Out-of-Band Authentication (OOBA) Solutions and Services Market Overview:
The Out-of-Band Authentication (OOBA) Solutions and Services Market study gives a complete picture of competition, including the market share and company profiles of the key competitors in the global industry. The scope of the research includes a thorough investigation of the Out-of-Band Authentication (OOBA) Solutions and Services Market, as well as the reasons for variations in the industry’s growth in various locations.
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Out-of-Band Authentication (OOBA) Solutions and Services Market Scope:
This research study makes extensive use of secondary sources, directories, and databases, such as annual reports, press releases, journals, company websites, and databases, to discover and collect material acceptable for this study.
Out-of-Band Authentication (OOBA) Solutions and Services Market Dynamics:
In recent time penetration of smartphones and digital devices and increasing use of the internet people are moving towards digitalization. The use of digital payment methods, net banking has been increasing for online transactions. With the increasing online transaction threat of data breaches, phishing scams, frauds, and cyber-attacks have been increased. As result, demand for OOBA has been increasing across the globe to protect information from hackers. OOBA is highly valued in terms of security. It uses two separate networks such as the internet and the mobile operator network, working simultaneously to authenticate a user, which becomes difficult for an attacker or hacker to compromise two different communications channels at the same time. OOBA authenticates users via various authentication channels such as SMS, OTP, and email and validates operations of digital banking, e-commerce, proximity payment, ATM, branches, etc.
Out-of-Band Authentication (OOBA) Solutions and Services Market Segment Analysis:
BFSI sector is expected to witness the highest growth at a CAGR during the forecast period due to increasing digitalization and adoption of online banking. The OOBA facilitates two separate networks work together and authenticate online banking user via OTP, email, SMS, or any other method. The banking and financial institutions deal with enormous personal and professional accounts, which contain confidential information of citizens. OOBA is highly adopted to protect confidential information and reduce online fraud as it verifies a person’s identity by using phone authentication. If a fraudulent user gains all security credentials to the account transaction can’t be done as for an attacker, it is difficult to compromise two different communications channels at the same time.
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Major Players:
The entire method entails an examination of the key market players’ financial reports. Following the assessment of the overall market size, the market was segmented into several divisions and sub-segments and validated with key industry professionals such as CEOs, VPs, directors, and marketing executives. The biggest players in the Out-of-Band Authentication (OOBA) Solutions and Services market are as follows:
• RSA Security LLC
• Entrust Datacard Corporation
• EZMCOM Inc.
• OneSpan Inc.
• StrikeForce Technologies, Inc.
• SecurEnvoy Ltd.
• Nok Nok Labs, Inc.
• Okta
• Rippling
• OneLogin
• Auth0
• Cisco
Regional Analysis:
The region component of the Out-of-Band Authentication (OOBA) Solutions and Services market analysis also contains individual market influencing variables and changes in market regulations that affect current and future market trends. Current and future trends are reviewed to evaluate the overall market potential and to identify profitable trends to get a more solid footing. The geographical market evaluation is based on the current environment and anticipated trends.
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COVID-19 Impact Analysis on Out-of-Band Authentication (OOBA) Solutions and Services Market:
End-user industries where Out-of-Band Authentication (OOBA) Solutions and Services are utilized had a drop in growth from January to May in some countries, including China, Italy, Germany, the United Kingdom, the United States, Spain, France, and India, due to a pause in operations. This resulted in a significant fall in the revenues of businesses operating in these industries and, as a result, in demand for Out-of-Band Authentication (OOBA) Solutions and Services manufacturers, impacting the Out-of-Band Authentication (OOBA) Solutions and Services market’s growth in 2020. With lockdowns and an increase in COVID-19 instances throughout the world, end-user business demand for Out-of-Band Authentication (OOBA) Solutions and Services has declined dramatically.
Key Questions Answered in the Out-of-Band Authentication (OOBA) Solutions and Services Market Report are:
- Which segment had the largest share in the Out-of-Band Authentication (OOBA) Solutions and Services market in 2021?
- How is the competitive landscape of the Out-of-Band Authentication (OOBA) Solutions and Services market?
- Which are the key drivers aiding the Out-of-Band Authentication (OOBA) Solutions and Services market growth?
- Which region has the maximum share in the Out-of-Band Authentication (OOBA) Solutions and Services market?
- What will be the CAGR of the Out-of-Band Authentication (OOBA) Solutions and Services market during the forecast period (2022-2029)?
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