Technavio, a tech-focused market research firm, has published a new report on the global OOB authentication software market, which is expected to grow at an impressive CAGR of more than 23% by 2020.
This latest report by Technavio covers the market outlook and growth prospects of the global OOB authentication software market for 2016-2020, considering 2015 as the base year. In addition, an overview of the market, key leading countries, vendor landscape, and a detailed analysis of the top vendors operating in this market are covered in the report.
Based on geographical division, Technavio market researchers segment the global OOB authentication software market into the following key regions: APAC, America and EMEA. The Americas, APAC, and EMEA.
Geographical segmentation of the global OOB authentication software market for 2015
(market share %)
|
Americas |
53% |
|
EMEA |
32% |
|
APAC |
15% |
Source: Technavio
OOB authentication software market in the Americas
In 2015, the Americas was the leading contributor to the global OOB authentication software market revenue, with a contribution of around 53%. The US government is one of the highest adopters of security solutions. It is observed that the presence of large banks and PCI companies and increase in regulatory requirements are the major drivers for the adoption of OOB authentication in the Americas. Further developments in authentication solutions, such as phone-based authentication and SMS tokens and tokens integrated with biometric authentication, have enhanced the growth of the OOB authentication software market in the US.
The increasing demand for security solutions in banks, government departments, and financial institutions are the key drivers responsible for the growth of the market in the region. Government departments are also contributing to the growth of the global OOB authentication software market. The defense, finance, and intelligence departments are the highest adopters of authentication solutions. These sectors are adopting OOB authentication software for better control and management of information.
According to Sunil Kumar Singh, a lead analyst at Technavio, specializing in research on IT security, “Owing to the growing security concerns, the US government has increased spending on phone-based authentication. In 2015, more than 60% of the Americans had smartphones fixed with the BYOD revolution in the workplaces. This resulted in the increased adoption of smartphone-based authentication in the form of software OTP, thereby ensuring both convenience and security.”
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OOB authentication software market in APAC
The OOB authentication software market in APAC will grow at a CAGR of 24% during the forecast period. Much of this region’s growth is due to the increasing demand for OOB authentication solutions. Apart from this, the hardware authentication solutions are popular in the region as advanced phone-based authentication solutions depend on the company’s telecom infrastructure. With regulations getting stricter, the adoption of OOB authentication solutions in the market is increasing significantly.
In the APAC region, Singapore is one of the most advanced countries in terms of digital banking. It has the highest variety of digital offerings in Asia. And globally it has second-highest inclination for digital banking. The continuous growth of multinational companies in Singapore has made the country vulnerable to financial cyber-attacks.
OOB authentication software market in EMEA
The OOB authentication software market in EMEA will grow at a CAGR of around 24% % during the forecast period. Due to the the presence of a large number of banks and the increase in regulatory requirements set by government authorities the adoption of OOB authentication solutions in Europe is high.
To ensure online security, Europe has announced the adoption of more secure online banking measures, and the European Parliament has approved the revised PSD2, also known as the Directive on Payment Services, in October 2015. With such development, the countries like Estonia, Cyprus, Slovakia, Sweden, the UK, and Iceland have also announced the implementation of PSD2. PSD2 has unique features which is designed to develop security, innovation and competition in the market. To identify a person, it requires the use of a PIN, password, and devices such as tokens, card readers, and smartphones.
The top leading vendors operating in the global OOB authentication software market are:
- CA Technologies
- Gemalto
- Strikeforce Technologies
- Swivel Secure
A more detailed analysis is available in the Technavio report tilted, ‘Global OOB Authentication Software Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Related reports
- Global Advanced Authentication Market 2016-2020
- Global Multi-Factor Authentication Market 2016-2020
- Global Hardware OTP Token Authentication Market 2016-2020
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