MFA market predicted to hit $5.45 billion by 2017
The global multi-factor authentication (MFA) market -- which includes different types of authentication and applications -- is expected to reach US$5.45 billion by 2017 at an estimated CAGR [compound annual growth rate] of 17.3% from 2012 to 2017, according to Research and Markets (www.researchandmarkets.com).
Two-factor authentication is most widely used MFA model in the world with smartcard with PIN and one time password (OTP) are the most popular technique. Biometric-based MFA models are growing at a fast rate. North America and Europe covers most of the market, whereas APAC has the fastest growing region.
Some of the key developments in the authentication industry include Microsoft buying PhoneFactor in October 2012. In July 2012, Apple bought AuthenTec . L1 Identity, a biometric technology company was bought by Sagem Morpho (France). Several other acquisitions, mergers, new product launch, agreements etc. have happened, says Research and Markets.