Security News > 2021 > January > Out of band authentication market to reach $846.80 million by 2025

The global out of band authentication market was valued at $443.81 million in 2019, and it is expected to reach a value of $846.80 million by 2025, registering a CAGR of 11.37% over the forecast period 2020 - 2025, according to ResearchAndMarkets.

Some studies show that BYOD 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 and sent using via email or SMS text message to establish a secure connection to secure their networks from the security threats.

Increasing internet penetration, growing m-commerce market, and early adoption of online payment services is expected to drive the out of band authentication market, which is often used in financial institutions and other organizations with high-security requirements.

North America is expected to hold a prominent share in the out of band Authentication market owing to the increase in the number of IoT and connected devices and vulnerabilities associated with them are some of the factors driving the adoption of OOBA solutions and services.

The out of band authentication market is concentrated and is dominated by a few significant players like NortonLifeLock, Cisco Systems, Censornet, Deepnet Security and Early Warning Services.

With technological advancements and product innovations, mid-size to smaller companies are growing their market presence by securing new contracts and by tapping new markets.

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