Report Ocean has released a research study titled “Out-of-band Authentication Market 2023 Forecast to 2032 Analysis by Market Trends.” This study offers precise economic forecasts, global assessments, and country-level insights. It provides a comprehensive view of the competitive market and includes an in-depth supply chain analysis to identify significant industry changes. The study explores the current market status, anticipated future growth, technological advancements, investment opportunities, market economics, and financial data. It thoroughly examines the market and offers insights based on a SWOT analysis of the industry.
The Out-of-band (OOB) Authentication can be defined as a type of two-factor authentication that uses a secondary verification method through a separate communication channel along with the typical ID and password. OOB Authentication is widely utilized by financial institutions and organizations where high security standards are required. The rising growth of online transactions in Post covid era and increasing penetration of smartphones as well as recent collaboration from leading market players are factors that are accelerating the global market demand.
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For instance, according to Statista – during FY 2020, the volume of digital payments in India was estimated at 34 billion transactions and this number is further increased to 71.95 billion transections. In addition, in 2022, globally total transaction value in the Digital Payments segment is estimated at USD 8.49 trillion and the transaction value is projected to show a CAGR of 12.82% between 2022 & 2026 to reach to USD 13.75 trillion by 2026. Furthermore, leading market players are working towards strategic collaborations and partnerships to leverage the growing demand for OOB Authentication solutions. For instance, in January 2022, Australia based EML Payments Ltd (EML) partnered with Zurich based Netcetera, to implement their state-of-the-art Access Control Server (ACS) which includes a Risk Based Authentication (RBA) solution. Netcetera ACS is based on a modular system, and offers an integrated Out of Band (OOB) authentication method. Also, growing number of compliance requirements by Central Banks and rising incidences of online financial frauds are anticipated to act as a catalyzing factor for the market demand during the forecast period. However, security concerns associated to the Out-of-band (OOB) Authentication & high association cost of OOB Authentication impede the growth of the market over the forecast period of 2022-2028.
Major market players included in this report are:
CensorNet
Deepnet Security
CA Technologies (Broadcom Inc.)
Early Warning Services, LLC
Gemalto N.V. (Thales DIS)
SecurEnvoy Ltd.
StrikeForce Technologies, Inc.
NortonLifeLock, Inc. (Symantec Corporation)
TeleSign Corporation
OneSpan (VASCO Data Security International, Inc.)
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A deep analysis of the Out-of-band Authentication Market within the cybersecurity and authentication industry can be summarized in 10 key points:
- Market Definition: The Out-of-band Authentication Market focuses on the use of a secondary, separate communication channel to verify a user’s identity or authorize a transaction, providing an extra layer of security.
- Dual-Factor Authentication: Out-of-band authentication is often employed as part of dual-factor or multi-factor authentication strategies, requiring users to provide a second form of verification beyond passwords or PINs.
- Use Cases: This technology is applied in various scenarios, such as online banking, mobile payment verification, access to corporate networks, and secure transactions, where added security is essential.
- Authentication Methods: Out-of-band authentication methods include SMS or email-based one-time passwords (OTPs), voice calls, hardware tokens, and mobile app notifications. These methods enhance security by requiring users to confirm their identity through a different channel.
- Security Benefits: Out-of-band authentication is highly effective in preventing unauthorized access and fraudulent transactions, as even if one channel is compromised, the secondary channel remains secure.
- Market Growth: The market has witnessed substantial growth due to the increasing sophistication of cyber threats and regulatory requirements for stronger authentication in various industries.
- Integration: Out-of-band authentication solutions are integrated into existing systems and applications to enhance security without causing significant disruption to user experiences.
- Compliance and Regulations: The adoption of out-of-band authentication is often driven by industry regulations and data protection laws, such as PSD2 in the European banking sector, that mandate strong customer authentication.
- Market Players: Leading players in the Out-of-band Authentication Market include technology companies, cybersecurity firms, and mobile network operators that provide solutions and services for securing authentication processes.
- Future Prospects: The Out-of-band Authentication Market is expected to continue growing as organizations prioritize security and regulatory compliance. Innovations in biometrics, behavioral analytics, and user-friendly authentication methods are likely to shape the market’s evolution.
The detailed segments and sub-segment of the market are explained below:
By Component
Solution
Services
By Deployment Type
On Premise
Cloud
By Enterprise Size
Large Enterprises
Small and Medium Sized Enterprises
By End Use Industry
BFSI
IT and Telecom
Government and Defense
Retail, Healthcare
Media and Entertainment
Others
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
The detailed segments and sub-segment of the market are explained below:
By Component
Solution
Services
By Deployment Type
On Premise
Cloud
By Enterprise Size
Large Enterprises
Small and Medium Sized Enterprises
By End Use Industry
BFSI
IT and Telecom
Government and Defense
Retail, Healthcare
Media and Entertainment
Others
Get a Request Free Sample Full Report @https://reportocean.com/industry-verticals/sample-request?report_id=bw6372
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Table of Contents:
- Executive Summary
- Introduction
- Methodology
- Market Overview
- Market Analysis
- Market Size and Forecast
- Market Trends
- Market Dynamics
- Market Segmentation
- Competitive Landscape
- Competitive Scenario
- Key Players
- Regional Analysis
- Regional Market Overview
- Market Size and Forecast by Region
- Product/Service Analysis
- Product/Service Overview
- Market Size and Forecast by Product/Service
- End-User Analysis
- End-User Overview
- Market Size and Forecast by End-User
- Industry Structure
- Key Findings and Recommendations
- Conclusion
Market Research Objective:
To assess market size and growth potential:
- The objective is to determine the current market size, estimate its growth rate, and identify potential opportunities for market expansion.
To understand customer preferences and behavior:
- The objective is to gain insights into customer needs, preferences, buying behaviors, and decision-making processes to develop effective marketing strategies and product offerings.
To evaluate market competition:
- The objective is to assess the competitive landscape, identify key competitors, analyze their market share, strengths, weaknesses, and strategies to formulate a competitive positioning.
To explore new market segments:
- The objective is to identify and understand untapped or emerging market segments, assess their potential demand, and evaluate the feasibility of targeting these segments.
To assess brand perception and awareness:
- The objective is to measure brand awareness, perception, and loyalty among customers and target audiences to gauge the effectiveness of branding and marketing efforts.
To evaluate product or service satisfaction:
- The objective is to gather feedback from customers regarding their satisfaction levels with a specific product or service, identify areas for improvement, and enhance customer experience.
To analyze market trends and industry dynamics:
- The objective is to identify and analyze market trends, technological advancements, regulatory changes, and other factors influencing the industry’s dynamics to inform strategic decision-making.
To explore market entry opportunities:
- The objective is to identify potential markets for expansion, assess their attractiveness, understand entry barriers, and evaluate the feasibility of entering new markets.
To conduct market segmentation and targeting:
- The objective is to segment the market based on demographics, psychographics, or other relevant factors and develop targeted marketing strategies for each segment.
To assess pricing strategies:
- The objective is to evaluate pricing strategies in the market, analyze price sensitivity among customers, and identify optimal pricing levels for products or services.
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