Portland, OR -- (SBWIRE) -- 05/18/2018 -- According to a recent report published by Allied Market Research, titled, Out-of-band Authentication Market by Solution Type, End User: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global out-of-band authentication market was valued at $274 million in 2016, and is projected to reach at $1,143 million by 2023, growing at a CAGR of 22.80% from 2017 to 2023. In 2016, the phone-based OOB authentication segment accounted for the highest revenue share in the global market.
Rise in volume of online transaction, continuous increase in advanced & complex threats, and rise in compliance requirements drive the growth of the global out-of-band authentication market growth. However, risk included in OOB authentication with SMS and high product association costs hamper the market growth.
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The phone-based OOB authentication segment dominated the global market in 2016, and is expected to remain dominant during the forecast period, owing to surge in adoption of phone-based OOB authenticators among end users
Based on end user, the BFSI segment led the market in 2016, and is projected to maintain its dominance in the future. However, the payment card industry segment is expected to witness the highest growth, owing to enforcement of regulations by the regulatory authorities related to data security.
North America generated the highest revenue in 2016; however, Asia-Pacific segment is anticipated to witness the fastest growth rate during the forecast period.
Key Findings of the Out-of-band Authentication Market:
- The phone-based OOB authentication segment is expected to exhibit significant increase in the global out-of-band authentication market during the forecast period.
- In 2016, the BFSI segment accounted for the highest revenue among the other end user.
- North America generated the highest revenue in 2016.
- Asia-Pacific is projected to exhibit substantial growth during the forecast period.
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Some of the key players operating in the out-of-band authentication market that are profiled in the report include CA Technologies, CensorNet Ltd., Deepnet Security, Early Warning Services, LLC, Gemalto NV, SecurEnvoy Ltd., StrikeForce Technologies, Inc., Symantec Corporation, TeleSign, and VASCO Data Security International, Inc.