Global $500+ Mn Out of Band Authentication Market to 2023

DUBLIN, March 26, 2019 /PRNewswire/ — The “Out of Band Authentication Market by Component (Solution, Service), Authentication Channel (SMS, Email, Push Notification Voice, Token-Based, Others), Deployment Type, Organization Size, Vertical, Region – Global forecast to 2023” report has been added to ResearchAndMarkets.com’s offering.

The OOBA market size is expected to grow from USD 533 million in 2018 to USD 1,532 million by 2023, at a Compound Annual Growth Rate (CAGR) of 23.5% during the forecast period.

The factors expected to drive the OOBA market are the growing need for frictionless OOBA solutions among organizations and stringent data protection regulations for information security. However, lack of awareness regarding OOBA solutions and services and budget constraints is still a point of concern for organizations.

Services segment is expected to grow at a higher CAGR during the forecast period

The OOBA market by service includes professional and managed services. Further, professional services have been classified into consulting, training and education, audit and reporting and support and maintenance services. These services help clients understand their OOBA solutions and related processes. The solution segment is expected to hold a larger market size during the forecast period. The OOBA solutions are being deployed by a large number of Small and Medium-sized Enterprises (SMEs) to validate the identity of their customers and secure their organizations’ infrastructure from unauthorized access in the event of increasing cyber threats.

Increasing deployment of cloud-based OOBA solutions in SMEs is expected to drive the growth of the SMEs segment during the forecast period

The SMEs segment is expected to grow at a higher CAGR, owing to the rising deployment of the cloud-based OOBA solutions by SMEs to secure their web applications, mobile applications, mobile devices, infrastructure, and Application Programming Interfaces (APIs) from unauthorized access, vulnerabilities, and attacks. SMEs are small in terms of their size but cater to a large number of customers globally. Weak cybersecurity and low budget make the SMEs more susceptible to data breaches and identity thefts as most of the organizations lack proper security protocols to their organizations’ applications, platforms, and infrastructures.

However, the rising sophistication level of cyber-attacks and the increasing need to protect their infrastructure and confidential data from unauthorized access and identity impersonification will drive the demand for OOBA solutions among SMEs. These solutions not only enhance the security portfolio of SMEs but also enable them to comply with regulations by ensuring customer data protection as well as organization data protection from identity theft.

Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period

APAC includes major economies, such as India, China, Australia, Hong Kong, and Japan, which are rapidly deploying the OOBA solution. APAC is expected to grow at the highest CAGR during the forecast period. The APAC OOBA market is gaining traction, as this region is showing the highest growth of the Internet of Things (IoT), Bring Your Own Device (BYOD), web applications adoption for their business functions and this, in turn, increases the need to secure these solutions against cyber threats, identity-based threats, and attacks. SMEs as well as large organizations in the APAC region have become more aware of OOBA services and started adopting them to combat identity-based threats and data thefts to their infrastructures, endpoints, and cloud-based applications.

Furthermore, North America is expected to have the largest market size in 2018 owing to the presence of a large number of vendors and initial adoption of OOBA solutions owing to rising sophistication level of cyber-attacks and heavy financial losses in the advent of any identity attack.

Key Topics Covered:

1 Introduction

2 Research Methodology

2.1 Research Data

2.2 Breakup of Primaries

2.3 Market Size Estimation

2.4 Market Forecast

2.5 Assumptions for the Study

3 Executive Summary

4 Premium Insights

4.1 Attractive Market Opportunities in the Out of Band Authentication Market

4.2 Out of Band Authentication Market, By Solution, 2018-2023

4.3 Out of Band Authentication Market, By Service, 2018-2023

4.4 Out of Band Authentication Market, Market Share of Professional Services and Top 3 Regions, 2018

4.5 Out of Band Authentication Market, By Organization Size, 2018

4.6 Out of Band Authentication Market, Top 3 Verticals

4.7 Market Investment Scenario

5 Market Overview and Industry Trends

5.1 Introduction

5.2 Market Dynamics

5.2.1 Drivers

5.2.1.1 Growing Need for Frictionless Ooba Solutions Among Organizations

5.2.1.2 Stringent Data Protection Regulations for Information Security

5.2.1.3 Increasing Instances and Sophistication of Authentication Related Frauds and Data Breaches Resulting in Heavy Loss of Revenue

5.2.1.4 Growing Adoption of Digital Payment Modes

5.2.2 Restraints

5.2.2.1 Nist Banning the Use of SMS for Two-Factor Authentication

5.2.2.2 Budget Constraints Affecting the Adoption of Ooba Solutions

5.2.3 Opportunities

5.2.3.1 Increase in Adoption of Ooba-Based Solutions Among SMEs

5.2.3.2 Rising Demand for Ooba Solutions for Digital E-commerce

5.2.3.3 Growing Adoption of the Interconnected Devices in the IoT Environment

5.2.3.4 Rapid Growth in BYOD Trends

5.2.4 Challenges

5.2.4.1 Lack of Awareness Regarding Ooba Solutions and Services

5.3 Regulatory Landscape

5.3.1 Payment Services Directive 2

5.3.2 Electronic Identification, Authentication, and Trust Services (EIDAS)

5.3.3 Know Your Customer (KYC)

5.3.4 Anti-Money Laundering (AML)

5.3.5 General Data Protection Regulation (GDPR)

5.3.6 Payment Card Industry Data Security Standard (PCI DSS)

5.3.7 Health Insurance Portability and Accountability Act (HIPAA)

5.3.8 Federal Information Security Management Act (FISMA)

5.3.9 Sarbanes-Oxley Act (SOX)
5.3.10 Gramm-Leach-Bliley Act (GLBA)
5.3.11 Federal Information Processing Standards (FIPS)

