According to IMARC Group's latest research report, titled "Out-of-Band (OOB) Authentication Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032," offers a comprehensive analysis of the industry, which comprises insights on the out-of-band authentication market share. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global out-of-band (OOB) authentication market size reached US$ 1.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 6.6 Billion by 2032, exhibiting a growth rate (CAGR) of 19.69% during 2024-2032.
Out-of-Band (OOB) Authentication Market Overview:
Out-of-band (OOB) authentication represents a two-factor verification process that requires two different verification methods from two separate networks that work simultaneously. It includes call and SMS, one-time password (OTP), and mobile phone-based OOB authentication tokens. The OOB verification method is widely used to provide additional security against unapproved access and prevent hacking and fraud. It is often utilized in enterprises with high-security requirements.
The OOB authentication process aids in improving customer trust, enhancing security, dealing with sensitive data, and preventing security breaches. On the other hand, it automatically blocks many kinds of thefts and hacking in online or net banking. Consequently, this method finds extensive applications across the healthcare, media and entertainment, information technology (IT), and telecommunication industries.
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Out-of-Band (OOB) Authentication Market Trends:
Significant growth in the BSFI sector majorly drives the global market. The market is also benefiting from the extensive adoption of OOB authentication as a result of numerous cyber thefts and hacking attempts, which are increasing due to the growing number of online transactions. Along with this, the rising utilization of OOB authentication strategies, such as hardware OTP token authentication, by various businesses, governments, and financial institutions to secure infrastructure is acting as another growth-inducing factor. Additionally, the increasing demand for OOB authentication on account of the proliferation of IoT services, widespread adoption of cloud computing, and the BYOD trend are impacting the market.
In addition, several organizations are adopting authentication methods, including phone-based authentication, software OTP tokens, and one-time hardware passwords (OTP) tokens, to secure online transactions, further propelling the demand. Moreover, the implementation of stringent data protection regulations for information security is creating a positive market outlook. Some of the other factors driving the market include increasing concerns about data privacy and extensive research and development (R&D) activities.
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Key Market Segmentation:
Competitive Landscape with Key Players:
- Deepnet Security
- Early Warning Services LLC
- i-Sprint Innovations Pte Ltd
- OneSpan
- Ping Identity Corporation
- RSA Security LLC
- SAASPASS
- SecurEnvoy (Shearwater Group plc)
- SolidPass
- StrikeForce Technologies Inc.
- Thales Group
Component Insights:
- Solution
- Hardware
- Software
- Services
Authentication Channel Insights:
- SMS
- Push Notification
- Voice
- Token-based
- Others
Deployment Mode Insights:
- On-premises
- Cloud-based
Enterprise Size Insights:
- Large Enterprises
- Small and Medium-sized Enterprises
Industry Vertical Insights:
- BFSI
- IT and Telecom
- Government and Defense
- Retail
- Healthcare
- Media and Entertainment
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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