The global out of band authentication market is estimated to garner US$ 4.3 Billion while exhibiting a 13.2% CAGR during the forecast period. The growing support from several governments is likely to fuel the market growth in the coming years. The industry is expected to secure US$ 1.2 Billion in 2022.
The rising need for frictionless out of band authentication solutions among organizations and stringent data protection regulations for information security is the main driver of the market. Also, the growing instances of authentication relate frauds and data breaches increase the growth of the band authentication market.
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The increasing use of cloud-based technology such as artificial intelligence, big data and blockchain in many enterprises impelled the growth of the market. Also, the increasing adoption of digital payment modes increases the demand of the market in forecasting years which is often used in financial institutions and other organizations with high-security requirements. The services segment is likely to offer remunerative opportunities for the global out of band authentication market.
Key Takeaways from the Market Study
- By component, the solutions segment is expected to record an 12.4% CAGR by 2032
- By organization size, the SMEs segment to expand at a 12.4% growth rate during the forecast period
- The U.S market to garner US$ 1.5Billion and record a 13.1% CAGR from 2022-2032
- Market in China to procure US$ 300.1 Million, expanding at a 12.5% growth rate during the assessment period
Competitive Landscape
Key players of the global out of band authentication market include Gemalto, CA Technologies, Symantec, Ping Identity, RSA Security among others. Market players are leveraging strategic collaborative initiatives to increase their market share and increase their profitability. Recent developments among key players are:
- In June 2022 – Thales Technologies has signed a contract with Samsung through which it will provide next-generation single-chip solutions embedded in Samsung’s latest flagship smartphone. Its secure solution enables connectivity and contactless services in Samsung’s Galaxy S20 series. The single-chip combines an embedded secure element (eSE) and an embedded SIM (eSIM) that enables high-performance contactless services and a fully digitalized mobile connectivity experience for highly compact smartphones, smartwatches, and tablets.
- In May 2022 – OneSpan, one of the global leaders in securing remote banking transactions, announced that leading Turkish bank, DenizBank, is using OneSpan’s Mobile Security Suite to protect 2.6 million mobile customers across the bank’s mobile banking app MobilDeniz, mobile wallet fastPay and card management application DenizKartõm.
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global out of band authentication market presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
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Key Segments Covered in the Out of Band Authentication Market Report
Out of Band Authentication by Component:
- Out of Band Authentication Solutions
- Hardware Solutions
- Software Solutions
- Out of Band Authentication in Services
- Professional Services
- Managed Services
Out of Band Authentication by Authentication Channel:
- Out of Band Authentication via SMS
- Out of Band Authentication via Email
- Out of Band Authentication via Push Notification
- Out of Band Authentication via Voice
- Token-based Out of Band Authentication
- Other Out of Band Authentication Channels
Out of Band Authentication by Deployment type:
- Cloud based Out of Band Authentication
- On-Premises based Out of Band Authentication
Out of Band Authentication by Organisation Size:
- Out of band authentication for SMEs
- Out of band authentication for Large Enterprises
Out of Band Authentication by Vertical:
- Out of band authentication in Banking
- Out of band authentication in financial services and Insurance
- Out of band authentication in Government and Defence
- Out of band authentication in Retail
- Out of band authentication in Healthcare
- Out of band authentication in IT and Telecom
- Out of band authentication in Energy and Utilities
- Out of band authentication in Other Verticals (Manufacturing, Travel and Hospitality, Education, and Media & Entertainment)
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Related Link :
https://tannda.net/read-blog/12549
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https://ubiz.chat/read-blog/25745
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