An increase in the volume of online transactions, a continuous rise in advanced & complex threats, and a surge in compliance requirements drive the growth of the global out-of-band authentication market.
However, risks regarding OOB authentication with SMS and high product association costs limit the market growth. On the other hand, the rise in adoption of OOB authentication by small and medium-sized businesses creates new opportunities in the coming years.
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Based on component, the solution segment accounted for the highest share in 2020, contributing to more than two-thirds of the global out-of-band authentication market, and is projected to maintain its lead position throughout the forecast period.
This is due to a secure dedicated alternate access method provided to an IT network infrastructure to administer connected devices and IT assets. However, the services segment is projected to register the highest CAGR of 25.3% from 2021 to 2030, owing to remote control and management of critical IT assets and network equipment using a secure connection through a secondary interface that is physically separate from the primary network connection.
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Based on industry vertical, the BFSI segment held the largest share in 2020, accounting for more than one-fourth of the global out-of-band authentication industry, and is projected to maintain its leadership status during the forecast period.
This is due to rise in online transactions and the implementation of hardware and software OTP options to enable OOB authentication and provide an added layer of security. However, the IT and telecom segment is projected to portray the highest CAGR of 27.8% from 2021 to 2030, owing to the ability to monitor and manage networks and keep them up and running.
Based on region, North America contributed the highest market share in 2020, accounting for more than one-third of the global out-of-band authentication market, and is expected to continue its dominance in terms of revenue by 2030.
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This is attributed to the surge in the adoption of biometric technologies in both large financial institutions and big corporate companies along with rising in the amount of cyberattacks and malware cases.
However, Asia-Pacific is estimated to manifest the fastest CAGR of 26.3% from 2021 to 2030. This is due to the rise in the adoption of two-factor authentication by small and medium-sized businesses and the emergence of the bring-your-own-device (BYOD) trend in the region.
Covid-19 Scenario
- The implementation of out-of-band authentication increased during the pandemic with the adoption of remote working culture and a surge in data theft and cyberattacks.
- Financial institutions and enterprises increased adoption to protect their data, reduce fraudulent activities, and prevent unauthorized access. Owing to a considerable rise in online banking activities, OBB authentication was implemented to prevent hacking and identity theft.
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