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The global multi-factor authentication (MFA) market which includes different types of authentication and applications is expected to reach $5.45 billion by 2017 at an estimated CAGR of 17.3% from 2012 to 2017. 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 (U.S.) buying PhoneFactor (U.S.) in October 2012. In July 2012, Apple Inc. (U.S.) bought AuthenTec (U.S.). L1 Identity, a biometric technology company was bought by Sagem Morpho (France). Several other acquisitions, mergers, new product launch, agreements etc. have happened and are discussed in the report.