Dallas, TX -- (ReleaseWire) -- 04/09/2014 -- According to a new market research report “Multi-Factor Authentication Market by Model/Type (Two, Three, Four & Five-Factor), Application (Banking & Finance, Government, Defense, Healthcare and others), & by Geography - Global Trend & Forecast to 2014 - 2020”, the total market is expected to reach $10.75 Billion by 2020, at a CAGR of 19.67%.
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, and so on. MFA is increasingly getting deployed at all the security checkpoints in airports, commercial complex, retail malls, banking & finance, and so on. MFA provides accurate authentication and negligible margin of duplicity or error.
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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 at various government offices.
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 the prime concern. MFA is largely deployed in the application areas like government, travel and immigration, banking & finance, and defense.
Two-factor authentication model covers almost 90% of the market for multi-factor authentication, wherein banking & finance, travel & immigration, 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, and so on. Three-factor authentication is mostly used in private access areas like bank lockers, secret data access, defense, 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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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 them. In the past methods included for human identification such as username and PIN/password (one factor authentication) were not able to cope up with the increasing demand for stringent security, therefore its giving good opportunity to use MFA. This particular technology is well accepted and popular as it’s not easy to break these security systems.
Browse 106 market data Tables and 46 Figures spread through 304 Pages and in-depth TOC on “Multi-Factor Authentication Market”
Multi-factor authentication (MFA) is a security system where more than one form of authentication is used such as something you know (password), something you have (smart card), and something you are (biometric technology). The combination of these three security systems provides a high degree of security and convenience, which ensures confidentiality of personal information. This is superior compared to traditional passwords/PINs as they can be easily guessed, forgotten or copied. Multi-factor authentication helps in prevention of theft as the information is stored in the form of a digital record in the database; which makes it highly impossible to reconstruct, decrypt or manipulate. MFA also includes biometric technology that uses biological characteristics or features, which are inseparable from a person; therefore, reducing the threat of loss or theft.
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