Global Out of Band Authentication Software Market 2016-2020
OOB is a powerful tool used to prevent fraud as the OOB authentication software works with a secured communication channel. For high-risk transactions, enterprises use this technology to verify and authenticate the identity of a user. The technology is used for authentication for both financial and non-financial transactions.
Technavio’s analysts forecast the global OOB authentication software market for 2016-2020 to grow at a CAGR of 23.57% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global OOB authentication software market 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of OOB authentication software.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Out of Band (OOB) Authentication Software Market 2016-2020
Technavio recognizes the following companies as the key players in the Global Out of Band (OOB) Authentication Software Market: CA Technologies, Gemalto, Strikeforce Technologies, Swivel Secure, ASL, CensorNet, Deepnet Security, EZMCOM, Early Warning, SecurEnvoy, and TeleSign.
Commenting on the report, an analyst from Technavio’s team said: “One trend spurring growth is the emergence of next-generation hardware OTP tokens. OOB technology is used to generate OTP in hardware OTP tokens. We expect next-generation hardware OTP tokens to be popular during the forecast period. For instance, Protectimus, based in London, UK, released a new generation of hardware OTP tokens in March 2016. The new hardware OTP tokens are named Protectimus SLIM and Protectimus SLIM mini.”
According to the report, one driver that will lead to the growth of this market is the preference for convenience and instant use of hardware and phone-based OTP. Financial organizations seek to provide users with convenient methods of banking. The authentication method such as hardware OTP token and phone-based authentication is gaining popularity among end-users. Two-factor authentication methods make it important for users to possess the hardware device, enhancing the security by requiring two independent pieces of information for authentication.
Further, the report states that a major challenge for this market is the high risk of OOB authentication with SMS. In July 2016, the National Institute of Standards and Technology, a federal agency that sets up official guidelines for technology standards and measurement regulations, released a new draft of its digital authentication guideline section 220.127.116.11. The draft states that OOB authentication using SMS two-factor authentication will not be allowed in the future because of the security risks involved. SMS received by the user may be intercepted or redirected. In addition, some phones display SMS messages on-screen even when it is locked, making it possible for an attacker with physical access to the device to read the message.
CA Technologies, Gemalto, Strikeforce Technologies, Swivel Secure, ASL, CensorNet, Deepnet Security, EZMCOM, Early Warning, SecurEnvoy, and TeleSign.
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