by The global 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 of 2021 to 2030, as highlighted in a new report published by Coherent Market Insights.
- A) Market Overview:
Out-of-Band (OOB) authentication refers to a method of verifying user identities through multi-factor authentication (MFA) that requires two or more independent factors. This helps in enhancing the security of online transactions and data access. The main advantage of OOB authentication is that it provides an additional layer of security by using a separate communication channel, ensuring that even if one channel is compromised, the authentication process remains secure. With rising cybersecurity threats, the need for advanced authentication methods such as OOB authentication has become crucial.
- B) Market Key Trends:
One key trend in the global Out-of-Band Authentication Market is the increasing adoption of mobile-based OOB authentication. The widespread use of smartphones and mobile devices has made them a convenient and secure medium for authenticating user identities. Mobile-based authentication methods use SMS, push notifications, or apps to send one-time passwords (OTPs) or authorization requests to users’ mobile devices. This trend is driven by the growing number of mobile users and the need for secure and user-friendly authentication solutions. For example, companies like Duo provide mobile-based OOB authentication solutions that offer ease of use and strong security.
- C) PEST Analysis:
Political: Governments around the world are implementing strict regulations and data protection laws to address cybersecurity concerns. This drives organizations to adopt secure authentication methods like OOB authentication.
Economic: The increasing number of cyber attacks and data breaches have resulted in financial losses for businesses. This drives the demand for advanced authentication solutions like OOB authentication to prevent unauthorized access and protect sensitive information, leading to market growth.
Social: The rising awareness among individuals and organizations regarding the importance of data security and privacy is boosting the adoption of OOB authentication solutions.
Technological: Rapid advancements in technology, such as biometric authentication and cloud-based solutions, have enhanced the capabilities of OOB authentication, making it more secure and user-friendly.
- D) Key Takeaways:
Paragraph 1: The global Out-of-Band (OOB) Authentication market is expected to witness high growth, exhibiting a CAGR of 22.8% over the forecast period, due to increasing cybersecurity threats. Organizations are realizing the importance of robust authentication methods to protect their sensitive data and prevent unauthorized access.
Paragraph 2: In terms of regional analysis, North America is expected to dominate the market, driven by high adoption rates of advanced technologies and stringent data protection regulations. However, the Asia Pacific region is expected to be the fastest-growing market due to increasing digitalization and cybersecurity concerns.
Paragraph 3: Key players operating in the global Out-of-Band (OOB) Authentication market are 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. These players are focusing on innovation and strategic partnerships to enhance their market presence and offer advanced OOB authentication solutions to meet the growing demand.
In conclusion, the global Out-of-Band (OOB) Authentication market is expected to grow significantly due to the increasing need for secure authentication methods in the face of rising cyber threats. The adoption of mobile-based authentication and advancements in technology will further drive market growth.
