by The Out-of-Band (OOB) authentication provides secure access to essential online services by utilizing a separate channel other than the primary network for confirming user identities and sign-ins. OOB authentication delivers multi-factor authentication (MFA) security through separate channels like SMS, mobile apps, security keys, and others. The global Out-of-Band Authentication Market is estimated to be valued at US$ 1.36 Bn in 2023 and is expected to exhibit a CAGR of 19 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing demand for secure authentication from various organizations has been a major driver for the growth of the OOB authentication market. With growing cyber threats and security breaches, organizations across various sectors are implementing strong authentication methods to protect sensitive data and transactions. OOB authentication provides that additional layer of security by verifying users through separate channels rather than just passwords. This has increased its adoption as users can seamlessly access essential online services with two-factor or multi-factor authentication for credentials and transactions.
SWOT Analysis
Strength: Out-of-Band Authentication provides stronger security by not relying solely on usernames and passwords that can be easily hacked or phished. It offers an additional layer of protection beyond traditional authentication methods.
Weakness: Implementing Out-of-Band Authentication involves additional costs and complexity compared to simple password-based systems. It also requires user efforts to approve access on a separate channel.
Opportunity: With rising security threats and data breaches, there is increasing demand for multifactor authentication and other stronger identity verification systems from both individuals and organizations. This drives the need for Out-of-Band Authentication.
Threats: Alternative security solutions like biometrics and security keys offer similar levels of protection without requiring users to separately approve logins on another device. This poses a threat to market potential.
Key Takeaways
The Global Out-Of-Band Authentication Market Share is expected to witness high growth.
Regional analysis comprises: The market is dominated by North America currently due to strong security standards and regulations. Asia Pacific is expected to grow at the fastest rate due to increasing internet usage and rising adoption of online services in developing economies.
Key players operating in the Out-of-Band Authentication are IBM Corporation, Haivision, Brightcove, Qumu, Kaltura, Sonic Foundry, Vimeo, SprountVideo, VBrick, MediaPlatform, Dacast, Agile Content, and Wowza, and Panopto. Out-of-Band Authentication verifies the identity of users by leveraging a separate channel of communication rather than traditional usernames and passwords alone. This provides an additional layer of security beyond conventional authentication methods. With the rapid growth in online financial transactions and digital services, demand for stronger identity verification is surging from both enterprises and consumers. Key players are focusing on developing innovative OOB authentication solutions to capitalize on this opportunity.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
