 9:36 EDT

Multi-Factor Authentication Market Worth $5.45 Billion by 2017

December 4, 2012

DALLAS, December 4, 2012 /PRNewswire/ –

According to a new market research report, “Multi-Factor Authentication Market – By
Model / type (two-, three-, four- & five-factor), Application (Banking & Finance,
Healthcare, Government, Defense, Travel & Immigration, Consumer Electronics and Commercial
Security) & by Geography – Forecasts (2012 – 2017)”, published by MarketsandMarkets
(http://www.marketsandmarkets.com), the total market is expected to reach $5.45 billion by
2017, at a CAGR of 17.3%.

Browse 118 market data tables with 31 figures spread through 275 pages and in-depth
TOC of “Multi-Factor Authentication Market – By Model / Type (two-, three-, four- &
five-factor), Application (Banking & Finance, Healthcare, Government, Defense, Travel &
immigration, Consumer Electronics and Commercial Security) & by Geography – Forecasts
(2012 -2017)”.


Early buyers will receive 10% customization on reports.

Multi-factor authentication (MFA) implies user and employee authentication by
verifying two or more authentication techniques (hardware token, One Time Password,
Password/PIN, and biometric traits) provided by him/her. MFA has become the most important
part of security due to increase in unauthorized access, frauds, border intrusion, etc.
MFA is increasingly getting deployed at all the security checkpoints of airports,
commercial complex, retail malls, banking & finance, etc. MFA provides accurate
authentication and negligible margin of duplicity or error.

This report describes the various types of biometric and non-biometric technologies
such as hardware and software tokens, OTP (One Time Password), and biometric recognition
that are being used for different applications. The above-mentioned techniques can be
combined to form two-, three-, four-, and five-factor authentication models. Out of these
models, two-factor authentication is commonly used in most of the applications. Two-factor
authentication is the oldest type of MFA technique and can be seen at banks, ATMs, and
various government offices.

The report also throws light on the various application areas of MFA technology such
as government, banking and finance, travel and immigration, defense, consumer electronics,
commercial security, and healthcare. MFA technology market
[http://www.marketsandmarkets.com/Market-Reports/multi-factor-authentication-market-877.html ]
is slowly spreading across all the industries where security is of the utmost concern.
MFA is largely deployed in application areas like government, travel and immigration,
banking & finance, and defense.

The two-factor authentication model covers almost 90% of the market for multi-factor
authentication, wherein banking & finance, travel & immigration and commercial security
are the major applications. Three, four-, and five-factor authentication models are less
used when compared to two-factor authentication. The three-factor authentications include
smart card with pin and biometric technology, smart card with two biometric technologies,
pin with two biometric technologies and three biometric authentications. On the other
hand, four- and five-factor authentication includes the use of smart card and pin with
more than one type of biometric technology such as face recognition, fingerprint
recognition, voice recognition, etc. Three-factor authentication is mostly used in private
access areas like bank lockers, secret data access, defense and travel & immigration. The
use of four- and five-factor authentication models is restricted to high-cost projects in
defense, research, and government-based applications.

Global multi-factor authentication market
[http://www.marketsandmarkets.com/Market-Reports/multi-factor-authentication-market-877.html ]
is expected to reach $5.45 billion by 2017, at an estimated CAGR of 17.3%. North
America is the biggest multi-factor authentication market, followed by Europe and APAC. In
ROW, Middle East and Africa are the largest contributors.

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SOURCE MarketsandMarkets

Source: PR Newswire