Out-of-Band Authentication Market Demand To Rising Owing to Applications in Banking, Financial Services & Insurance Sector.
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The Out-of-band (OOB) Authentication system is used to provide extra protection against unauthorized access and confirmations, and prevents hacking and fraud. This system effectively blocks many kinds of hacking and identifies theft in an online banking websites.
Out-of-band (OOB) Authentication refers to an authentication process that utilizes communications channel and one of the potential types of two-factor authentication among enterprises that call for high security. Out-of-band (OOB) Authentication is commonly used by online banking websites, financial institutions, and other organizations. For instance, in online banking, to complete the login process, an authentication code is sent via SMS to the account holder's mobile device.
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The Out-of-band (OOB) Authentication system is used to provide extra protection against unauthorized access and confirmations, and prevents hacking and fraud. This system effectively blocks many kinds of hacking and identifies theft in an online banking websites. Multifactor authentication systems primarily use credentials such as passwords, security tokens, cellphones, PINs, and smart cards for authentication. The OOB authentication method comprises mobile phone-based OOB authentication tokens, including backup call and SMS and hardware OOB authentication tokens.
Rise in Volume of Online Transaction and Rise in Compliance Requirements are the Factors Driving Growth for the Global Out-of-Band Authentication Market
The exponential rise in the volume of online transactions as well as rise in compliance requirements are one of the major drivers contributing to growth of the global out-of-band (OOB) authentication market. A number of consumers depend on internet for the online transactions, which has increased the frequency of cyber-attacks majorly on websites where online transactions are significantly high. Moreover, hackers always target lucrative sectors, which have a huge online customer base. Thus, to counter these cyber-attacks, various organizations are adopting authentication methods such as phone-based authentication, software OTP tokens, hardware one-time passwords (OTP) tokens, and others to make secure online transactions. For instance, in April 2019, Worldpay, Inc., a global payment technology provider, announced the launch of 'FraudSight', which is a new solution designed to prevent the fraud and optimize approval rates, potentially boosting revenue across all channels. According to the Worldpay, Inc., FraudSight can make transaction validity decisions for merchants of all sizes.
Furthermore, data privacy concerns have increased in all industries, such as financial services, payment card, baking, insurance, and healthcare sectors. These industries are required to comply with privacy and security requirements set by regulatory authorities, as breach in a compliance can cause financial loss to the company. This has resulted in increased adoption of out-of-band (OOB) authentication methods. However, risks included in out-of-band (OOB) authentication with SMS and the high product association cost has restrained the global out-of-band (OOB) authentication market growth. Furthermore, increase in adoption of out-of-band (OOB) authentication by small and medium-sized businesses is expected to provide numerous opportunities for out-of-band (OOB) authentication market globally during forecast period.
Global Out-of-Band Authentication Market: Regional Insights
North America and Europe are estimated to account for significant market shares during the forecast period, owing to increase in the number of internet-of-things (IoT) services, rapid adoption of cloud computing in enterprises, and the trend of bring your own devices (BYOD). Furthermore, the presence of many out-of-band (OOB) authentication vendors, as well as, widespread awareness about these solutions would continue to account for the North America region's highest market share during the forecast period. For instance, in June 2017, Entrust Datacard launched IntelliTrust authentication services, which help organizations to rapidly secure access to cloud, mobile, and legacy applications by using a unified authentication platform.
Furthermore, Asia Pacific Out-of-Band authentication market is gaining traction as the number of smart devices and BYOD trend is increasing in developed and emerging economies such as, India, China, and Japan. SMEs as well as large-scale organizations in the Asia Pacific region have become more aware of the increasing identity theft and frauds and have started adopting OOBA solutions and services to combat them. For instance, in March 2019, Financial Software and Systems (FSS), a global digital payment and financial technology company, launched FSS Secure3D, its new-generation adaptive authentication solution, which is based on the 'EMVCo 3DS 2.0 protocol' to bolster online transaction security.
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Key Players in the Global Out-of-Band Authentication Market
Key players operating in the global Out-of-Band authentication market include Broadcom, Entrust Datacard Corporation, Deepnet Security, Early Warning Services, LLC, Gemalto NV, SecurEnvoy Ltd, StrikeForce Technologies, Inc., TeleSign, Symantec Corporation, OneSpan Inc., DynaPass Inc., and Duo among others.
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