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Multi-Factor Authentication Market Worth of $5.45 Billion by 2017

Two-Factor Authentication Market is expected to reach $5.45 billion by 2017, at a CAGR of 17.3%.

 
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Dallas, TX -- (SBWIRE) -- 02/20/2014 -- According to a new market research report “Two-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)”

Browse 118 market data tables with 31 figures spread through 275 pages and in-depth TOC of "Two-Factor Authentication Market"

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Global MFA market is expected to reach $5.45 billion by 2017, at an estimated CAGR of 17.3%. Government, banking & finance, and healthcare will be the key application areas of MFA market.

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.

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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 is slowly spreading across all the industries wherever security is of the prime concern. MFA is largely deployed in the application areas like government, travel and immigration, banking & finance, and defense.

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Multi-Factor Authentication (MFA) is an advanced technique with regards to the identification of humans, based on two or more traits (hardware token, One Time Password), PIN/password, biometric traits) provided by them. MFA improves the effectiveness of authentication processes, refurbishes control access to physical and electronic resources, and advances the security of information systems. MFA provides a high degree of security and convenience ensuring the confidentiality of personal information. This is superior to traditional username and passwords/PINs. MFA prevents thefts, as there are multi-layered securities that cannot be compromised easily. For the system to fail and expose secret data there should be more than one layer of security failure, which is a rare scenario. MFA products are formed using multiple combinations of PIN/Password, hardware tokens and biometrics (fingerprint, face, iris, voice, etc.). There is large range of products available for several applications like government, travel & immigration, commercial security, banking & finance, consumer electronics, healthcare, defense, and others.

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