Out-of-Band Authentication Market

The Out-of-Band (OOB) Authentication Market is estimated to be valued at US$ 553.45 million in 2020 and is expected to exhibit a CAGR of 22.8% over the forecast period 2021-2030

by

  1. A) Market Overview:

The global OOB Authentication Market is growing at a rapid pace due to the increasing need for secure authentication solutions in various industries. OOB authentication provides an additional layer of security by verifying a user’s identity through an out-of-band channel, such as a mobile device or email, separate from the main communication channel. This helps in preventing unauthorized access and reducing the risk of data breaches. However, the market faces challenges such as high implementation costs and complexity in integrating OOB authentication solutions with existing systems.

  1. B) Market Key Trends:

One key trend in the Out-of-Band Authentication Market is the adoption of biometric authentication methods. Biometric authentication, such as fingerprint or facial recognition, provides a more secure way of verifying a user’s identity compared to traditional methods like passwords or tokens. For example, major smartphone manufacturers are incorporating facial recognition technology in their devices for secure access. This trend is driven by the increasing need for stronger security measures and the convenience of biometrics for users.

  1. C) Segment Analysis:

The OOB Authentication Market is segmented based on the authentication channel and end-user industry. The mobile-based authentication segment dominates the market owing to the widespread usage of mobile devices and the convenience they offer for authentication. Mobile-based authentication utilizes SMS, push notifications, or mobile apps to verify the user’s identity. With the growing adoption of smartphones and mobile banking services, this segment is expected to continue dominating the market.

  1. D) Key Takeaways:

– The global OOB Authentication Market is expected to witness high growth, exhibiting a CAGR of 22.8% over the forecast period. This growth is driven by the increasing need for secure authentication solutions in various industries.

– The Asia-Pacific region is expected to be the fastest-growing and dominating region in the OOB Authentication Market. This growth is attributed to the rising number of smartphone users and increasing digitalization in countries like China and India.

– Key players operating in the global OOB Authentication Market include Broadcom, Entrust Datacard Corporation, Deepnet Security, Early Warning Services, LLC, Gemalto NV, SecurEnvoy Ltd, StrikeForce Technologies, Inc., TeleSign, Symantec Corporation, OneSpan Inc., DynaPass Inc., and Duo.

In conclusion, the out-of-band authentication market is witnessing significant growth due to the increasing need for secure authentication solutions. The adoption of biometric authentication and the dominance of mobile-based authentication are key trends in this market. The Asia-Pacific region is expected to drive the market’s growth, and key players like Broadcom and Entrust Datacard Corporation are leading the market with their innovative solutions. Overall, the market presents lucrative opportunities for businesses operating in the authentication industry.