Out-of-band (OOB) Authentication is a verification technique, which uses two different networks that work simultaneously. This type of sophisticated authentication system is used to provide extra protection against unauthorized access and confirmations, and prevents fraud and hacking. It effectively blocks many kinds of hacking and identifies theft in online banking.
Rise in volume of online transactions, continuous increase in advanced & complex threats, and rise in compliance requirements are some of the major factors that have propel the growth of the out-of-band authentication market.
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According to a recent report published by Allied Market Research, titled, Out-of-band Authentication Market by Solution Type, End User: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global out-of-band authentication market was valued at $274 million in 2016, and is projected to reach at $1,143 million by 2023, growing at a CAGR of 22.80% from 2017 to 2023.
The payment card industry segment is expected to witness the highest growth, owing to enforcement of regulations by the regulatory authorities related to data security. North America generated the highest revenue in 2016; however, Asia-Pacific segment is anticipated to witness the fastest growth rate during the forecast period.
- Banking, Financial Services & Insurance
- Payment Card Industry
- This study includes the analytical depiction of the global out-of-band authentication market along with current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities.
- The current market is quantitatively analyzed from 2016 to 2023 to highlight the financial competency of the industry.
- Porters Five Forces analysis illustrates the potency of buyers & suppliers in the global out-of-band authentication industry.
Market by Geography:
- North America
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Global Key Player:
The global out-of-band authentication market is dominated by key players such as CA Technologies, CensorNet Ltd., Deepnet Security, Early Warning Services, LLC, Gemalto NV, SecurEnvoy Ltd, StrikeForce Technologies, Inc., Symantec Corporation, TeleSign, and VASCO Data Security International, Inc.
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