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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.
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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.
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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.
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