Out-of-band authentication Market to Cross $1,143 Million by 2023

The global out-of-band authentication market was valued at $274 million in 2016 and is projected to reach $1,143 million by 2023, growing at a CAGR of 22.80% from 2017 to 2023. In 2016, the phone-based OOB authentication segment accounted for the highest revenue share in the global market.

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Rise in volume of online transaction, continuous increase in advanced & complex threats, and rise in compliance requirements drive the growth of the global out-of-band authentication market growth. However, risk included in OOB authentication with SMS and high product association costs hamper the market growth.

The phone-based OOB authentication segment dominated the global market in 2016, and is expected to remain dominant during the forecast period, owing to surge in adoption of phone-based OOB authenticators among end users

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Based on end user, the BFSI segment led the market in 2016, and is projected to maintain its dominance in the future. However, the payment card industry segment is expected to witness the highest growth, owing to enforcement of regulations by the regulatory authorities related to data security.

North America generated the highest revenue in 2016; however, Asia-Pacific segment is anticipated to witness the fastest growth rate during the forecast period.

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