Global Phone-based Authentication Market 2012-2016: The SMS OTP Sub-Segment Is Expected To Remain the Fastest-Growing Sub-Segment
DUBLIN, December 3, 2013 /PRNewswire/ --
Research and Markets ( http://www.researchandmarkets.com/research/ct4hnb/global) has announced the addition of the "Global Phone-based Authentication Market 2012-2016" report to their offering.
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The analysts forecast the Global Phone-based Authentication market to grow at a CAGR of 48.59 percent over the period 2012-2016. One of the key factors contributing to this market growth is the need to reduce the complexity of devices. The Global Phone-based Authentication market has also been witnessing continual rapid growth in the SMS One-time Password segment. However, inferior telecom infrastructure in developing regions could pose a challenge to the growth of this market.
The key vendors dominating this space include are Entrust Inc., PhoneFactor Inc., RSA Security Inc., and VASCO Data Security International Inc.
The other vendors mentioned in the report are ActivIdentity Corp., Authentify Inc., and Symantec Corp.
Commenting on the report, an analyst from the team said: Among the different phone-based authentication solutions available, SMS OTP is currently the most favored solution. Its many advantages include ease of use, inexpensiveness, and high accuracy. Common network issues such as call drops or poor call quality are not applicable to SMS OTP, providing it with a better accuracy rate than other phone-based authentication techniques. The number of vendors venturing into this category is expected to increase as it is a much cheaper solution than other phone-based authentication solutions, which will help boost the growth of this sub-segment further. Because of its ease of use, SMS OTP is also witnessing its adoption in non-traditional sectors such as Social Networking and Online Gaming.
According to the report, the Global Phone-based Authentication market has several growth drivers, a major driver being the need to reduce the complexity of the authentication process. Phone-based authentication does not require any additional hardware or device to be accessed/carried around, in contrast with the two-factor authentication process. Thus, this will reduce the complexity of the authentication process, which will lead to increased adoption of phone-based authentication technology in the market.
Further, the report states that the inferior telecom infrastructure in developing regions is a major challenge for the market. Many developing countries do not possess the necessary telecom infrastructure to support the phone-based authentication technology.
The report also includes a discussion of the other vendors operating in this market. The other vendors in the market are ActivIdentity Corp., Authentify Inc., and Symantec Corp.
For more information visit http://www.researchandmarkets.com/research/ct4hnb/global
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