Out-of-band authentication (OOBA) is a two-factor authentication technique that requires two different verification methods from two different networks that work simultaneously. This authentication method is used to provide extra security against unauthorized access and prevent hacking and fraud. The authentication solution automatically blocks many kinds of thefts and hacking in online or net banking. The out-of-band authentication method includes call and SMS, OTP, mobile phone-based OOB authentication tokens, and others.
The global Out-of-band authentication solutions and services market is primarily driven by a rise in the volume of online transactions. Currently, a number of users depend on the Internet for transactions, which has increased the occurrence of cyberattacks, mainly on websites where online transactions are high. Hackers focus on those sectors that have a significant online customer base such as the banking industry. A continuous increase in advanced and complex threats is projected to fuel demand for Out-of-band authentication solutions and services across the world in the near future. This is mainly because simple authentication is not enough to stop these cyberattacks. Currently, a rise in compliance requirements is expected to boost demand for Out-of-band authentication (OOBA) solutions and services around the globe. This is primarily because concerns about data privacy have increased demand for Out-of-band authentication solutions from industries handling critical data such as payment card, baking, insurance, and health care. Furthermore, a rise in the adoption of digital payment modes by users is anticipated to fuel the Out-of-band authentication solutions market. Moreover, an increase in the number of Internet of Things (IoT) and connected devices are expected to boost the Out-of-band authentication solutions market.
However, lack of awareness about cyberattacks is expected to restrain the Out-of-band authentication solutions and services market. In the banking and insurance sector, even a single cyberattack can lead to an irreparable loss. Thus, the need to reduce cyberattacks is anticipated to create growth opportunities for the Out-of-band authentication solutions and services market in the next few years.
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The global Out-of-band authentication solutions and services market can be segmented based on component, enterprise size, authentication technology, industry, and region. Based on component, the market can be classified into solutions and services. The solutions segment can be further split into hardware Out-of-band authentication and phone-based Out-of-band authentication. The services segment can be further divided into professional services and managed services. In terms of enterprise size, the market can be categorized into small and medium enterprises and large enterprises. Based on authentication technology, the market can be divided into SMS, e-mail, OTP (one-time passcodes), push notification, and phone callbacks. In terms of industry, the market can be classified into banking, financial services, government and defense, health care, IT and telecom, and retail.
In terms of region, the global Out-of-band authentication solutions and services market can be segmented into Europe, North America, South America, Middle East & Africa, and Asia Pacific. The Out-of-band authentication solutions and services market in North America is expected to expand at a significant rate during the forecast period. This is primarily due to a rise in awareness about cyberattacks among users in the region. Asia Pacific is projected to be a rapidly growing region of the Out-of-band authentication solutions and services market during the forecast period. The region is estimated to present lucrative opportunities to the Out-of-band authentication solutions and services market in the near future. Factors such as increase in awareness about digital transactions, frauds, and cyberattacks are propelling demand for Out-of-band authentication solutions and services in the region.
Major players operating in the global Out-of-band authentication solutions and services market include SolidPass, CA Technologies (Broadcom Inc.), Symantec Corporation, Ping Identity Corporation, RSA Security LLC, Entrust Datacard Corporation, EZMCOM Inc., OneSpan Inc., StrikeForce Technologies, Inc., SecurEnvoy Ltd, and Nok Nok Labs, Inc..
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