The global out-of-band (OOB) authentication market size reached US$ 1.2 billion in 2023. The market is projected to reach US$ 6.6 billion by 2032, exhibiting a growth rate (CAGR) of 20.3% during 2023-2032. The market is experiencing steady growth driven by the escalating threat of cyberattacks and data breaches, which necessitate robust security measures, the widespread adoption of smartphones and advances in mobile technology, and stringent regulatory compliance requirements across various industries.
2. What is the expected growth rate of the global Out-Of-Band (OOB) authentication market during 2024-2032?
3. What are the key factors driving the global Out-Of-Band (OOB) authentication market?
4. What has been the impact of COVID-19 on the global Out-Of-Band (OOB) authentication market?
5. What is the breakup of the global Out-Of-Band (OOB) authentication market based on the component?
6. What is the breakup of the global Out-Of-Band (OOB) authentication market based on the authentication channel?
7. What is the breakup of the global Out-Of-Band (OOB) authentication market based on the deployment mode?
8. What is the breakup of the global Out-Of-Band (OOB) authentication market based on the enterprise size?
9. What is the breakup of the global Out-Of-Band (OOB) authentication market based on the industry vertical?
10. What are the key regions in the global Out-Of-Band (OOB) authentication market?
11. Who are the key players/companies in the global Out-Of-Band (OOB) authentication market?
Out-of-Band (OOB) Authentication Market Trends
Increasing incidence of data breaches and cybersecurity threats
The global market is significantly influenced by the rising incidence of data breaches and cybersecurity threats. As digital transactions and online activities continue to grow, businesses and individuals face heightened risks of cyberattacks. OOB authentication provides an additional layer of security beyond traditional methods, such as passwords and PINs, by utilizing a separate communication channel for verification. This method has become increasingly critical in preventing unauthorized access and data theft. Additionally, the growing awareness among organizations about the importance of safeguarding sensitive information and complying with regulatory standards is also propelling the demand. Moreover, the escalating frequency and sophistication of cyberattacks necessitate robust security measures, thereby driving the adoption of OOB authentication in various sectors, including banking, healthcare, and government.Advancements in mobile technology and widespread smartphone usage
The proliferation of mobile technology and widespread smartphone usage are pivotal factors driving the global market. The ubiquity of smartphones is enabling the seamless integration of these methods, such as SMS-based verification or push notifications, into everyday activities. These methods leverage the mobile device as a secondary channel for authenticating transactions or logins, offering convenience and enhanced security to users. Along with this, the continuous advancements in mobile technology, including improved internet connectivity and the development of sophisticated mobile applications are facilitating the adoption. In addition, businesses are leveraging these technological advancements to provide secure and user-friendly authentication experiences. The global increase in smartphone penetration, particularly in emerging economies, is expanding the potential user base, thereby contributing significantly to market growth.Stringent regulatory compliance requirements
The enforcement of stringent regulatory compliance requirements is another major factor influencing the growth of the global market. In confluence with this, regulations, and various other regional and sector-specific laws, mandate strict data protection and privacy measures. These regulations often require the implementation of robust authentication processes to ensure data security and prevent unauthorized access. OOB authentication, by providing a secure and verifiable method of confirming user identities, helps organizations comply with these regulatory standards. The need for compliance is particularly pronounced in industries handling sensitive information, such as finance, healthcare, and government services. As regulations become more rigorous and widespread, the demand for reliable and compliant authentication solutions further propelling market growth.Out-of-Band (OOB) Authentication Industry Segmentation:
The report provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. The report has categorized the market based on component, authentication channel, deployment mode, enterprise size, and industry vertical.Breakup by Component:
- Solution
- Hardware
- Software
- Services
Solution accounts for the majority of the market share
The report has provided a detailed breakup and analysis of the out-of-band (OOB) authentication market based on the component. This includes solution (hardware and software) and services. According to the report, solution (hardware and software) represented the largest segment.Breakup by Authentication Channel:
- SMS
- Push Notification
- Voice
- Token-based
- Others
SMS holds the largest share in the industry
A detailed breakup and analysis of the market based on the authentication channel have also been provided in the report. This includes SMS, email, push notification, voice, token-based, and others. According to the report, SMS accounted for the largest market share.Breakup by Deployment Mode:
- On-premises
- Cloud-based
Cloud-based represents the leading market segment
The report has provided a detailed breakup and analysis of the out-of-band (OOB) authentication market based on the deployment mode. This includes on-premises and cloud-based. According to the report, cloud-based represented the largest segment.Breakup by Enterprise Size:
- Large Enterprises
- Small and Medium-sized Enterprises
Large Enterprises exhibits a clear dominance in the market
A detailed breakup and analysis of the market based on the enterprise size have also been provided in the report. This includes large enterprises, small and medium-sized enterprises. According to the report, large enterprises accounted for the largest market share.Breakup by Industry Vertical:
- BFSI
- IT and Telecom
- Government and Defense
- Retail
- Healthcare
- Media and Entertainment
- Others
BFSI dominates the market
A detailed breakup and analysis of the market based on the industry vertical have also been provided in the report. This includes BFSI, IT and telecom, government and defense, retail, healthcare, media and entertainment, and others. According to the report, BFSI accounted for the largest market share.Breakup by Region:
- North America
- United States
- Canada
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
North America leads the market, accounting for the largest out-of-band (OOB) authentication market share
The market research report has also provided a comprehensive analysis of all the major regional markets, which include 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 the Middle East and Africa. According to the report, North America accounted for the largest market share.Competitive Analysis
The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:- 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
Key Questions Answered in This Report
1. How big is the global Out-Of-Band (OOB) authentication market?2. What is the expected growth rate of the global Out-Of-Band (OOB) authentication market during 2024-2032?
3. What are the key factors driving the global Out-Of-Band (OOB) authentication market?
4. What has been the impact of COVID-19 on the global Out-Of-Band (OOB) authentication market?
5. What is the breakup of the global Out-Of-Band (OOB) authentication market based on the component?
6. What is the breakup of the global Out-Of-Band (OOB) authentication market based on the authentication channel?
7. What is the breakup of the global Out-Of-Band (OOB) authentication market based on the deployment mode?
8. What is the breakup of the global Out-Of-Band (OOB) authentication market based on the enterprise size?
9. What is the breakup of the global Out-Of-Band (OOB) authentication market based on the industry vertical?
10. What are the key regions in the global Out-Of-Band (OOB) authentication market?
11. Who are the key players/companies in the global Out-Of-Band (OOB) authentication market?
Table of Contents
1 Preface3 Executive Summary13 Value Chain Analysis15 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Out-of-Band (OOB) Authentication Market
6 Market Breakup by Component
7 Market Breakup by Authentication Channel
8 Market Breakup by Deployment Mode
9 Market Breakup by Enterprise Size
10 Market Breakup by Industry Vertical
11 Market Breakup by Region
12 Drivers, Restraints, and Opportunities
14 Porters Five Forces Analysis
16 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- 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
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 146 |
Published | January 2024 |
Forecast Period | 2023 - 2032 |
Estimated Market Value ( USD | $ 1.2 Billion |
Forecasted Market Value ( USD | $ 6.6 Billion |
Compound Annual Growth Rate | 20.3% |
Regions Covered | Global |
No. of Companies Mentioned | 11 |