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-related 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 Out of Band Authentication Market:
- By component, the solutions segment is expected to record a 12.4% CAGR by 2032
- By organization size, the SME segment is 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 in the global out of band authentication market include Gemalto, CA Technologies, Symantec, Ping Identity, and 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 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.
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Out of Band Authentication Market Segmentation:
By Component:
- Solutions
- Hardware Solutions
- Software Solutions
- in Services
- Professional Services
- Managed Services
By Authentication Channel:
- via SMS
- via Email
- via Push Notification
- via Voice
- Token-based
- Other Channels
By Deployment Type:
- Cloud-based
- On-Premises based
By Organisation Size:
- for SMEs
- for Large Enterprises
By Vertical:
- in Banking
- in financial services and Insurance
- in Government and Defence
- in Retail
- in Healthcare
- in IT and Telecom
- in Energy and Utilities
- in Other Verticals (Manufacturing, Travel and Hospitality, Education, and Media & Entertainment)
By Region:
- North America Market
- Europe Market
- Asia Pacific Market
- Middle East & Africa Market
- Latin America Market
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