Rise in Volume of Online Transaction and Rise in Compliance Requirements are the Factors
Driving Growth for the Global Out-of-Band Authentication Market
The exponential rise in the volume of online transactions as well as rise in compliance
requirements are one of the major drivers contributing to growth of the global out-of-band
(OOB) authentication market. A number of consumers depend on internet for the online
transactions, which has increased the frequency of cyber-attacks majorly on websites where
online transactions are significantly high. Moreover, hackers always target lucrative sectors,
which have a huge online customer base. Thus, to counter these cyber-attacks, various
organizations are adopting authentication methods such as phone-based authentication,
software OTP tokens, hardware one-time passwords (OTP) tokens, and others to make secure
online transactions. For instance, in April 2019, Worldpay, Inc., a global payment technology
provider, announced the launch of ‘FraudSight’, which is a new solution designed to prevent the
fraud and optimize approval rates, potentially boosting revenue across all channels. According
to the Worldpay, Inc., FraudSight can make transaction validity decisions for merchants of all
sizes.
Furthermore, data privacy concerns have increased in all industries, such as financial services,
payment card, baking, insurance, and healthcare sectors. These industries are required to
comply with privacy and security requirements set by regulatory authorities, as breach in a
compliance can cause financial loss to the company. This has resulted in increased adoption of
out-of-band (OOB) authentication methods. However, risks included in out-of-band (OOB)
authentication with SMS and the high product association cost has restrained the global out-of-
band (OOB) authentication market growth. Furthermore, increase in adoption of out-of-band
(OOB) authentication by small and medium-sized businesses is expected to provide numerous
opportunities for out-of-band (OOB) authentication market globally during forecast period.
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Global Out-of-Band Authentication Market: Regional Insights
North America and Europe are estimated to account for significant market shares during the
forecast period, owing to increase in the number of internet-of-things (IoT) services, rapid
adoption of cloud computing in enterprises, and the trend of bring your own devices (BYOD).
Furthermore, the presence of many out-of-band (OOB) authentication vendors, as well as,
widespread awareness about these solutions would continue to account for the North America