As per the latest report by IMARC Group, titled "Out-of-Band (OOB) Authentication: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global out-of-band (OOB) authentication market size reached US$ 1.01 Billion in 2022. Out-of-band (OOB) authentication is a method that verifies a user's identity through an alternative channel separate from the primary communication channel, providing an extra layer of security. This authentication technique utilizes two separate channels, typically a mobile device or email, to validate the user's identity. OOB authentication offers numerous benefits, as it significantly reduces the risk of unauthorized access and identity theft as it requires an additional verification step. It is a highly user-friendly method that helps mitigate the risk of unauthorized access or fraudulent activities. It also eliminates the need for users to remember complex passwords or carry physical tokens, as they can receive the authentication codes on their mobile devices or email accounts. Furthermore, the authentication can be implemented across various platforms and devices, making it a versatile solution for organizations operating in multi-device environments. Currently, the different types of out-of-band authentication include SMS-based authentication and voice-based authentication.
Global Out-of-Band (OOB) Authentication Market Trends:
The global out-of-band (OOB) authentication market is primarily boosted by a multitude of factors, including the increasing number of security breaches and cyber threats. This is further accelerated by the surging product application across industries to protect sensitive data and prevent unauthorized access. OOB authentication provides an additional layer of security by leveraging separate communication channels, such as SMS, email, or phone calls, to verify user identity, reducing the risk of fraudulent activities. Moreover, the rapid growth of digital transformation initiatives and the escalating adoption of mobile and cloud-based technologies are driving the market growth. Furthermore, the stringent government regulations and the surging adoption of online banking, e-commerce, and digital payment platforms are fueling the market growth. Besides this, the growing awareness of the limitations of traditional password-based authentication methods and the rapid adoption of bring-your-own-device (BYOD) policies are propelling the market growth. Furthermore, the rising need for secure access to corporate networks and sensitive data and the burgeoning adoption of the Internet of Things (IoT) devices are augmenting the market growth. Other drivers include the escalating need for multi-factor authentication solutions, the integration of biometric authentication with OOB methods, the demand for strong customer authentication in the banking and financial sector, the need for secure access to critical infrastructure and systems, and the advancements in OOB authentication technologies, are influencing the market growth. Looking forward, the market value is projected to reach US$ 3.5 Billion by 2028, expanding at a CAGR of 22.55% during 2023-2028.
- By the component, the market is segregated into solution (hardware and software) and services. According to the report, solution (hardware and software) represented the largest segment.
- Based on the authentication channel, the market is divided into SMS, email, push notification, voice, token-based, and others. According to the report, SMS represented the largest segment.
- By the deployment mode, the market is bifurcated into on-premises and cloud-based. According to the report, cloud-based represented the largest segment.
- Based on the enterprise size, the market is segmented into large enterprises, small and medium-sized enterprises. According to the report, large enterprises represented the largest segment.
- By the industry vertical, the market is segmented into BFSI, IT and telecom, government and defense, retail, healthcare, media and entertainment, and others. According to the report, BFSI represented the largest segment.
- On the basis of the region, the market has been categorized into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. According to the report, North America was the largest market for out-of-band (OOB) authentication.
- The competitive landscape of the industry has also been examined with some of the key players being Deepnet Security, Early Warning Services LLC, i-Sprint Innovations Pte Ltd, OneSpan, Ping Identity Corporation, RSA Security LLC, SAASPASS, SecurEnvoy (Shearwater Group plc), SolidPass, StrikeForce Technologies Inc., Thales Group, etc.
|Base Year of the Analysis
- Solution: Hardware, Software
|Authentication Channels Covered
||SMS, Email, Push Notification, Voice, Token-based, Others
|Deployment Modes Covered
|Enterprise Sizes Covered
||Large Enterprises, Small and Medium-sized Enterprises
|Industry Verticals Covered
||BFSI, IT and Telecom, Government and Defense, Retail, Healthcare, Media and Entertainment, Others
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Deepnet Security, Early Warning Services LLC, i-Sprint Innovations Pte Ltd, OneSpan, Ping Identity Corporation, RSA Security LLC, SAASPASS, SecurEnvoy (Shearwater Group plc), SolidPass, StrikeForce Technologies Inc., Thales Group, etc.
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