Global Out-of-Band (OOB) Authentication Market is Estimated to Witness High Growth Owing to the Rising Need for Advanced Security Measures

1
Global Out-of-Band (OOB) Authentication Market Is
Estimated To Witness High Growth Owing To
Increasing Cybersecurity Concerns
Out-of-Band (OOB) Authentication Market The
global out-of-band (OOB) authentication market is
estimated to be valued at US553.45 million in
2020 and is expected to exhibit a CAGR of 22.8
over the forecast period 2021 to 2030, as
highlighted in a new report published by Coherent
Market Insights. A) Market Overview Out-of-band
authentication is a method used to verify the
identity of users accessing online platforms
or systems. It involves the use of two
different communication channels to authenticate
a user, providing an extra layer of security.
OOB authentication is widely adopted in
industries such as banking, healthcare,
e-commerce, and government to mitigate the risk
of identity theft
and data breaches.
2

• The Out-of-Band Authentication Market
  offers various products and solutions for
  out-of-band authentication, including SMS
  authentication, voice authentication, email
  authentication, and push notifications. These
  solutions help organizations authenticate
  user identities and protect sensitive
  information from unauthorized access.
• Market Dynamics
• The global out-of-band authentication market is
  driven by two main factors increasing
  cybersecurity concerns and the growing adoption
  of cloud-based solutions.
• One driver contributing to the market growth is
  the rise in cyber attacks and data breaches
  globally. Organizations are increasingly facing
  the challenge of securing their networks and
  protecting sensitive data from hackers. Out-of-
  band authentication provides an effective
  solution to mitigate the risk of
  unauthorized access and ensure the authenticity
  of user identities.
• For example, in 2020, the COVID-19 pandemic led
  to a surge in cyber attacks targeting remote
  workers. Hackers took advantage of the
  increased use of online platforms and exploited
  vulnerabilities in authentication systems. As a
  result, organizations have recognized the need
  for stronger security measures, including
  out-of-band authentication, to protect their
  networks and sensitive data.
• Another driver fueling market growth is the
  growing adoption of cloud-based solutions. With
  the increasing digitization of businesses and the
  shift towards remote work, organizations are
  relying more on cloud-based platforms and
  services. Out-of-band authentication provides an
  added layer of security for cloud-based
  applications, ensuring that only authorized
  users can access sensitive data stored in the
  cloud.
• Segment Analysis
• The out-of-band authentication market can be
  segmented based on the

authentication method, end-user industry, and
region.
3

• Based on the authentication method, the
  SMS authentication segment dominates the
  market, as it is widely adopted by
  organizations due to its simplicity and ease
  of implementation. SMS authentication involves
  sending a One-Time Password (OTP) to the user's
  mobile device, which they enter to authenticate
  their identity.
• D) PEST Analysis
• The PEST analysis for the out-of-band
  authentication market is as follows
• Political Governments worldwide are increasingly
  focusing on strengthening cybersecurity
  regulations and frameworks to protect critical
  infrastructureand personal data. This creates a
  favorable environment for the adoption of out-of-
  band authentication solutions.
• Economic The market for out-of-band
  authentication is expected to grow as
  organizations invest in cybersecurity solutions
  to safeguard their digital assets and maintain
  customer trust.
• Social With the increasing frequency of data
  breaches and cyber attacks, individuals are
  becoming more aware of the importance
  of secure authentication methods. This drives
  the demand for out-of-band authentication to
  protect their personal information.
• Technological Advancements in technology, such
  as the widespread use of mobile devices and the
  Internet of Things (IoT), provide opportunities
  for the adoption of out-of-band authentication
  solutions across various industries.
• E) Key Takeaways
• The global out-of-band authentication market is
  expected to witness high
• growth, exhibiting a CAGR of 22.8 over the
  forecast period, due to increasing cybersecurity
  concerns and the growing adoption of cloud-based
  solutions.
• North America is considered the fastest-growing
  and dominating region in the market, driven by
  the presence of major cybersecurity solution
  providers and strict regulations pertaining to
  data security.
• Key players operating in the global out-of-band
  authentication market include Broadcom, Entrust
  Datacard Corporation, Deepnet Security, Early
  Warning

4
Services, LLC, Gemalto NV, SecurEnvoy Ltd,
StrikeForce Technologies, Inc., TeleSign,
Symantec Corporation, OneSpan Inc., DynaPass
Inc., and Duo, among others. These players are
actively investing in research and development to
enhance their