Global Out of Band Authentication Market size was valued at US$ 443.81 Mn. in 2020 and the total revenue is expected to grow at 11.4 % through 2021 to 2027, reaching nearly US$ 944.92 Mn.
Out of Band Authentication Market Overview:
The Global Out of Band Authentication Market In out-of-band (OOB) authentication, two networks connect at about the same time. These complicated authentication processes defend against security breaches and confirmations, as well as corruption and hacker attacks. It detects and prevents a wide range of hacking attempts, including online banking fraud, with great success. The most frequent identifiers in multi-factor authentication schemes include passwords, digital certificates, smart phones, PINs, and smart cards. OOB authentication systems include mobile phone-based OOB authentication tokens, such as alternate phone calls and text messages, as well as hardware OOB authentication tokens.
Historical Forecast Period:
Maximize Market Research report presents the analysis of each segment from 2021 to 2027 considering 2020 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2020to 2027.
Out of Band Authentication Market Overview and Dynamics:
The report covers comprehensive data on market drivers, restraints, emerging trends, and growth opportunities that can change the market dynamics of the end use industry. It provides an in-depth analysis of the Out of Band Authentication Market segments which include products, applications, and competitor analysis.
The global market for out-of-band authentication systems and services is being driven by the expansion of online transactions. As more individuals rely on the Internet for transactions, the number of cyberattacks has increased, particularly on websites with a high frequency of online transactions. Hackers are particularly interested in companies like banking that have a significant online consumer base. A rise in advanced and sophisticated difficulties is predicted to fuel demand for Out-of-Band Authentication solutions and services around the world in the future decade. This is mostly because simple authentication is insufficient to avoid these vulnerabilities.
As compliance rules become more demanding, global production of out-of-band authentication (OOBA) systems and services is willing to increase. This is mostly due to an increase in demand for out-of-band authentication solutions in industries that deal with sensitive data, such as card transactions, baking, insurance, and healthcare. Furthermore, as customers adopt digital payment models, the market for out-of-band identity verification systems is expected to rise. In addition, the Internet of Things (IoT) and the expanding use of smart devices are expected to drive the market for out-of-band authentication solutions ahead.
The rising acceptance of consumer devices such as laptops, tablets, smartphones, and smart gadgets has increased the global usability of many internet-based solutions and services. In 2019, for example, there were 4.38 billion internet users worldwide, with 5.1 billion unique mobile users. In order to avoid further network disturbance, service providers have been forced to opt out of in-band authentication methods.
The market for out-of-band authentication methods and services is projected to be limited by a lack of information regarding cyberattacks. Even a single hack in the banking and insurance industries might result in catastrophic losses. The market for out-of-band authentication solution providers is expected to grow over the projected period as a consequence of the need to reduce cyberattacks.
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Out of Band Authentication is divided into two categories: Solutions and Services. In 2020, the Solutions segment had the highest market share of percent. Software solutions include programmers, suites, and functional prototypes. Instead of carrying any hardware devices for authentication, users could be given soft tokens to place on their mobile devices. Companies are turning to software-based authentication solutions that are less sophisticated and easier to use as the bring-your-own-device (BYOD) movement grows in the workplace. Software-based systems support all primary authentication channels, such as SMS, email, push notifications, and biometrics. As a result of the difficulty in working with hardware-based solutions and the greater flexibility provided by software solutions, the demand for software solutions is increasing.
BFSI, Government and Defense, Retail, Healthcare, IT and Telecom, Energy and Utilities, and Others make up the Out of Band Authentication market. In 2020, the BFSI sector had the greatest market share of percent. Out of band authentication, which is extensively used in banking institutions and other organisations with high security needs, is projected to be fueled by the availability of services, the developing m-commerce sector, and the widespread usage of online payment services. Most financial institutions utilise out-of-band authentication methods like voiceprint software for biometric verification or requesting customers to SMS a code displayed after logging in from their registered smartphone to the institution. It secures communications while only adding a minor bit of complexity to the user's experience. Furthermore, the approaches are expected to lead the industry because they are far less expensive to implement for financial institutions than security key fobs or more complex biometric technologies.
• CA Technologies
• CensorNet Ltd.
• Deepnet Security
• Duo Security
• Early Warning Services LLC
• Entrust Data card
• i-Sprint Innovations
• Nok Labs
• Ping Identity
• RSA Security
• SecurEnvoy Ltd.
• StrikeForce Technologies Inc.
• Symantec Corporation
Regional analysis is another highly comprehensive part of the research and analysis study of the Out of Band Authentication Market presented in the MMR report. Local development plans are often affected by the performance of Out of Band Authentication market. Our report briefly explains all the factors, market size, growth rate, import and export in regions covering North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. This research has provided market trends, key opportunities, factors affecting of particular regions, to examine the global and domestic Out of Band Authentication market and these findings have been strategically presented in the report.
Most of the key players present in the Out of Band Authentication Market are focusing on mergers and acquisitions to expand their geographic presence and gain a competitive edge. Meanwhile, some of the other players are updating their existing product portfolios and adding innovative screens to keep up with the high consumer demand and generate more sales.
Key questions answered in Out of Band Authentication Market report
- What was the market size of Out of Band Authentication Market in 2020 and forecast up to 2027?
- Which is the largest regional Out of Band Authentication Market?
- What are the major trends followed in Out of Band Authentication Market across different regions?
- Who is the key Out of Band Authentication Market companies leading the market?
- What are the key strategies adopted by the leading Out of Band Authentication Market companies in market?
- Unique data points of this report
- Statistics on Out of Band Authentication Market penetration and spending worldwide
- Recent trends across different regions in terms of adoption of Out of Band Authentication Market for various end-use.
- Notable developments going on in Out of Band Authentication Market
- Attractive investment proposition for segments as well as geography
- Comparative scenario for all the segments for years 2020 (actual) and 2027 (forecast)
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