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 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 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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