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The Global Out-of-band (OOB) Authentication Market size is expected to reach $1.0 billion by 2023, rising at a market growth of 22.1% CAGR during the forecast period. Out-of-band (OOB) Authentication is a technique used in verification, using two different networks working simultaneously. This is a system used to provide added protection against unauthorized access and confirmations, and preventing fraud and hacking. The adoption of the system blocks various kinds of hacking and identifies theft while conducting online transactions. The growth of the market could be attributed to factors such as growing volume of online transactions, continuous increase in advanced & complex threats, growing need for compliances, and increase in adoption of OOB authentication by small- & medium-sized businesses.
However, risks associated with OOB authentication with SMS and high product association costs would have a negative impact on the market growth during the forecast period. Based on Solution Type, the market report segments the market into Phone-based and Hardware. Based on Vertical, the market report segments the market into BFSI, Payment Card Industry, Government, Healthcare & Lifesciences, and Others. Based on Regions, the Out-of-band (OOB) Authentication market segments the market into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
The market research report covers the competition analysis of key stake holders of the Global Out-of-band (OOB) Authentication Market. Key companies profiled in the report include CA Technologies, Inc., Symantec Corporation, CensorNet Ltd., Deepnet Security, Early Warning Services, LLC, Gemalto NV, Shearwater Group (SecurEnvoy Ltd.), StrikeForce Technologies, Inc., BICS (TeleSign), and VASCO Data Security International, Inc.