Out of band authentication (OOBA) has been gaining steam as one of the potential types of two-factor authentication among enterprises that call for high security. The OOBA method utilizes a communication channel different from the primary channel that the two entities use to establish a secure medium. The inherent difficulty of compromising authentication channels that are entirely separate and unconnected in the process makes the method increasingly secure against hacking. The application of one-time passcodes (OTPs) sent using via email or SMS text message to establish a secure connection has already risen in worldwide popularity among users.
Some of the other key methods in the out of band authentication market making way for customizable and secure authentication are authentication via a voice call, codes received by a mobile app via push notification, and token-based authentication. Two factors that have led to the rapid evolution of the global out of band authentication market are lower cost and the ease of deployment than a complex biometric method.
The report on the global out of band authentication market offers critical assessment of dynamics influencing the current outlook and emerging avenues. The estimations and projections of various segments in the global out of band authentication market presented in the report offers new entrants evidence-based insights on the future growth trajectories.
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Global Out of Band Authentication Market: Trends and Opportunities
The drive for two-factor authentication such as OOBA stems from the need for a strong authentication solution that is characterized by less administrative overhead and more mobility to users. Rising adoption of OOBA by online banking sites is a key factor accentuating the market. The implementation of robust two-factor authentication to meet statutory guidelines in highly regulatory industries is a notable trend bolstering the demand for OOBA. In the wake of rising tenacity of authentication-related frauds and the consequent loss of revenues, the demand for strong two-factor authentication such as OOBA is imperative in economies across the world.
However there exists a big caveat. The effectiveness of OOBA to save online frauds depends largely on stringent adherence to secondary procedures. For example, the method is more effective if financial institutions adhere strictly to regulatory guidelines. For instance, should the hacker clone the phone or change the mobile number that is registered with the bank, the organization should always go for extra authorization. On the other hand, the staggering rise in digital payments modes, especially in developing economies, is also creating a lucrative ground for the expansion of the out of band authentication market. Small and medium enterprises, especially in the e-commerce sector, are increasingly realizing the benefits of OOBA, and hence integrating it into their authentication methods. Rising adoption of connected devices riding on the back of rapid strides by IoT is catalyzing the growth of the global out of band authentication market.
Global Out of Band Authentication Market: Regional Outlook
Regionally, developed regions are expected to be potentially revenue-generating markets for out of band authentication. Notably, North America and Europe are expected to be increasingly promising regions in the global out of band authentication marke, owing to the rapid adoption of cloud computing in enterprises and the trend of bring your own devices (BYOD) gaining momentum. Several key economies in Asia Pacific are also expected to expand at an attractive growth rate from 2019 to 2026. A great deal of impetus comes from the rising adoption of OOBA by SMEs and the proliferating demand for smart devices.
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Global Out of Band Authentication Market: Competitive Landscape
The report takes a closer look at the current competitive dynamics and factors shaping them. It also analyzes various strategies adopted by new entrants and incumbent players either to consolidate their positions or bolster their revenue in the global out of band authentication market. Some of the key players are adopting business-specific solutions to meet the current diversity of enterprise demand and emerging vulnerabilities in various industries. Prominent players operating in the global out of band authentication market include Strikeforce Technologies, Entrust Datacard, Ping Identity, Symantec, CA Technologies, and Gemalto.