The global phone-based authentication market to grow at a CAGR of 49.40% during the period 2016-2020.
The report covers the present scenario and the growth prospects of the global phone-based authentication market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of phone-based authentication software, OTP authentication through SMS, e-mail, and call. The report also includes a discussion of the key vendors operating in this market.
The global phone-based authentication market is expected to grow during the forecast period because of the increasing global penetration of mobile phones and smart devices. Companies are replacing traditional token-based authentication with phone-based authentication techniques, which is driving the growth of the market.
According to the report, the online payment gateways are also prone to cyber-attacks. Hackers tend to target websites with high traffic and huge customer base. To make online transactions secure, enterprises have started using phone-based authentication methods. Hence, the rapid increase in the volume of online financial transactions acts as a driver for the global phone-based authentication market.
Further, the report states that phone-based authentication requires a strong and sustainable telecom infrastructure to work effectively. Several developing countries do not have the necessary telecom infrastructure that can support of phone-based authentication. 4G technology has just picked up momentum in many Asian countries and is yet to witness strong adoption. Consumers are also facing challenges like call drops, poor voice quality, and cross-connection, which is further hampering the growth of the market.