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.
Get More Insights on this Topic-
Comments
Post a Comment