Out of Band Authentication Market Forecasts and Growth Opportunity By Industry Players: Gemalto, CA Technologies, Symantec , Ping Identity, RSA Security, Entrust Datacard, EZMCOM , Duo Security, StrikeForce Technologies, NokNok Labs and Others.
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The Out of Band Authentication (OOBA) Market size is expected to grow from US$ 533 Million in 2018 to US$ 1,532 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 23.5% during the forecast period. The factors expected to drive the OOBA market are the growing need for frictionless OOBA solutions among organizations and stringent data protection regulations for information security.
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“Services segment is expected to grow at a higher CAGR during the forecast period”
The Out of Band Authentication Market by service includes professional and managed services. Further, professional services have been classified into consulting, training and education, audit and reporting and support and maintenance services. These services help clients understand their OOBA solutions and related processes. The solution segment is expected to hold a larger market size during the forecast period.
“Increasing deployment of cloud-based OOBA solutions in SMEs is expected to drive the growth of the SMEs segment during the forecast period”
The SMEs segment is expected to grow at a higher CAGR, owing to the rising deployment of the cloud-based Out of Band Authentication solutions by SMEs to secure their web applications, mobile applications, mobile devices, infrastructure and Application Programming Interfaces (APIs) from unauthorized access, vulnerabilities, and attacks. SMEs are small in terms of their size, but cater to a large number of customers globally. Weak cyber security and low budget make the SMEs more susceptible to data breaches and identity thefts as most of the organizations lack proper security protocols to their organizations’ applications, platforms, and infrastructures.
“Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period”
APAC includes major economies, such as India, China, Australia, Hong Kong, and Japan, which are rapidly deploying the Out of Band Authentication solution. APAC is expected to grow at the highest CAGR during the forecast period. The APAC OOBA market is gaining traction, as this region is showing the highest growth of Internet of Things (IoT), Bring Your Own Device (BYOD), web applications adoption for their business functions and this in turn increases the need to secure these solutions against cyber threats, identity-based threats and attacks. SMEs as well as large organizations in the APAC region have become more aware of OOBA services and started adopting them to combatidentity-based threats and data thefts to their infrastructures, endpoints, and cloud-based applications.
Top Key Players in the “Out of Band Authentication Market” include are Gemalto (Netherlands), CA Technologies (US), Symantec (US), Ping Identity (US), RSA Security (US), Entrust Datacard (US), EZMCOM (US), Duo Security (US), StrikeForce Technologies (US), NokNok Labs (US), SolidPass (Turkey), Protectimus (UK), SAASPASS (US), DynaPass (US), i-Sprint Innovations (Singapore).
Reason to Access this report:
The report would help the market leaders/new entrants in this market with information about the closest approximations of the revenue numbers for the overall Out of Band Authentication market and its sub segments. It would help stakeholders understand the competitive landscape and gain more insights to better their positions and plan suitable go-to-market strategies.
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Competitive Landscape of Out of Band Authentication Market:
1 Microquadrant Overview
1.1 Visionary Leaders
1.3 Dynamic Differentiators
1.4 Emerging Companies
2 Competitive Benchmarking
2.1 Analysis of Product Portfolio of Major Players in the Out of Band Authentication Market
2.2 Business Strategies Adopted By Major Players in the Out of Band Authentication Market
3 Competitive Scenario
3.1 Partnerships, Agreements, and Collaborations
3.2 New Product Launches/Product Enhancements
3.3 Mergers and Acquisitions
3.4 Business Expansions
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