The global 2FA market to grow at a CAGR of 23.57% during the period 2017-2021.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the Key vendors operating in this market.
OOB authentication is a powerful tool used to prevent fraud. The OOB authentication software works with a secured communication channel. Enterprises use this technology for high-risk transactions to verify and authenticate the user's identity. The technology is used for authentication for both financial and non-financial transactions.
According to the report, consumers depend on the Internet to perform transactions. Online transactions are instant and easy. However, financial transactions are vulnerable to cyber attacks. Major vendors, such as Gemalto, are providing hardware OTP tokens with payment functionality for banking transactions. Some of Gemalto's offerings are EZIO onCard PAD, Ezio Talk Token, and EZIO Pico.
Further, the report states that hardware tokens are vulnerable to theft, and there are also possibilities that hardware OTP tokens may not get recognized by the transaction systems in use. The hardware OTP token is an extra device that must be carried around, making it inconvenient for users.