Global Out-of-band Authentication (OOBA) Market Size Zooms 4X to Touch USD 4.3 Billion by 2030

Published | 09 October 2024

Global Out-of-band Authentication (OOBA) Market is thriving due to rising cyber threats, an increasing demand for secure authentication methods, regulatory compliance requirements, and growing adoption of mobile-based OOB authentication solutions.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Global Out-of-band Authentication (OOBA) Market size by value at USD 1.1 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects Global Out-of-band Authentication (OOBA) Market size to expand at a CAGR of 22.10% reaching a value of USD 4.3 billion by 2030. Global Out-of-band Authentication (OOBA) Market is driven by rising cyber threats, such as phishing and data breaches, which necessitate stronger security protocols. Regulatory requirements for secure transactions and data protection, particularly in sectors like banking and healthcare, further boost demand for OOBA solutions. The increasing adoption of cloud services, mobile banking, and digital platforms also propels market growth. Moreover, advancements in biometrics, artificial intelligence (AI), and multi-factor authentication technologies enhance OOBA’s effectiveness, driving its global market expansion.

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Opportunity – Growing Awareness about Security Measures

Rising awareness about the importance of robust security measures is significantly boosting Global Out-Of-Band Authentication (OOBA) Market. As cyber threats like identity theft and phishing become more prevalent, businesses and consumers are prioritizing advanced multi-factor authentication methods. OOBA offers enhanced protection by utilizing separate communication channels for authentication, making it more resilient against attacks. This growing recognition of security needs is pushing organizations to adopt OOBA solutions, fueling the market's expansion.

Impact of Escalating Geopolitical Tensions on Global Out-of-band Authentication (OOBA) Market

Escalating geopolitical tensions could significantly impact Global Out-of-band Authentication (OOBA) Market by an increasing demand for robust security solutions. As cyber threats rise amid political conflicts, organizations seek enhanced authentication to protect sensitive data and communication. Governmental regulations may drive adoption in critical sectors like banking, defense, and healthcare. However, market growth could face challenges due to disrupted supply chains, regional restrictions, or strained international partnerships, affecting technology providers' ability to offer seamless solutions across borders.

BFSI Is Leading Industry Vertical in Global OOBA Market

The BFSI (Banking, Financial Services, and Insurance) segment holds the largest share of Global Out-of-band Authentication (OOBA) Market by industry vertical. The dominance of BFSI is driven by the high demand for secure authentication solutions in the financial sector, where protecting sensitive data and preventing fraud is critical. The increasing volume of online transactions and regulatory requirements for secure authentication in financial services further contribute to the prominence of the BFSI segment within the Global Out-of-Band Authentication (OOBA) Market. The other major industry verticals in Global Out-of-band Authentication (OOBA) Market include IT & Telecom, Government & Defense, Retail, Healthcare, and Media & Entertainment.

Competitive Landscape

Global Out-of-band Authentication (OOBA) Market is fiercely competitive, with numerous companies vying for a larger market share. Major companies in the market include RSA Security, Microsoft, Google, OneLogin, Ping Identity, Auth0, Inc., IBM, Oracle, SAP, CA Technologies, and Gemalto. These companies use various strategies, including increasing investments in their R&D activities, mergers and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Global Out-of-band Authentication (OOBA) Market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Out-of-band Authentication (OOBA) Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technological trends in Global Out-of-band Authentication (OOBA) Market and industry insights to help decision-makers make sound strategic decisions. Further, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

Scope of the Report

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