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Multi-Factor Authentication Market Worth $5.45 Billion by 2017
Date:12/4/2012

etric 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.

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 authe
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