Out-of-Band Authentication Market Growth Accelerated by Increased Adoption of Cloud Computing

Out-of-Band Authentication Market 


 Out-of-band (OOB) authentication refers to secondary authentication methods that add an additional layer of security to online transactions and login processes. OOB authentication helps verify users identities through separate channels like SMS, push notifications, security keys, etc. increasing overall security. 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 19% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market key trends:
Increased adoption of cloud computing across various industries has accelerated the growth of the out-of-band authentication market. Many enterprises are shifting from on-premises to cloud-based applications and infrastructure which has increased the demand for robust identity and access management solutions. Out-of-band authentication provides an additional layer of protection against phishing, man-in-the-middle and other cyber-attacks. As cloud security and user privacy becomes a rising concern, the adoption of out-of-band authentication is expected to rise significantly during the forecast period.
Market Name- Out-of-Band Authentication Market

Segment Analysis
The Out-of-Band Authentication market is segmented into by type and by application. Based on type, the market is classified into smartphone apps, email verification, payment notifications, and OTP. The smartphone apps segment is dominating the market currently owing to rising smartphone penetration and increasing usage of smartphone apps for authentication purposes by various businesses.

Key Takeaways
The Global Out-Of-Band Authentication Market Share is expected to witness high growth during the forecast period 2023 to 2030.

Regional analysis: North America region currently dominates the market due to high smartphone usage and adoption of latest authentication technologies by major organizations in the US and Canada. The Asia Pacific region is expected to be the fastest growing market during the forecast period owing to rising digitalization and increasing internet penetration in countries like India and China.

Key players operating in the Out-of-Band Authentication market are IBM Corporation, Haivision, Brightcove, Qumu, Kaltura, Sonic Foundry, Vimeo, SprountVideo, VBrick, MediaPlatform, Dacast, Agile Content, and Wowza, and Panopto.

For more insights, Read- https://www.insightprobing.com/out-of-band-authentication-market-growth-demand-and-overview/

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