Markets and Markets : Multi-Factor Authentication Market Will Be worth Of $5.45 Billion by 2017
(M2 PressWIRE Via Acquire Media NewsEdge) 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), 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 "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).
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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.
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.
MFA model using two factors is favored in the market; occupying almost 90% of its share as of 2012, followed by three-, four-, and five-factor authentication respectively. U.S. is the global leader in MFA technology consumption. Region-wise, North America leads the market followed by Europe and APAC. APAC is expected to have the highest CAGR from 2012 to 2017. In applications, banking & finance is the major contributor, whereas healthcare, government, and commercial security will also play an important role.
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