Out of Band Authentication Market 2021 Strategic Forecasting – Precise Outlook By 2026
The global out of band authentication market was valued at USD 443.81 million in 2020, and it is expected to reach a value of USD 846.80 million by 2026, registering a CAGR of 11.37% over the forecast period 2021 - 2026.
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Top Leading Companies of 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.
Industry News and Updates:
- June 2020 - Thales Technologies has signed a contract with Samsung through which it will provide next-generation single-chip solutions embedded in Samsung's latest flagship smartphone. Its secure solution enables connectivity and contactless services in Samsung’s Galaxy S20 series. The single-chip combines an embedded secure element (eSE) and an embedded SIM (eSIM) that enables high-performance contactless services and a fully digitalized mobile connectivity experience for highly compact smartphones, smartwatches, and tablets.
- May 2020 - OneSpan, one of the global leaders in securing remote banking transactions, announced that leading Turkish bank, DenizBank, is using OneSpan’s Mobile Security Suite to protect 2.6 million mobile customers across the bank’s mobile banking app MobilDeniz, mobile wallet fastPay and card management application DenizKartm.
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.
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.
Investigator Observers Strong Growth in Specific Regions:
– Europe Market (Germany, UK, France, Russia, Italy)
– Center East and Africa Market (Saudi Arabia, UAE, Egypt, Nigeria, South Africa)
– South America Market (Brazil, Argentina, Colombia)
– North America Market (United States, Canada, Mexico)
– Asia Pacific Market (China, Japan, Korea, India, Southeast Asia).
The Latest Industry Data Included in this Report:
- Out of Band Authentication Market Size & Analysis (2016 - 2026)
- Market Share Analysis of Out of Band Authentication Market (%),2016 - 2026
- Out of Band Authentication Market Share, By Brand
- Out of Band Authentication Market Share, By Company
- Out of Band Authentication Market Assessment & Opportunity (Value),2016 - 2026
- Major Companies Out of Band Authentication Market Value Analysis & Forecast
- Promising Out of Band Authentication Development by Major Companies
- Detailed Out of Band Authentication Portfolio of the Major Companies
- Major Deals in the Out of Band Authentication Market
- Major Companies Analysis
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