5.4 Innovation Spotlight

5.4.1 Gemalto

5.4.2 CA Technologies

5.5 Use Cases

5.5.1 Adoption of Out-Of-Band Authentication Solutions for Mitigating Authentication Related Issues

5.5.2 Adoption of Out of Band Authentication Solution in Leading Healthcare Law Firm

5.5.3 Adoption of Out of Band Authentication Solution in Leading Education Firm

6 Out of Band Authentication Market, By Component

6.1 Introduction

6.2 Solutions

6.2.1 Increasing Identity Frauds on Networks, Applications, Endpoints, Clouds, and Data of Organizations to Fuel the Demand for Out of Band Authentication Solutions

6.3 Services

6.3.1 Demand for Seamless Experience and Personalised Services to Contribute to the Growth of Services Market

7 Out of Band Authentication Market, By Solution

7.1 Introduction

7.2 Hardware Solutions

7.2.1 Need to Protect Enterprise Servers From Man-In-The-Middle Attack to Boost the Growth of Hardware Solutions

7.3 Software Solutions

7.3.1 Rising BYOD Trends and Need to Authenticate the Identity of Users to Increase the Adoption of Software Solutions

8 Out of Band Authentication Market, By Service

8.1 Introduction

8.2 Professional Services

8.2.1 Training and Education

8.2.1.1 Need for Imparting Professional Training to Increase the Demand for Training and Education Services

8.2.2 Consulting

8.2.2.1 Need to Provide Constant Consultation Around Implementation of Out of Band Authentication Solutions to Increase the Adoption of Consulting Services

8.2.3 Support and Maintenance

8.2.3.1 Continuous Support Toward Installation and Maintenance to Boost the Demand for Support and Maintenance Services

8.2.4 Audit and Reporting

8.2.4.1 Need to Comply With Regulations to Enhance the Growth of Audit and Reporting Services

8.3 Managed Services

8.3.1 Organizations’ Focus on Core Business Functions to Increase the Demand for Managed Services

9 Out of Band Authentication Market, By Authentication Channel

9.1 Introduction

9.2 SMS

9.2.1 Increasing Adoption in the BFSI Vertical to Result in the Growth of SMS-Based Out of Band Authentication Market

9.3 Email

9.3.1 Need for Enhanced Authentication Solutions to Drive the Growth of Email-Based Out of Authentication Market

9.4 Push Notification

9.4.1 Demand for App-Based Notifications for Authentication to Boost the Market Share of Push Notification Out of Band Authentication

9.5 Voice

9.5.1 Enhanced Security Through Voice Biometric to Enable the Organizations to Adopt Voice-Based Authentication Channel

9.6 Token-Based

9.6.1 Demand for Software and Hardware-Based Tokens to Enable the Organizations to Adopt Token-Based Authentication Channel

9.7 Others

10 Out of Band Authentication Market, By Deployment Type

10.1 Introduction

10.2 Cloud

10.2.1 Low Cost of Installation, Upgrade, and Maintenance to Increase the Adoption of Cloud-Based Out of Band Authentication Solutions

10.3 On-Premises

10.3.1 Need to Maintain Strict Confidentiality of Records in Government and Defense, and Banking Verticals to Fuel the Demand for On-Premises Out of Band Authentication Solutions

11 Out of Band Authentication Market, By Organization Size

11.1 Introduction

11.2 Small and Medium-Sized Enterprises

11.2.1 Increasing Identity-Based Attacks on Small and Medium-Sized Enterprises to Contribute to the Greater Adoption of Out of Band Authentication Solutions

11.3 Large Enterprises

11.3.1 Hefty Financial Losses Owing to Rising Cyber-Attacks on Organizations’ Infrastructure to Contribute to the Adoption of Out of Band Authentication Solutions in Large Enterprises

12 Out of Band Authentication Market, By Vertical

12.1 Introduction

12.2 Banking, Financial Services, and Insurance

12.2.1 Need for Enhanced Authentication Solutions to Drive the Demand for Out of Band Authentication Solutions in the BFSI Vertical

12.3 Government and Defense

12.3.1 Governments Mandate to Adopt Authentication Solutions to Fuel the Demand for Out of Band Authentication Solutions in the Government and Defense Sector

12.4 Retail

12.4.1 Rising Identity Thefts to Compel the Organizations to Embrace Out of Band Authentication Solutions on A Large Scale in the Retail Vertical

12.5 Healthcare

12.5.1 Need to Comply with HIPAA and PCI DSS to Increase the Adoption of Out of Band Authentication Solutions in Healthcare

12.6 It and Telecom

12.6.1 Organizations’ Focus on Managing the Identity of the Users to Increase the Adoption of Out of Band Authentication Solutions in the It and Telecom Vertical

12.7 Energy and Utilities

12.7.1 Need to Safeguard It and Network Infrastructure From Threats to Boost the Demand for Out of Band Authentication Solutions in the Energy and Utilities Vertical

12.8 Others

13 Out of Band Authentication Market, By Region

14 Competitive Landscape

14.1 Microquadrant Overview

14.2 Competitive Benchmarking

14.3 Competitive Scenario

15 Company Profiles

  • CA Technologies
  • DUO Security
  • Dynapass
  • Entrust Datacard
  • Ezmcom
  • Gemalto
  • I-Sprint Innovations
  • Nok Nok Labs
  • Ping Identity
  • Protectimus
  • RSA Security
  • Saaspass
  • Solidpass
  • Strikeforce Technologies
  • Symantec

For more information about this report visit https://www.researchandmarkets.com/research/4gtj7z/global_500_mn?w=5

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