The introduction of out-of-band authentication (OOB) is a key trend that will impel growth in multi-factor authentication market during the predicted period. OOB is a fairly new process that uses two separate networks to identify users.
This technology can be classified as a type of two-factor authentication that works well when a fraudulent user tries to gain access to a specific customer’s account.
According to the report, the need for uninterrupted connectivity in corporate offices has compelled employees to use portable devices such as cell phones, tablets, and PCs to gain access to confidential information. Hackers can easily gain access to data stored on mobile devices, which may lead to the misuse of critical data. So, the need for security of the data stored on mobile devices has increased.
The multi-factor authentication market in US is expected to grow at a CAGR of close to 20%. Some of the factors driving market growth are the presence of large financial institutions and companies, IT infrastructure, adoption of technologies like cloud services and mobile technologies, and a need for strong authentication techniques for mobile-based transactions.
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