Out of Band Authentication Market worth USD USD 1,532 million in 2023 - Exclusive Report by MarketsandMarkets™
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-themiddle 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. Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=24943349 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