The global out of band authentication market is estimated to garner US$ 4.3 Billion while exhibiting a 13.2% CAGR during the forecast period. The growing support from several governments is likely to fuel the market growth in the coming years. The industry is expected to secure US$ 1.2 Billion in 2022.
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The increasing use of cloud-based technology such as artificial intelligence, big data, and blockchain in many enterprises impelled the growth of the market. Also, the increasing adoption of digital payment modes increases the demand of the market in forecasting years which is often used in financial institutions and other organizations with high-security requirements. The services segment is likely to offer remunerative opportunities for the global out of band authentication market.
Key Takeaways From The Out of Band Authentication Market Report:
The Out of Band Authentication Market is poised for substantial growth, with several key trends emerging. The solutions segment is anticipated to experience a significant 12.4% compound annual growth rate (CAGR) by 2032, underlining the increasing demand for robust authentication solutions. Moreover, the small and medium-sized enterprise (SME) segment is expected to expand at a similar 12.4% growth rate, reflecting the broad adoption of these solutions across diverse organizational sizes. In the U.S market, a remarkable US$ 1.5 billion revenue is forecasted, with a robust 13.1% CAGR projected from 2022 to 2032, indicating a strong market presence and continuous innovation. Meanwhile, China's market is set to reach US$ 300.1 million, showcasing a notable 12.5% growth rate during the assessment period, highlighting the global spread and adoption of out of band authentication technologies.
Competitive Landscape:
Key players in the global out of band authentication market include Gemalto, CA Technologies, Symantec, Ping Identity, and RSA Security among others. Market players are leveraging strategic collaborative initiatives to increase their market share and increase their profitability. Recent developments among key players are:
In June 2022 — Thales Technologies signed a contract with Samsung through which it will provide next-generation single-chip solutions embedded in Samsung’s latest flagship smartphone. Its secure solution enables connectivity and contactless services in Samsung’s Galaxy S20 series. The single-chip combines an embedded secure element (eSE) and an embedded SIM (eSIM) that enables high-performance contactless services and a fully digitalized mobile connectivity experience for highly compact smartphones, smartwatches, and tablets.
In May 2022 — OneSpan, one of the global leaders in securing remote banking transactions, announced that leading Turkish bank, DenizBank, is using OneSpan’s Mobile Security Suite to protect 2.6 million mobile customers across the bank’s mobile banking app MobilDeniz, mobile wallet fastPay and card management application DenizKartõm.
Regional Outlook:
From North America to Asia Pacific, the Out of Band Authentication Market exhibits a global footprint, with regional nuances shaping market dynamics. North America, spearheaded by the United States, dominates the market landscape owing to the robust presence of key industry players and a proactive regulatory framework. Meanwhile, Asia Pacific emerges as a lucrative market opportunity, fueled by rapid digitization initiatives across emerging economies. With governments mandating stringent data protection regulations, the region is poised for substantial growth in OOBA adoption, presenting lucrative prospects for market stakeholders.
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