REPORT HIGHLIGHT
Out-of-Band (OOB) Authentication Market size was valued at USD 910.3 Million in 2022, expanding at a CAGR of 18.8% from 2023 to 2030.
During the authentication process, out-of-band (OOB) authentication is a security mechanism which is used to confirm a user's identification. It entails the use of a different channel of communication or technique to verify the user's identity, usually in addition to the primary authentication method.
Out-of-Band (OOB) Authentication Market- Market Dynamics:
Increasing number of cybersecurity threats and technological developments is expected to propel the Out-of-Band (OOB) Authentication demand.
Organizations are giving better authentication techniques top priority to safeguard sensitive data and stop illegal access as a result of the increasing frequency and sophistication of cyberattacks. OOB authentication adds an extra layer of protection, making it more difficult for attackers to steal user credentials. Organizations are required to establish robust authentication techniques by several regulatory standards and data protection legislation, including the General Data Protection Regulation (GDPR) and the Payment Card Industry Data Security Standard (PCI DSS). By boosting security and lowering the risk of data breaches, OOB authentication aids in meeting these compliance standards.
Technology developments, especially those involving mobile devices and communication networks, have greatly aided the expansion of OOB authentication. OOB authentication has become more available and dependable for enterprises and individuals because of faster internet speeds, widespread mobile device usage, and the availability of encrypted messaging systems.
Out-of-Band (OOB) Authentication Market- Key Insights:
- As per the analysis shared by our research analyst, the global Out-of-Band (OOB) Authentication market is estimated to grow annually at a CAGR of around 18.8 % over the forecast period (2023-2030)
- The Out-of-Band (OOB) Authentication industry is projected to grow at a significant rate due to the growing focus on consumer electronics.
- Based on Enterprise Size, SMEs segment was predicted to show maximum market share in the year 2022.
- Based on End User, BFSI segment is expected to hold significant market share by 2030.
- Based on Deployment segmentation, on-premises segment was the leading in 2022
- On the basis of region, North America was the leading revenue generator in 2022.
Out-of-Band (OOB) Authentication Market- Segmentation Analysis:
The Global Out-of-Band (OOB) Authentication Market is segmented on the basis of Deployment, Enterprise Size, End User, and Region.
The market is divided into two categories based on Deployment: on-premises. The on-premises segment dominates the market. Cloud-based segment is also projected to grow at rapid pace. Growing demand for cloud-based system is contributing to market growth.
The market is divided into two categories based on Enterprise Size Type: SMEs and large enterprises. The SMEs segment dominates the market. Increasing need to reduce cybersecurity threats is influencing the market growth.
The market is divided into four categories based on End User: BFSI, government, healthcare, and others. The BFSI segment dominates the market. In BFSI, Out-of-Band (OOB) Authentication is widely used mitigate security issues, which is increasing the segment growth.
Out-of-Band (OOB) Authentication Market- Geographical Insights:
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Out-of-Band (OOB) Authentication Market- Competitive Landscape:
Due to the rising adoption cloud computing along with supportive security compliance across the globe, which influence the Out-of-Band (OOB) Authentication market. Software developers, including corporate websites, and Enterprise Size types, are used by businesses to sell their products and services. Product or technology providers compete on various factors, such as advanced technology, and marketing. reputation, and availability. Some of the primary techniques, and strategies used by corporations to consolidate their reach and grow their market share include new software development, R&D expenditure, developing its distribution network and mergers & acquisitions. Some of the recent developments are mentioned below.
Recent Developments:
In 2021, Twilio offered new solutions for OOB authentication, including SMS-based verification and one-time passcodes (OTP) delivery to enhance security for user authentication.
Key features of the study:
- This proposed research study on Out-of-Band (OOB) Authentication market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
- The report provides the client the latest up-to-date and trending insights about the Out-of-Band (OOB) Authentication market.
- The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Out-of-Band (OOB) Authentication market
- The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Out-of-Band (OOB) Authentication market
- Impact of COVID-19 on Out-of-Band (OOB) Authentication market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Out-of-Band (OOB) Authentication market post-COVID will also be covered.
- In order to give the users of this report a comprehensive view on the Out-of-Band (OOB) Authentication market, we have also included competitive landscape and key innovator analysis for the Out-of-Band (OOB) Authentication market.
- The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
- The report offers detailed company profiling featuring major market participants which will help users to understand their financial in Deployment and strategic initiatives of players operating in the Out-of-Band (OOB) Authentication market.
- In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
- The global Out-of-Band (OOB) Authentication market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL OUT-OF-BAND (OOB) AUTHENTICATION MARKET KEY PLAYERS
- Amazon Web Services (AWS)
- Twilio
- Cisco Systems
- Okta
- RSA Security
- Symantec Corporation
- Gemalto
- CA Technologies
- Entrust Datacard
- OneSpan
- IBM Corporation
- Ping Identity
- HID Global Corporation
- SecureAuth
- Nok Nok Labs
- StrikeForce Technologies
GLOBAL OUT-OF-BAND (OOB) AUTHENTICATION MARKET, BY DEPLOYMENT
GLOBAL OUT-OF-BAND (OOB) AUTHENTICATION MARKET, BY ENTERPRISE SIZE
GLOBAL OUT-OF-BAND (OOB) AUTHENTICATION MARKET, BY END USER
- BFSI
- Government
- Healthcare
- Others
GLOBAL OUT-OF-BAND (OOB) AUTHENTICATION MARKET, BY REGION
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA