"Smart Strategies, Giving Speed to your Growth Trajectory"
Out-of-Band authentication (OOBA) refers to a two-factor authentication method requiring two different verification methods from two different networks that work concurrently. This authentication method is used to provide additional security against unapproved access and also prevent hacking and fraud. The out-of-band authentication process comprises of call and SMS, OTP, mobile phone-based OOB authentication tokens, and others. According to the U.S. Securities and Exchange Commission, there has been a 250% increase in spoofing or business email compromise (BEC) attacks, 350% increase in ransomware attacks and a 70% increase in spear-phishing attacks in companies. Furthermore, the average cost of a cyber-data breach has amplified from US$ 4.9 Mn in 2017 to US$ 7.5 Mn in 2018. All these factors are anticipated to boost the global Out-of-Band authentication market.
To gain extensive insights into the market, Request for Customization
Rising concerns related to data privacy have also fuelled the demand for Out-of-band authentication solutions from businesses handling critical data such as payment card, baking, insurance, and health care, etc. Additionally, stringent data protection regulations for information security by countries have also contributed to the emerging demand for Out-of-band authentication solutions. Heavy fines are also being imposed for non-compliance of the regulations
Key Players in Out-of-band Authentication Market include CA Technologies, Gemalto NV, Symantec Corporation, StrikeForce Technologies Inc., Ping Identity, SAASPASS, i-Sprint Innovations, TeleSign, VASCO Data Security International Inc., Deepnet Security, TeleSign etc.
By Deployment Type
By Organisation Size
By Industry Vertical
Some opportunities in the Out-of-Band authentication market include, increase in identity thefts & account takeovers. Also the growing global competition amongst companies for enhanced customer experience would contribute to the growth of the market.
North America followed by Europe, is anticipated to account for the major market size in the overall Out-of-band authentication market during the forecast period 2019 – 2026. The upsurge in the number of Internet of Things (IoT) and connected devices and issues associated with them are some of the factors fuelling the implementation of Out-of-band authentication solutions and services. The presence of many OOBA dealers, as well as, extensive responsiveness about these solutions would continue to account for the region’s dominance in the market during the forecast period.
Asia Pacific is also expected to expand at an attractive growth rate from 2019 to 2026. A great amount of contribution comes from the rising adoption of Out-of-band authentication by SMEs and the flourishing demand for smart devices. Furthermore, factors such as an increase in awareness and adoption about digital transactions, frauds, and cyber-attacks are driving the demand for Out-of-band authentication solutions and services in the region.
“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”- U.S.-based biotechnology company focussing on treatment of chronic pain.
“Kudos to your team. Thank you very much for your support and agility to answer our questions.”- Europe-based provider of solutions to automate data centre operations.
“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”- India-based manufacturer of industrial and specialty intermediates with a strong global presence.
“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”- One of the largest cosmetics company in the world.
“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”- U.S. based startup operating in the cultivated meat market.
“We received the below report on the U.S. market from you. We were very satisfied with the report.”- Global hearing aids manufacturer.
“I just finished my first pass-through of the report. Great work! Thank you!”- U.S. based solar racking solutions provider.
“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”- World’s leading advisory firm.
“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”- Germany based machine construction company.
“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”- Japanese manufacturing company of stationery products.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry