Out-of-Band (OOB) Authentication Market to Reach $4.2 Billion Globally by 2030 at a CAGR of 22.8%: Allied Market Research
Rising volume of online transactions, continuous rise in advanced and complex threats, and increasing compliance requirements are driving the growth of the global out-of-band authentication market.
PORTLAND, Oregon., April 20, 2022 /PRNewswire/ — Allied Market Research released a report titled “Out of Band (OOB) Authentication Market by component (solution, services), by type of deployment (on-premises, cloud), by company size (large enterprise, small and medium-sized enterprises), by vertical sector (BFSI, IT and telecommunications, government and defense, Retail, Healthcare, Media & Entertainment, Others): Global Opportunities Analysis and Industry Forecast, 2020-2030. According to the report, the global out-of-band authentication industry generated $553.45 million in 2020, and should reach $4.2 billion by 2030, with a CAGR of 22.8% from 2021 to 2030.
Drivers, constraints and opportunities
Rising volume of online transactions, continuous rise in advanced and complex threats, and increasing compliance requirements are driving the growth of the global out-of-band authentication market. However, risks associated with OOB authentication with SMS and high product bundling costs are limiting the market growth. On the other hand, the increase in the adoption of OOB authentication by small and medium enterprises creates new opportunities in the coming years.
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- The implementation of out-of-band authentication has increased during the pandemic with the adoption of a remote work culture and an upsurge in data theft and cyberattacks.
- Financial institutions and enterprises have increased adoption to protect their data, reduce fraudulent activity, and prevent unauthorized access. Due to the tremendous increase in online banking, OBB authentication has been introduced to prevent hacking and identity theft.
Get a detailed analysis of the impact of COVID-19 on the Out of Band (OOB) Authentication Market:
The solution segment to maintain its leading position throughout the forecast period
Based on components, the solution segment accounted for the highest share in 2020, contributing more than two-thirds of the global out-of-band authentication market, and is expected to maintain its leading position throughout the forecast period. . This is due to the secure dedicated alternative access method provided to a computer network infrastructure to administer connected devices and computing assets. However, the services segment is expected to register the highest CAGR of 25.3% from 2021 to 2030, owing to the remote control and management of critical IT assets and network equipment using a secure connection. through a secondary interface physically separate from the primary network connection. .
The BFSI segment will maintain its leading status during the forecast period
Based on industry vertical, the BFSI segment held the largest share in 2020, accounting for more than a quarter of the global market out of band authentication industry, and is expected to maintain its leading status over the forecast period. This is due to the increase in online transactions and the implementation of hardware and software OTP options to enable OOB authentication and provide an additional layer of security. However, the IT and telecommunications segment is expected to show the highest CAGR of 27.8% from 2021 to 2030, owing to the ability to monitor and manage networks and keep them operational.
North America maintain revenue dominance by 2030
Based on the region, North America contributed the highest market share in 2020, accounting for more than a third of the global out-of-band authentication market, and is expected to maintain its revenue dominance by 2030. This is attributed to the rise in biometrics adoption arrow. technologies in large financial institutions and corporations, as well as the increase in cyberattacks and malware cases. However, Asia Pacific is estimated to manifest the fastest CAGR of 26.3% from 2021 to 2030. This is due to the increase in adoption of two-factor authentication by small and medium enterprises and the emergence of the tendency to bring your own device (BYOD) in the region.
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Main market players
- Deep Network Security
- CA Technologies (Broadcom Inc.)
- Early Warning Services, LLC
- Gemalto SA (Thales DIS)
- SecurEnvoy Ltd.
- StrikeForce Technologies, Inc.
- NortonLifeLock, Inc. (Symantec Corporation)
- TeleSign Corporation
- OneSpan (VASCO Data Security International, Inc.)
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