Out of band Authentication Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028

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Out of band Authentication Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028

Status : January, 2022 | Technology & Media

Report Digest


Global Out of Band Authentication Market: Snapshot

The concept of out of band authentication can be defined as a procedure in which the authentication is performed with the help of two diverse signals and two dissimilar channels or networks. The main motive of using such sophisticated authentication process is the prevention of any type of hacking and fraud activities. In recent few years, there is significant growth in use of out of band authentication to prevent false decoding in telecommunication systems. This factor is likely to generate substantial expansion opportunities for the enterprises working in the global out of band authentication market in the upcoming period.

With the increased cases of identity as well as data theft in all worldwide locations, the need for use of various advanced authentication technologies is increasing at rapid pace. This scenario is generating lucrative avenues for players working in the global out of band authentication market. Apart from this, there is remarkable growth in the use of smartphones for digital payment activities. As a result, the threat of losing critical credentials is increasing day by day. Thus, the financial institutes from all across the globe are increasing inclination toward offering various advanced security features such as out of band authentication to their customers. This factor highlights that the global out of and authentication market will expand at decent pace in the years to come.

Major players working in the global out of band authentication market are showing notable investments in the research and development activities. This move is helping enterprises in advancing the quality of services they offer. Apart from this, many players in the market for out of band authentication are increasing focus on the launch of innovative products. All these activities are expected to help in the expansion of the global out of band authentication market in the upcoming years.

Global Out of Band Authentication Market: Overview

The global out-of-band authentication market is likely to display monumental growth in the near future. Spanning outside the defined band for telecommunications frequency, out-of-band is an activity mainly used for protection from false decode in telecommunication systems.

To define, out of band authentication (OOBA) refers to a process where authentication is carried out using two different signals using two different networks or channels. Using such sophisticated authentication, this prevents many kinds of fraud and hacking.

The report on out of band authentication market delves into past and current trends to assess future growth trends in the said market. To present this, analysts employed industry-centric statistical tools and verifiable research methodologies. Further, prevailing competitive hierarchy in the out of band authentication market and how it is expected to change over the forecast period is a highlight of the report.

Global Out of Band Authentication Market: Notable Developments and Competitive Scenario

  • In recent years, with ceaseless smartphone use, digital transaction is becoming common in India. Financial technology companies are striving to launch new authentication solutions to bolster digital security transactions. In this space, Financial Software and Systems has released FSS Secure3D – a new generation adaptive authentication product. Based on EMVCO 3DS 2.0, it is one among top 20 globally certified products.
  • Entrust Datacard – a leading player in the out of band authentication market made news by expanding availability of its proprietary authentication solution - IntelliTrust Authentication Service. The solution is now available integrated with Microsoft’s Azure Active Directory cloud platform.

Global Out of Band Authentication Market: Key Trends

Majorly fuelling the out of band authentication market is rising need to employ sophisticated authentication technologies to prevent data theft and identity theft. The ever-expanding use of smartphones for digital payments carries risk of loss of critical credentials. Vulnerability of unsecure payment gateways can leak user information to third-parties involved in hacking. In such scenarios, employing out of band authentication technologies adds another layer for data security using online banking.

With such enhanced security features, financial institutions and other organizations that have high security requirements often use out-of-band authentication. Online payment gateways and bank transactions that involve critical information are often paired with out of band authentication technology to safeguard information. This boosts the out of band authentication market.

On the downside, out of band authentication has vulnerabilities too. Out of band authentication is usually carried out via SMS messages on user’s mobile phone, which carries risk of being intercepted or redirected.

For such reasons, the U.S. National Institute of Standards and Technology is updating guidelines for digital online authentication. Once these guidelines are implemented it will offer the next level of security to safeguard online data and online identity. This is likely to have a negative impact on the out of band authentication market.

Global Out of Band Authentication Market: Regional Outlook

The global out of band authentication market could be studied across North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. Among them, North America is likely to contribute the leading revenue to the overall out of band authentication market. Excessive use of sophisticated authentication to prevent fraud, especially by financial institutions makes North America a key one.

Asia Pacific, on the other hand, is poised to display healthy growth in the out of band authentication market over the forecast period. Due to increasing BYOD practices among both SMEs and large organizations, need to prevent identity theft is leading to the adoption of sophisticated authentication technologies.

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

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TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?