MarketsandMarkets released a report, “Two & Three Factor Authentication Market- By Model / types (two, three, four & five-factor), Application (Banking & Finance, Healthcare, Government, Defense, Travel & immigration, Consumer Electronics and Commercial Security and by Geography Forecasts (2012 – 2017) that finds that this sector is growing at a CAGR of 17.3% and will reach $5.45 billion by 2017.
The report looks at the increasing popularity of multifactor authentication and the different types of form factors used for authentication and how they can be combined. While companies can implement up to five-factor authentication, MarketsandMarkets found that two-factor authentication is the most common approach, covering 90% of the multifactor authentication market.
The report also looks at how various industries use multifactor authentication as wel as looking at uses around the world. North America remains the biggest user of this technology, followed by Europe and Asia Pacific.