Out of Band Authentication Market Opportunities, Challenges, Statistics, And Regional Forecast To 2023

Posted April 6, 2022 by madyjose

global OOBA market is expected to grow from USD 533 million in 2018 to USD 1,532 million by 2023, at a Compound Annual Growth Rate (CAGR) of 23.5% from 2018 to 2023.
The Out of Band Authentication (OOBA) market is defined as a process that uses two different signals from two or more authentication channels for the authentication of a user. The process relies on two or more unconnected channels for authentication, which prevents identity frauds and account takeovers. OOBA solutions are available as hardware and software solutions, which essentially prevent man-in-the-middle attacks. Two-factor Authentication (2FA) or Multi Factor Authentication (MFA) make use of SMS, email, push notification, biometric, voice, and various other authentication channels to allow users to authenticate themselves on other bands apart from the one they have logged in. The global OOBA market is expected to grow from USD 533 million in 2018 to USD 1,532 million by 2023, at a Compound Annual Growth Rate (CAGR) of 23.5% from 2018 to 2023.

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The key growth drivers of the OOBA market are growing need for frictionless OOBA solutions among organizations, stringent data protection regulations for information security, increasing instances and sophistication of authentication-related frauds and data breaches resulting in heavy loss of revenue, and increased adoption of digital payment modes. Additionally, increase in the adoption of OOBA-based solutions among Small and Medium-sized Enterprises (SMEs), rise in demand of OOBA solutions for digital eCommerce, rising adoption of the interconnected devices in the IoT environment, and rapid growth in BYOD trends are expected to provide a huge growth opportunity for the OOBA market over the next five years. The biggest challenge for the OOBA market is the lack of awareness regarding OOBA solutions and services. Factors such as growing emphasis on compliance management, increasing trend of mobility, and surging eCommerce and consumer demands for mobile computing are encouraging organizations to develop mobile applications for customers to access products. With the increase in identity thefts and account takeovers, the demand for authentication solutions is increasing. OOBA solutions are convenient for enterprises users and consumers to authenticate themselves. Additionally, the increasing global competition has boosted the need to provide an enhanced customer experience. It would create market opportunities for vendors of OOBA solutions and services.

Gemalto (Netherlands), CA Technologies (US), Symantec (US), Ping Identity (US), RSA Security (US), Entrust Datacard (US), EZMCOM (US), Duo Security (US), StrikeForce Technologies (US), Nok Nok Labs (US), SolidPass (Turkey), Protectimus (UK), SAASPASS (US), DynaPass (US), i-Sprint Innovations (Singapore) are some of the key vendors offering OOBA market across the globe. Players in this business sector have embraced different strategies to extend their worldwide presence and expand their market share. Partnerships and collaborations, and new product launches were the key strategies adopted by industry players to accomplish development in the market. Apart from these agreements, mergers and acquisitions and business expansions are some of the other significant strategies embraced by the market players in the OOBA market.

Gemalto is prominently recognized for providing OOBA solutions and services to a wide range of customers across verticals. Gemalto’s solutions help safeguard both ends of the network: on the client’s side (in the form of secure software solutions and devices) and on the server’s side (in managing the data it holds and interchanges). The company specializes in security processes, software, and cryptography. It also enables the easy working of governments with the help of digital technology. Gemalto is focused on leveraging its existing brand image and has developed its offerings in the current global market. The company is investing in R&D activities to develop and improve products and solutions offered in the OOBA market, which help prevent suspicious activities. In June 2018, Gemalto introduced the Virtualized Network Encryption platform for customers to address the changing security needs of data. The company also follows inorganic strategies, such as partnerships and acquisitions, to expand its market reach. For instance, in June 2018, Gemalto partnered with Entrust Datacard, an identity and secure transaction technology provider.

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CA Technologies is a global provider of IT management software and solutions that help organizations plan, develop, manage, and secure applications and IT infrastructures, as well as, enhance productivity. The company’s R&D center designs and develops new technologies and solutions to meet the changing needs of customers in accordance with the emerging technological trends. CA Technologies adopts various growth strategies to expand its market reach and enhance its offerings to provide customers with comprehensive solutions. The company emphasizes on organic growth strategies to enhance its brand value and improvise its offerings in the market. For instance, in January 2018, CA Technologies announced the opening of its new Italian headquarters in Milan.

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Categories Business , Software , Technology
Tags out of band authentication , out of band authentication industry , out of band authentication market
Last Updated April 6, 2022