This study includes the analytical depiction of the global out-of-band authentication market along with current trends and future estimations to determine the imminent investment pockets.
Out-of-band (OOB) Authentication is a verification technique, which uses two different networks that work simultaneously. This type of sophisticated authentication system is used to provide extra protection against unauthorized access and confirmations, and prevents fraud and hacking.
It effectively blocks many kinds of hacking and identifies theft in online banking. Multifactor authentication systems primarily use credentials such as passwords, security tokens, cellphones, PINs, smart cards for authentication.
The OOB authentication method comprises mobile phone-based OOB authentication tokens, including backup call and SMS and hardware OOB authentication tokens.
Rise in volume of online transactions, continuous increase in advanced & complex threats, and rise in compliance requirements are some of the major factors that have propel the growth of the out-of-band authentication market. However, risks included in OOB authentication with SMS and high product association cost restrain the market growth.
Conversely, increase in adoption of OOB authentication by small- 7 medium-sized businesses is expected to provide numerous opportunities for this market.
Phone-based OOB authentication is expected to grow at a significant pace during the forecast period. The BFSI segment led the market in 2016, and is expected to continue to this trend in the near future.
Furthermore, North America is expected to dominate overall market during the forecast period, as it is the highest adopter of authentication software and services.
The report focuses on the growth prospects and restraints of the market based on the analysis of regional trends. The study provides Porters Five Forces analysis of the industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the growth of the market.
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