Out-of-band (OOB) authentication is a verification technique, which uses two different networks that work simultaneously. This type of sophisticated authentication system is used to provide extra protection against unauthorized access and confirmations, and prevents many frauds and hacking. It effectively blocks many kinds of hacking and identifies thefts in online banking. Multifactor authentication systems primarily use credentials such as passwords, security tokens, cellphones, PINs, and smart cards for authentication. The OOB authentication method comprises mobile phone-based OOB authentication tokens, including backup call and SMS, and hardware OOB authentication tokens.
The growth of the global out-of-band authentication is driven by rise in volume of online transactions, continuous increase in advanced & complex threats, and rise in compliance requirements. However, risks associated with OOB authentication with SMS and high product association costs are some of the major restraints of this market. On the contrary, upsurge in adoption of OOB authentication by small- & medium-sized businesses is expected to provide potential opportunities for market expansion.
The global OOB authentication market is segmented on the basis of solution type, end user, and region. Depending on solution type, the market is classified into hardware OOB authentication and phone-based OOB authentication. On the basis of end user, it is categorized into banking, financial services, and insurance, payment card industry, government, healthcare, and others. Regionally, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the dominant players operating in the global OOB authentication market include CA Technologies, CensorNet Ltd., Deepnet Security, Early Warning Services, LLC, Gemalto NV, SecurEnvoy ltd, StrikeForce Technologies, Inc., Symantec Corporation, TeleSign, and VASCO Data Security International, Inc.
KEY BENEFITS FOR STAKEHOLDERS
The study provides an in-depth analysis of the global out-of-band authentication market and current & future trends to elucidate the imminent investment pockets.
Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided.
Porter's Five Forces analysis illustrates the potency of buyers and suppliers operating in the industry.
The quantitative analysis of the global market from 2016 to 2023 is provided to determine the market potential.
KEY MARKET SEGMENTS
BY SOLUTION TYPE
Hardware OOB authentication
Phone-based OOB authentication
BY END USER
Banking, Financial Services & Insurance
Payment Card Industry
Rest of Europe
Rest of Asia-Pacific
KEY MARKET PLAYERS
Early Warning Services, LLC
StrikeForce Technologies, Inc.
VASCO Data Security International, Inc.