Research and Markets has stated that the multifactorial authentication market will reach $5.45 billion in 2017. This declaration was offered in their latest report, entitled “Multi-Factor Authentication Market- By Model / Type (Two, Three, Four & Five-Factor), Application (Banking & Finance, Healthcare, Government, Defense, Travel & Immigration, Consumer Electronics and Commercial Security) & By Geography – (2012 – 2017)”.
Currently, two-factor authentication is the most popular method. 90% of the market employs this technique. It is mainly used in sectors such as banking and finance, travel and immigration, and commercial security.
It is expected that the global multifactorial market will reach $5.45 billion in 2017 at a compound annual growth rate of 17.3% from 2012 to 2017.
One of the many reasons for this remarkable growth is the use of multifactor authentication by banks and financial institutions through smartphones as well as various acquisitions and mergers involving the companies who develop this technology.