Out-Of-Band (OBB) Authentication Market

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Global Out-Of-Band (OBB) Authentication Market
Is Estimated To Witness High Growth Owing To
Increasing Cybersecurity Concerns And Growing
Adoption Of Cloud-Based Solutions

• The global Out-Of-Band (OOB) Authentication
  Market is estimated to be valued at US553.45
  million in 2020 and is expected to exhibit a CAGR
  of 22.8 over the forecast period 2021 to
  2030, as highlighted in a new report
  published by Coherent Market Insights.
• Market Overview
• Out-of-band authentication is a method used to
  verify the identity of users accessing online
  platforms or systems. It involves the use of two
  different communication channels to authenticate
  a user, providing an extra layer of security. OOB
  authentication is widely adopted in industries
  such as banking, healthcare, e-commerce, and
  government to mitigate the risk of identity
  theft and data breaches.
• The market offers various products and
  solutions for out-of-band authentication,
  including SMS authentication, voice
  authentication, email authentication, and
  push notifications. These solutions help
  organizations authenticate user identities and
  protect sensitive information from unauthorized
  access.
• Market Dynamics
• The global Out-Of-Band (OOB) Authentication
  Market is driven by two main factors increasing
  cybersecurity concerns and the growing adoption
  of cloud-based solutions.
• One driver contributing to the market
  growth is the rise in cyber attacks and
  data

breaches globally. Organizations are increasingly
facing the challenge of securing their
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• networks and protecting sensitive data from
  hackers. Out-of-band authentication provides an
  effective solution to mitigate the risk of
  unauthorized access and ensure the authenticity
  of user identities.
• For example, in 2020, the COVID-19 pandemic led
  to a surge in cyber attacks targeting remote
  workers. Hackers took advantage of the increased
  use of online platforms and exploited
  vulnerabilities in authentication systems. As
  a result, organizations have recognized
  the need for stronger security
  measures, including out-of-band
  authentication, to protect their networks and
  sensitive data.
• Another driver fueling market growth is the
  growing adoption of cloud-based solutions. With
  the increasing digitization of businesses
  and the shift towards remote work,
  organizations are relying more on
  cloud-based platforms and services.
  Out-of-band authentication provides an added
  layer of security for cloud-based applications,
  ensuring that only authorized users can access
  sensitive data stored in the cloud.
• Segment Analysis
• The out-of-band authentication market can be
  segmented based on the authentication method,
  end-user industry, and region.
• Based on the authentication method, the SMS
  authentication segment dominates the market,
  as it is widely adopted by organizations
  due to its simplicity and ease of
  implementation. SMS authentication involves
  sending a One-Time Password (OTP) to the user's
  mobile device, which they enter to authenticate
  their identity.
• PEST Analysis
• The PEST analysis for the out-of-band
  authentication market is as follows
• Political Governments worldwide are
  increasingly focusing on strengthening
  cybersecurity regulations and frameworks to
  protect critical infrastructure and personal
  data. This creates a favorable environment for
  the adoption of out-of-band authentication
  solutions.
• Economic The market for out-of-band
  authentication is expected to grow as
  organizations invest in cybersecurity
  solutions to safeguard their digital assets
  and maintain customer trust.
• Social With the increasing frequency of data
  breaches and cyber attacks, individuals are
  becoming more aware of the importance of secure
  authentication methods. This drives the demand
  for out-of-band authentication to protect their
  personal information.

E) Key Takeaways
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• The global out-of-band authentication market
  is expected to witness high growth,
  exhibiting a CAGR of 22.8 over the forecast
  period, due to increasing cybersecurity concerns
  and the growing adoption of cloud-based
  solutions.
• North America is considered the fastest-growing
  and dominating region in the market, driven by
  the presence of major cybersecurity solution
  providers and strict regulations pertaining to
  data security.
• Key players operating in the global
  out-of-band authentication market include
• Broadcom, Entrust Datacard Corporation, Deepnet
  Security, Early Warning Services, LLC, Gemalto
  NV, SecurEnvoy Ltd, StrikeForce
  Technologies, Inc., TeleSign, Symantec
  Corporation, OneSpan Inc., DynaPass Inc., and
  Duo, among others