Out-of-band Authentication Market Size Bold Visions and Strategies for Epic Growth

The report examines the dynamics of the Out-of-band Authentication market, aiming to assess its overall value. It delves into the factors that drive growth, impede progress, present opportunities, and pose threats. The valuation of different market segments and sub-segments relies significantly on these variables explored in the research. To ensure accuracy, the research adopts methodologies such as Porter’s Five Forces model, enabling the identification of potential risks and helping in the avoidance of unfavorable financial decisions.

Global Out-of-band (OOB) Authentication Market is valued approximately USD $ million in 2021 and is anticipated to grow with a healthy growth rate of more than $ over the forecast period 2022-2028. The Out-of-band (OOB) Authentication can be defined as a type of two-factor authentication that uses a secondary verification method through a separate communication channel along with the typical ID and password. OOB Authentication is widely utilized by financial institutions and organizations where high security standards are required. The rising growth of online transactions in Post covid era and increasing penetration of smartphones as well as recent collaboration from leading market players are factors that are accelerating the global market demand.

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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.

For instance, according to Statista – during FY 2020, the volume of digital payments in India was estimated at 34 billion transactions and this number is further increased to 71.95 billion transections. In addition, in 2022, globally total transaction value in the Digital Payments segment is estimated at USD 8.49 trillion and the transaction value is projected to show a CAGR of 12.82% between 2022 & 2026 to reach to USD 13.75 trillion by 2026. Furthermore, leading market players are working towards strategic collaborations and partnerships to leverage the growing demand for OOB Authentication solutions. For instance, in January 2022, Australia based EML Payments Ltd (EML) partnered with Zurich based Netcetera, to implement their state-of-the-art Access Control Server (ACS) which includes a Risk Based Authentication (RBA) solution.

Netcetera ACS is based on a modular system, and offers an integrated Out of Band (OOB) authentication method. Also, growing number of compliance requirements by Central Banks and rising incidences of online financial frauds are anticipated to act as a catalyzing factor for the market demand during the forecast period. However, security concerns associated to the Out-of-band (OOB) Authentication & high association cost of OOB Authentication impede the growth of the market over the forecast period of 2022-2028.

The key regions considered for the global Out-of-band (OOB) Authentication Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading region across the world in terms of market share owing to the growing number of financial frauds and presence of leading market players in the region. Whereas, Asia Pacific is anticipated to exhibit a significant growth rate over the forecast period 2022-2028. Factors such as the thriving growth of online payment gateways and increasing penetration of leading market players, would create lucrative growth prospects for the global Out-of-band (OOB) Authentication Market across the Asia Pacific region.

Major market players included in this report are:

CensorNet

Deepnet Security

CA Technologies (Broadcom Inc.)

Early Warning Services, LLC

Gemalto N.V. (Thales DIS)

SecurEnvoy Ltd.

StrikeForce Technologies, Inc.

NortonLifeLock, Inc. (Symantec Corporation)

TeleSign Corporation

OneSpan (VASCO Data Security International, Inc.)

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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Component

Solution

Services

By Deployment Type

On Premise

Cloud

By Enterprise Size

Large Enterprises

Small and Medium Sized Enterprises

By End Use Industry

BFSI

IT and Telecom

Government and Defense

Retail, Healthcare

Media and Entertainment

Others

By Region:

North America

U.S.

Canada

Europe

UK

Germany

France

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Spain

Italy

ROE

Asia Pacific

China

India

Japan

Australia

South Korea

RoAPAC

Latin America

Brazil

Mexico

Rest of the World

Market Dynamics:

• Surging air traffic: As the global aviation industry continues to expand, there is a corresponding increase in market demand.
• Heightened emphasis on safety and reliability: The aerospace and defense sector places significant importance on ensuring safety and reliability, which drives the need for top-notch market offerings.
• Growing commitment to environmental sustainability: The aerospace and defense industry is increasingly dedicated to reducing its carbon footprint, resulting in the adoption of sustainable aviation fuels.
• Escalating globalization: The growth of international trade and travel propels the demand for market solutions.
• Increasing desire for private air transportation: The rising number of affluent individuals and their preference for exclusive air travel are generating fresh opportunities in the market.
• Expanding utilization of digital fuel management systems: The integration of digital fuel management systems facilitates efficient fuel consumption and reduces associated costs.
• Advancements in fuel cell technology: Ongoing developments in fuel cell technology unlock new possibilities for the production of sustainable market alternatives.
• Mounting demand for air cargo transportation: The flourishing e-commerce sector fuels an increasing need for air cargo transportation, thereby driving the demand for market offerings.
• Rising defense budgets: Governments worldwide are augmenting their defense spending, leading to heightened market demand.

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