According to new market research report on "Out of Band Authentication Market by
Component (Solution (Hardware, Software), Service), Authentication Channel
(SMS, Email, Push Notification Voice, Token-Based, Others), Deployment Type,
Organization Size, Vertical, and Region - Global forecast to 2023", The OOBA market
size is expected to grow from USD 533 million in 2018 to USD 1,532 million by
2023, at a Compound Annual Growth Rate (CAGR) of 23.5% during the forecast
period.
The key factors driving the OOBA market include
growing need for frictionless OOBA solutions among organizations, stringent
data protection regulations for information security, increasing instances and
sophistication of authentication-related frauds and data breaches, and growing
adoption of digital payment modes.
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in-depth TOC on “Out of Band Authentication Market”
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The software solutions segment to account for the highest market share in 2018
Software solutions are available as applications,
suites, and development kits. The users need not carry any hardware devices for
authentication and can be provided with soft tokens which can be installed on
mobile devices. With the BYOD trend on the rise in the organizations,
organizations are looking toward software-based authentication solutions which
carry less complexity, and high ease of use. Software-based solutions support
all major authentication channel which include SMS, email, push notification,
and biometrics. With the difficulties in handling hardware-based solutions and
greater flexibility offered by software solutions, the demand for software
solutions is increasing.
The cloud segment is expected to grow at a higher
CAGR during the forecast period
Cloud-based services are provided directly through
the cloud-deployed network connection. The cloud deployment mode is the fastest
growing segment in the OOBA market. Organizations can avoid certain costs, such
as maintenance of infrastructure, and technical staff by using the cloud-based
authentication solutions. The cloud-based platforms are beneficial for
organizations that have strict budgets for security investments. Small and
Medium-sized Enterprises (SMEs) deploy their OOBA solutions on cloud, as it
enables them to focus on their core competencies, rather than to invest their
capital on security infrastructures. Low cost of installation, upgrade, and
maintenance helps to fuel growth in the adoption of cloud-based out of band
authentication solutions.
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North America is expected to account for the largest
market size during the forecast period
North America is expected to account for the largest
market size in the overall OOBA market during the forecast period. The increase
in the number of Internet of Things (IoT) and connected devices and
vulnerabilities associated with them are some of the factors driving the
adoption of OOBA solutions and services. The presence of many OOBA vendors, as
well as, widespread awareness about these solutions would continue to account
for the region’s highest market share during the forecast period.
The OOBA market comprises major solution providers,
such as Gemalto (Netherlands), CA Technologies (US), Symantec (US), Ping
Identity (US), RSA Security (US), Entrust Datacard (US), EZMCOM (US), Duo
Security (US), StrikeForce Technologies (US), NokNok Labs (US), SolidPass
(Turkey), Protectimus (UK), SAASPASS (US), DynaPass (US), i-Sprint Innovations
(Singapore). The study includes an in-depth competitive analysis of the key
players in the OOBA market, along with their company profiles, recent
developments, and key market strategies.
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Content Source: https://www.marketsandmarkets.com/PressReleases/out-of-band-authentication.asp
Report: https://www.marketsandmarkets.com/Market-Reports/out-of-band-authentication-market-24943349.html
Mr. Sanjay Gupta
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/out-of-band-authentication.asp
Report: https://www.marketsandmarkets.com/Market-Reports/out-of-band-authentication-market-24943349.html
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