Out of Band Authentication Market Worth $1,532 Million by 2023 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 6, 2019 /PRNewswire/ -- According to a new market research report "Out of Band Authentication Market by Component (Solution (Hardware, Software), Service), Authentication Channel (SMS, Email, Push Notification Voice, Token-Based, Others), Deployment Type, Organization Size, Vertical, and Region - Global forecast to 2023", published by MarketsandMarkets™, the Out of Band Authentication Market size is expected to grow from USD 533 million in 2018 to USD 1,532 million by 2023, at a Compound Annual Growth Rate (CAGR) of 23.5% during the forecast period.
The key factors driving the Out of Band Authentication Market include growing need for frictionless Out of Band Authentication solutions among organizations, stringent data protection regulations for information security, increasing instances and sophistication of authentication-related frauds and data breaches, and growing adoption of digital payment modes.
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The software solutions segment to account for the highest market share in 2018
Software solutions are available as applications, suites, and development kits. The users need not carry any hardware devices for authentication and can be provided with soft tokens which can be installed on mobile devices. With the BYOD trend on the rise in the organizations, organizations are looking toward software-based authentication solutions which carry less complexity, and high ease of use. Software-based solutions support all major authentication channels which include SMS, email, push notification, and biometrics. With the difficulties in handling hardware-based solutions and greater flexibility offered by software solutions, the demand for software solutions is increasing.
The cloud segment is expected to grow at a higher CAGR during the forecast period
Cloud-based services are provided directly through the cloud-deployed network connection. The cloud deployment mode is the fastest growing segment in the Out of Band Authentication Market. Organizations can avoid certain costs, such as maintenance of infrastructure, and technical staff by using the cloud-based authentication solutions. The cloud-based platforms are beneficial for organizations that have strict budgets for security investments. Small and Medium-sized Enterprises (SMEs) deploy their Out of Band Authentication solutions on cloud, as it enables them to focus on their core competencies, rather than to invest their capital on security infrastructures. Low cost of installation, upgrade, and maintenance helps to fuel growth in the adoption of cloud-based out of band authentication solutions.
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North America is expected to account for the largest market size during the forecast period
North America is expected to account for the largest market size in the overall Out of Band Authentication Market during the forecast period. 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 Out of Band Authentication solutions and services. The presence of many Out of Band Authentication vendors, as well as, widespread awareness about these solutions would continue to account for the region's highest market share during the forecast period.
The Out of Band Authentication Market comprises major solution providers, such as Gemalto (Netherlands), CA Technologies (US), Symantec (US), Ping Identity (US), RSA Security (US), Entrust Datacard (US), EZMCOM (US), Duo Security (US), StrikeForce Technologies (US), Nok Nok Labs (US), SolidPass (Turkey), Protectimus (UK), SAASPASS (US), DynaPass (US), i-Sprint Innovations (Singapore). The study includes an in-depth competitive analysis of the key players in the Out of Band Authentication Market, along with their company profiles, recent developments, and key market strategies.
Browse Adjacent Markets: Information Security Market Research Reports & Consulting
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