Out of Band Authentication Market by Component, Authentication Channel, Deployment Type, Organization Size, Vertical, and Region - Global forecast to 2023

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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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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Correspondence Management System Market will expand it’s marketsize $3.5 billion by 2023

According to market research report on "Correspondence Management System Market by Component, Delivery Channel (Email, Web, and SMS/MMS), Application (Mailroom Automation, Engineering Document Control), Deployment Model, Organization Size, Industry Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Global Correspondence Management System Market size is expected to grow from USD 1.9 billion in 2018 to USD 3.5 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 12.6% during the forecast period.

The key factors driving the Correspondence Management System Market include increasing need for automating and personalizing communication systems and timely and secured internal and external communications.

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Government and Public Sector industry vertical to grow at the second highest CAGR during the forecast period

The government and public sector industry vertical cover all the government organizations and agencies. The responsibilities of these organizations are to interact with tax collection, safety, public interest, education, and others. These communications are conducted through various correspondences, such as letters, emails, fax, bills, invoice, agreements, and contracts. Most of the organizations pertaining to government and public sector lose hundreds of daily interactions. Moreover, they fail to follow up important communications. Hence, government and public organizations are moving toward effective correspondence management system to streamline the complete lifecycle of correspondences

Mailroom automation application to hold the largest market share and highest CAGR during the forecast period

With the advent of cloud-based technologies and increasing digitalization, organizations are increasingly adopting mailroom automation to automate their internal and external business communication processes. The mailroom automation helps organizations classify their incoming correspondences as per their category, content and appearance, and send them to the respective department or the person. An organization receives thousands of correspondences and needs to conduct internal and external communications. Thus, it is very difficult for any organization to keep track of all the correspondences and respond to them. Moreover, the manual mail sorting process is very time-consuming and expensive to implement. Therefore, many organizations are using mailroom automation to manage their correspondences.

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Software component to account for the largest market size during the forecast period

The software segment is growing at a significant rate, due to the increasing demand for correspondence management, document management, digital asset management, and eDiscovery by enterprises to achieve strategic advantage and streamline their internal and external communications. Most of the enterprises are considering that customer communication data plays a crucial role in acquiring new customers and sustaining existing ones. All these factors are expected to propel the adoption of correspondence management system software. The deployment of various correspondence management solutions is vital in sourcing, monitoring, and managing communications, and extracting intelligible strategic business insights from the internal and external communication data generated by enterprises.

North America to hold the largest market size during the forecast period

The global Correspondence Management System Market by region covers 5 major regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. North America constitutes the highest market share, owing to the early adoption of advanced technology solutions as well as prominent initiatives taken by industry players through partnerships with various technology players. The US and Canada are witnessing increased adoption among government and public sector.

Major global vendors of Correspondence Management System Market are IBM (US), Microsoft (US), Adobe (US), OpenText (Canada), Pitney Bowes (US), Rosslyn Analytics (England), MicroPact (US), Fabasoft (Austria), NewGen (India), Everteam (France), Xerox (US), Palaxo (UAE), Top Down Systems (US), IT-Blocks (Egypt), and CATEC (UAE).

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