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Out of Band Authentication Market Size,
Share, Trends, Opportunities, Growth Factors 2023
The Out of Band Authentication (OOBA) market is defined as a process that uses two different signals from two or more authentication channels for the authentication of a user. The process relies on two or more unconnected channels for authentication, which prevents identity frauds and account takeovers. OOBA solutions are available as hardware and software solutions, which essentially prevent man-in-the-middle attacks. Two-factor Authentication (2FA) or Multi Factor Authentication (MFA) make use of SMS, email, push notification, biometric, voice, and various other authentication channels to allow users to authenticate themselves on other bands apart from the one they have logged in. The global OOBA market 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% from 2018 to 2023.
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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.
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.
Market Players
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), Nok Nok 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.
Gemalto is prominently recognized for providing OOBA solutions and services to a wide range of customers across verticals. Gemalto’s solutions help safeguard both ends of the network: on the client’s side (in the form of secure software solutions and devices) and on the server’s side (in managing the data it holds and interchanges). The company specializes in security processes, software, and cryptography. It also enables the easy working of governments with the help of digital technology. Gemalto is focused on leveraging its existing brand image and has developed its offerings in the current global market. The company is investing in R&D activities to develop and improve products and solutions offered in the OOBA market, which help prevent suspicious activities. In June 2018, Gemalto introduced the Virtualized Network Encryption platform for customers to address the changing security needs of data. The company also follows inorganic strategies, such as partnerships and acquisitions, to expand its market reach. For instance, in June 2018, Gemalto partnered with Entrust Datacard, an identity and secure transaction technology provider.
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