The OOBA market size is expected to grow from USD 533 million in 2018 to USD 1,532 million by 2023, at a Compound Annual Growth Rate (CAGR) of 23.5%
NEW YORK, March 12, 2019 /PRNewswire/ -- Mandate to follow regulatory and data protection laws is expected to drive the out of band authentication market
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The OOBA market size is expected to grow from USD 533 million in 2018 to USD 1,532 million by 2023, at a Compound Annual Growth Rate (CAGR) of 23.5% during the forecast period. The factors expected to drive the OOBA market are the growing need for frictionless OOBA solutions among organizations and stringent data protection regulations for information security. However, lack of awareness regarding OOBA solutions and services and budget constraints is still a point of concern for organizations.
Services segment is expected to grow at a higher CAGR during the forecast period
The OOBA market by service includes professional and managed services.Further, professional services have been classified into consulting, training and education, audit and reporting and support and maintenance services.
These services help clients understand their OOBA solutions and related processes.The solution segment is expected to hold a larger market size during the forecast period.
The OOBA solutions are being deployed by a large number of Small and Medium-sized Enterprises (SMEs) to validate the identity of their customers and secure their organizations' infrastructure from unauthorized access in the event of increasing cyber threats.
Increasing deployment of cloud-based OOBA solutions in SMEs is expected to drive the growth of the SMEs segment during the forecast period
The SMEs segment is expected to grow at a higher CAGR, owing to the rising deployment of the cloud-based OOBA solutions by SMEs to secure their web applications, mobile applications, mobile devices, infrastructure and Application Programming Interfaces (APIs) from unauthorized access, vulnerabilities, and attacks.SMEs are small in terms of their size, but cater to a large number of customers globally.
Weak cybersecurity and low budget make the SMEs more susceptible to data breaches and identity thefts as most of the organizations lack proper security protocols to their organizations' applications, platforms, and infrastructures.However, the rising sophistication level of cyber-attacks and the increasing need to protect their infrastructure and confidential data from unauthorized access and identity impersonification will drive the demand for OOBA solutions among SMEs.
These solutions not only enhance the security portfolio of SMEs but also enable them to comply with regulations by ensuring customer data protection as well as organization data protection from identity theft.
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period
APAC includes major economies, such as India, China, Australia, Hong Kong, and Japan, which are rapidly deploying the OOBA solution.APAC is expected to grow at the highest CAGR during the forecast period.
The APAC OOBA market is gaining traction, as this region is showing the highest growth of Internet of Things (IoT), Bring Your Own Device (BYOD), web applications adoption for their business functions and this in turn increases the need to secure these solutions against cyber threats, identity-based threats and attacks.SMEs as well as large organizations in the APAC region have become more aware of OOBA services and started adopting them to combat identity-based threats and data thefts to their infrastructures, endpoints, and cloud-based applications.
Furthermore, North America is expected to have the largest market size in 2018 owing to the presence of a large number of vendors and initial adoption of OOBA solutions owing to rising sophistication level of cyber-attacks and heavy financial losses in the advent of any identity attack.
In-depth interviews were conducted with CEOs, marketing directors, innovation and technology directors, and executives from various key organizations operating in the OOBA market.
• By Company Type: Tier 1: 35%, Tier 2: 45%, and Tier 3: 20%
• By Designation: C-Level: 35%, Director Level: 25%, and Others: 40%
• By Region: North America: 45%, Europe: 20%, APAC: 30%, and RoW: 5%
The report includes the study of key players, such as Gemalto (Netherlands), CA Technologies (US), Symantec (US), Ping Identity (US), RSA Security (US), Entrust Datacard (US), EZMCOM (US), Duo Security (US), StrikeForce Technologies (US), Nok Nok Labs (US), SolidPass (Turkey), Protectimus (UK), SAASPASS (US), DynaPass (US), i-Sprint Innovations (Singapore).
Research Coverage:
The report covers the OOBA solutions and services across segments.It aims at estimating the market size and growth potential of this market across segments, such as components, authentication channels, organization size, deployment type, verticals, and regions.
Furthermore, the report also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report would help the market leaders/new entrants in this market with information about the closest approximations of the revenue numbers for the overall OOBA market and its subsegments.It would help stakeholders understand the competitive landscape and gain more insights to better their positions and plan suitable go-to-market strategies.
It also helps stakeholders understand the pulse of the market and provides them with information about key market drivers, restraints, challenges, and opportunities.
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