by Out-of-Band Authentication provides an additional layer of security for user logins and transactions by leveraging a separate channel of communication apart from the primary network. It enhances online security by validating users through methods like push notifications to a mobile device. With the growth of online payments and rising concerns of cybercrimes, the demand for multifactor authentication has increased tremendously.
The global Out-of-Band Authentication Market is estimated to be valued at US$ 1.36 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the key drivers for the out-of-band authentication market growth is the rising demand for seamless authentication from customers. With rising digital transactions and online payments, customers expect secure and smooth authentication processes without compromising convenience. Out-of-band authentication addresses this demand by providing an additional layer of security through separate channels of identity verification besides the primary network. This enhances user experience and builds trust in digital services and payments.
SWOT Analysis
Strength: The out-of-band authentication market provides additional layers of security for login procedures. It helps verify user identity outside of the main access channel.
Weakness: Setting up out-of-band authentication can increase complexity and costs for companies to implement. It also requires users to have additional devices for the secondary authentication method.
Opportunity: Rising security threats such as phishing and hacking are increasing demand for stronger authentication measures. The market has an opportunity to provide solutions to organizations across various industries.
Threats: Alternative biometric and behavioral authentication methods may gain more traction over time, posing a threat to out-of-band authentication. Stringent data privacy regulations also need to be adhered to.
Key Takeaways
Global Out-Of-Band Authentication Market Demand is expected to witness high growth over the forecast period.
The Asia Pacific region currently dominates the market and is expected to grow at the fastest rate going forward. This can be attributed to rising cybercrimes and the adoption of digital services in emerging countries of the region.
Key players operating in the out-of-band authentication market are The Chemours Company, Daikin Industries, 3M, The AGC Group, Solvay, HaloPolymer, 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 of PTFE have opted for new product launches to sustain their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
