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 figuresspread through 275pages 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)".http://www.marketsandmarkets.com/Market-Reports/multi-factor-authentication-market-877.htmlEarly 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.