Out-of-Band Authentication Market is Estimated to Witness High Growth Owing to Opportunity of Enhancing Security Measures

Out-of-Band Authentication Market


The out-of-band authentication market caters authentication methods involving two independent channels for requesting and approving access. Out-of-band authentication establishes a separate communication channel apart from the primary one used for accessing services to authorize user requests. It involves sending an authorization code via SMS, phone call, or authenticator app on a registered device independent of the device used for login. This offers enhanced security over traditional single-factor authentication and prevents unauthorized access even if usernames and passwords are compromised.

The global out-of-band authentication market is estimated to be valued at US$ 1.36 billion in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The growing IT infrastructure of organizations along with increasing instances of cyber-attacks has amplified the need for robust identity and access management solutions. Out-of-band authentication facilitates multi-factor authentication providing an additional layer of security by verifying identities through independent channels rather than just passwords. The risk of leaked passwords and session hijacking is significantly reduced with out-of-band verification. With rising digitalization across industries, compliance with data privacy regulations is increasingly important. Out-of-band authentication aids in meeting regulatory requirements for enhanced user verification and combating identity theft and fraud. The opportunity to address evolving security needs of enterprises by offering stronger access control presents significant growth prospects for providers of out-of-band authentication solutions over the coming years.

Porter's Analysis
Threat of new entrants: The out-of-band authentication market witnesses moderate threat due to the presence of well-established players and high initial investment required. However, growing demand and emerging technologies provide opportunities.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and differentiation in products.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the diversified nature and availability of substitutes.
Threat of new substitutes: Threat of substitution is low due to limited substitutes and switching costs for buyers.
Competitive rivalry: The market has high competitive rivalry due to the presence of global and regional players offering differentiated products.

SWOT Analysis
Strengths: Growing digital transformation, increasing cyberattacks, advanced solutions for multi-factor authentication.
Weaknesses: High initial costs, technical limitations or compatibility issues, lack of awareness in some regions.
Opportunities: Integration with other identity and access management solutions, deploying for IoT devices, growth in BYOD trend.
Threats: Privacy and security concerns, stringent regulations, economic slowdowns affecting IT budgets.

Key Takeaways
Global Out-Of-Band Authentication Market Demand is expected to witness high growth over the forecast period. North America dominates the market currently due to stringent regulations, digital advancement, and BYOD culture. The emergence of cloud computing and growth in connected devices are also driving the regional market.

Europe follows North America with major contributions from countries like the UK and Germany. Supportive regulatory scenario and focus on data security are fueling the European out-of-band authentication market. Asia Pacific is identified as the fastest-growing region owing to the increasing adoption of cloud-based services and digital initiatives across industries in major countries like China and India.

Key players operating in the out-of-band authentication market are The Chemours Company, Daikin Industries, Ltd., 3M, The AGC Group, Solvay, HaloPolymer, OJSC, Dongyue Group Limited, Gujarat Fluorochemicals Limited, Jiangsu Meilan Chemical Co. Ltd., and Shanghai Huayi 3F New Materials Co. Ltd. Continuous developments in the market—including new product launches, mergers & acquisitions, agreements, and expansions—are expected to help the market grow. Leading manufacturers have opted for new product launches to sustain their market position.

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