Market Size of Out of Band Authentication Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 11.37 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Out of Band Authentication Market Analysis
- The global out of band authentication market was valued at USD 443.81 million in 2020, and it is expected to reach a value of USD 846.80 million by 2026, registering a CAGR of 11.37% over the forecast period 2021 - 2026. Digitalization and advancement of technology have increased the number of connected devices that have fueled the frequency of cyber-attacks and boosted the adoption of authentication solutions and services by governments and enterprises.
- Rapid penetration of consumer electronics such as laptops, tablets, smartphones, and smart gadgets has increased the usability of the various internet-based solutions and services across the world. For instance, in 2019, the global internet users reached 4.38 billion, and unique mobile users stood at 5.1 billion. It has forced the services providers to opt-out of band authentication solutions to prevent any compromise of their services in the future. Moreover, growing cloud adoption across most enterprises and the growth of emerging technologies, such as artificial intelligence, big data, and blockchain across various end-users have also impelled the market.
- Additionally, widespread adoption of portable own devices in a modern work environment provides flexibility, reduces IT costs and enhances employee's productivity. Due to this, there is a sudden spike in the number of businesses implementing enterprise mobility solutions that enable and encourage employees to work at any time, anywhere, from a wide range of devices.
- Some studies show that BYOD (bring your own device) approach lets employees utilize the benefits of greater flexibility, collaboration, and work-life balance to improve productivity by up to 34%. However, it also raised security-related issues which are expected to drive the out of band authentication market as many enterprises are increasingly adopting software solution that generates one-time passcodes (OTPs) and sent using via email or SMS text message to establish a secure connection to secure their networks from the security threats.
