Out-of-band Authentication Market Size Worth USD 4.2 Billion by 2030
Emergence of next-generation hardware OTP tokens and increase in adoption of out-of-band authentication are expected to drive the growth of the market.
PORTLAND, PORTLAND, OR, UNITED STATES, April 25, 2023 /EINPresswire.com/ — The out-of-band (OOB) authentication market was valued at $553.45 million in 2020, and is estimated to reach $4.2 billion by 2030, growing at a CAGR of 22.8% from 2021 to 2030.
Rise in volume of online transaction, continuous increase in advanced & complex threats, and rise in compliance requirements drive growth of the global out-of-band authentication market growth. However, risk included in OOB authentication with SMS and high product association costs hamper the out-of-band authentication industry.
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The solution segment dominated the global market in 2020, and is expected to remain dominant during the forecast period, owing to surge in adoption of hardware OOB authenticators among end users. By industry vertical, the BFSI segment led the market in 2020, and is projected to maintain its dominance in the future. However, the IT & telecom segment is expected to witness highest growth, owing to enforcement of regulations by regulatory authorities related to data security. North America generated the highest revenue in 2020; however, the Asia-Pacific segment is anticipated to witness fastest growth rate during the out-of-band authentication market analysis.
During the COVID-19 pandemic, most financial institutions adopted online banking and enterprises started to operate in work from home. Thus, the need for out of band authentication increased during the pandemic as chances of data theft and virus attacks increased and financial institutions and enterprises to protect their data, adopted out of band authentication. Therefore, the COVID-19 pandemic had a positive impact on the out-of-band authentication industry.
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Out-of-band authentication (OOBA) is a type of two-factor authentication that uses a secondary communication channel, such as a mobile phone or email, to verify a user’s identity. The OOBA market is growing due to the increasing need for stronger authentication measures to combat fraud and data breaches. The adoption of OOBA is also driven by the rise of remote work and mobile devices, which require secure access to sensitive data and applications. Additionally, the increasing adoption of cloud-based services and the Internet of Things (IoT) are also contributing to the growth of the OOBA market.
One of the key trends in the OOBA market is the adoption of biometric authentication methods, such as facial recognition and fingerprint scanning, for added security. Biometric authentication provides a more secure and convenient way of verifying a user’s identity, and it is increasingly being integrated with OOBA solutions. Another trend in the market is the increasing use of artificial intelligence (AI) and machine learning (ML) to improve the accuracy and efficiency of authentication processes. AI and ML can be used to analyze user behavior and detect anomalies, which can help to prevent fraudulent activity and reduce false positives in authentication.
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Some of the key players operating in the out-of-band authentication market that are profiled in the report include CA Technologies (Broadcom Inc.), CensorNet, Deepnet Security, Early Warning Services, LLC, Gemalto N.V. (Thales DIS), SecurEnvoy Ltd., StrikeForce Technologies, Inc., NortonLifeLock, Inc. (Symantec Corporation), TeleSign Corporation and OpenSpan (VASCO Data Security International, Inc.
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