Out of Band Authentication Market 2021 Precise Outlook - Early Warning Services LLC, Gemalto N.V., Strike Force Technologies Inc., Vasco Data Security International Inc

The Global Out of Band Authentication Market Research Report 2021-2026 is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand, and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.

The global out of band authentication market was valued at USD 443.81 million in 2019, and it is expected to reach a value of USD 846.80 million by 2025, registering a CAGR of 11.37% over the forecast period 2020 - 2025.

Top Companies in the Global Out of Band Authentication Market are NortonLifeLock Inc., Cisco Systems, Inc., Censornet Ltd., Deepnet Security Ltd., Early Warning Services LLC, Gemalto N.V., Strike Force Technologies Inc., Vasco Data Security International Inc., CA Technologies Inc., SecurEnvoy Ltd. and others.

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Key Market Trends

BFSI Segment is Expected to Witness Significant Growth and Drive the Market

- Increasing internet penetration, growing m-commerce market, and early adoption of online payment services is expected to drive the out of band authentication market, which is often used in financial institutions and other organizations with high-security requirements.

- Most financial institutions are utilizing various forms of out of band authentication methods, for instance, voiceprint technology used to provide biometric verification by the user or the user is asked to text a code displayed after login from their registered smartphone to the institution. It secures the communications with only a slight increase in complexity for a user. Moreover, the methods are also much cheaper to financial institutions to deploy than security key fobs or more complex biometric methods and hence, are expected to drive the market.

- In addition, the number of security concerns associated with mobile payments is on the rise and is expected to compel the market growth. For example, malicious app clones are a major problem when it comes to android phones as such apps are either published on alternate, less regulated app stores or distributed as standalone.apk packages. In the case of iOS fraudsters target via jail-broken devices. Owing to this, various vendors are increasingly spending on payment security and are tying up with the out of band authentication providers and accelerating the market.

North America Will Experience Significant Growth and Drive the Market

- North America is expected to hold a prominent share in the out of band Authentication market owing to the increase in the number of Internet of Things (IoT) and connected devices and vulnerabilities associated with them are some of the factors driving the adoption of OOBA solutions and services.

- The government of Canada and the United States relies heavily on the use of information systems to support its basic and essential business functions and to deliver programs and services their citizens. For instance, the Government of Canada uses an out-of-band token, which is a combination of a physical device (e.g., mobile phone, landline telephone) and a secret that is transmitted to the device by a verifier each time authentication is required.

- Also, the COVID-19 pandemic has resulted in an increase in mobile payments in the United States. For instance, San Francisco-based AppsFlyer, a software-as-a-service (SaaS) mobile analytics and attribution platform, reports a 22% increase in in-app purchases during the month of March. This, as United States residents, has begun to rely even more on their mobile devices while being stuck at home due to the global Coronavirus (COVID-19) pandemic.

- For instance, digital banking apps managed to procure a 17% increase in revenues by 17%. Virtual banking apps in the United States experienced a 60% increase in downloads and installations as customers weren't able to visit brick-and-mortar retail locations due to lockdowns. It is expected to temporarily drive the market in North America.

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What are the market factors that are explained in the report?

Executive Summary: It includes key trends of the global Out of Band Authentication market related to products, applications, and other crucial factors. It also provides an analysis of the competitive landscape and CAGR and market size of the global Out of Band Authentication market based on production and revenue.

Production and Consumption by Region: It covers all regional markets focusing on the research study. It discusses prices and key players besides production and consumption in each regional market.

Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the global Out of Band Authentication market.

Market Segments: This part of the report discusses product type and application segments of the global Out of Band Authentication market based on market share, CAGR, market size, and various other factors.

Research Methodology: This section discusses the research methodology and approaches Out of Band Authentication used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.

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Note: All the reports that we list have been tracking the impact of COVID-19. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.

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