TechNavio recognizes the following companies as the key players in the Global Phone-based Authentication Market: Entrust Inc., PhoneFactor Inc., RSA Security Inc., and VASCO Data Security International Inc.
Commenting on the report, an analyst from TechNavio’s 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. Thus, the SMS OTP sub-segment is expected to remain the fastest-growing sub-segment in the Global Phone-Based Authentication market.”
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. This results in frequent call drops, poor network signals, and other disturbances, which often leads to customer dissatisfaction. Hence, this makes end-users reluctant to adopt phone-based authentication solutions.
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.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit https://www.technavio.com/content/global-phone-based-authentication-marke…
TechNavio, the market research platform of Infiniti Research Ltd., publishes periodic market research reports on niche and emerging technologies. For more information on our market research, please visit https://www.technavio.com/it-hardware-software-services
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