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The global multi-factor authentication (MFA) market which includes different types of authentication and applications is expected to reach $5.45 billion by 2017 at an estimated CAGR of 17.3% from 2012 to 2017. Two-factor authentication is most widely used MFA model in the world with smartcard with PIN and one time password (OTP) are the most popular technique. Biometric based MFA models are growing at a fast rate. North America and Europe covers most of the market, whereas APAC has the fastest growing region.
Some of the key developments in the authentication industry include Microsoft (U.S.) buying PhoneFactor (U.S.) in October 2012. In July 2012, Apple Inc. (U.S.) bought AuthenTec (U.S.). L1 Identity, a biometric technology company was bought by Sagem Morpho (France). Several other acquisitions, mergers, new product launch, agreements etc. have happened and are discussed in the report.
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.
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