Multi-factor authentication market to be worth $10.75 billion by 2020

New research from Markets & Markets predicts that the global market for multi-factor authentication products will reach US $10.75 billion by 2020, at a CAGR of 19.67 percent. Other bits and pieces from the study:

  • North America is the biggest multi-factor authentication market; followed by Europe and APAC. In ROW (rest-of-world in analyst speak), the Middle East and Africa are the largest contributors.
  • The 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 (well we knew that).
  • 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.