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Multi factor authentication – Market overview
Multi-Factor Authentication (MFA) is an advanced technique with regards to the identification of humans, based on two or more traits (hardware token, OTP (One Time Password), PIN/password, biometric traits) provided by them.
Multi-factor authentication (MFA) comes with different models such as two-factor authentication, three-factor authentication, four-factor authentication, and five-factor authentication. The two-factor authentication includes smart card with pin, smart card with biometric technology, biometric technology with pin, two biometric authentications, and one time password with pin. The three 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 biometric technology such as face recognition, fingerprint recognition, voice recognition, and so on. MFA model using two factors is gaining popularityin the market; occupying almost 90% of its share as of 2014, followed by three-, four-, and five-factor authentication respectively. The U.S. is the global leader in MFA technology consumption.
Global MFA market is expected to reach $10.75 billion by 2020, at an estimated CAGR of 19.67%. The Government, banking & finance, and healthcare will be the key application areas of MFA market.
Global MFA market can be categorized into different applications sectors such as; government, defense, travel and immigration, banking and finance, consumer electronics, commercial security and healthcare. The most common application areas are in the field of banking & finance, government, and defense.
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
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