Global Phone-based Authentication Market 2016-2020
About Global Phone-Based Authentication Market
The global phone-based authentication market is expected to grow during the forecast period because of the increasing global penetration of mobile phones and smart devices. Companies are replacing traditional token-based authentication with phone-based authentication techniques, which is driving the growth of the market.
Technavio’s analysts forecast the global phone-based authentication market to grow at a CAGR of 49.40% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global phone-based authentication market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of phone-based authentication software, OTP authentication through SMS, e-mail, and call.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Phone-Based Authentication Market 2016-2020
Technavio recognizes the following companies as the key players in the global phone-based authentication market: CA Technologies, Gemalto, Symantec, and Vasco.
Other Prominent Vendors in the market are: Entrust Datacard, Deepnet Security, EZMCOM, Early Warning, HID Global, IdentityGuard, Mi-Token, SecurEnvoy, Swivel Secure, and TeleSign.
Commenting on the report, an analyst from Technavio’s team said: “High popularity of SMS OTP will be a key trend for market growth. Among the different available phone-based authentication solutions, such as push notifications, smartphone passcodes, SMS OTP, and phone calls, SMS OTP is the most preferred, as it is easy to use, inexpensive, and accurate. Most of the other authentication methods face network issues such as call drops or poor call quality. Therefore, we expect the number of vendors to adopt this method to increase during the forecast period. The adoption of SMS OTP grew significantly in other sectors such as social networking and online gaming.”
According to the report, the online payment gateways are also prone to cyber-attacks. Hackers tend to target websites with high traffic and huge customer base. To make online transactions secure, enterprises have started using phone-based authentication methods. Hence, the rapid increase in the volume of online financial transactions acts as a driver for the global phone-based authentication market.
Further, the report states that phone-based authentication requires a strong and sustainable telecom infrastructure to work effectively. Several developing countries do not have the necessary telecom infrastructure that can support of phone-based authentication. 4G technology has just picked up momentum in many Asian countries and is yet to witness strong adoption. Consumers are also facing challenges like call drops, poor voice quality, and cross-connection, which is further hampering the growth of the market.
CA Technologies, Gemalto, Symantec, Vasco, Entrust Datacard, Deepnet Security, EZMCOM, Early Warning, HID Global, IdentityGuard, Mi-Token, SecurEnvoy, Swivel Secure, TeleSign.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook