According to the latest report by IMARC Group “OTP Hardware Authentication Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026“, The global OTP hardware authentication market exhibited strong growth during 2015-2020. Looking forward, the market is expected to grow at a CAGR of around 8% during 2021-2026.
One-time-password (OTP) hardware authentication refers to a security approach that ensures alphanumeric characters are automatically validated with an authentication server. It produces single-use passwords and PIN codes, which are part of two-factor authentication, followed by multi-factor authentication using various hardware devices. Hardware tokens are considered a reliable alternative for authenticated user login, which plays a vital role in securing the application when combined with the correct tokenization system.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
The global OTP hardware authentication market is primarily driven by the increasing number of internet-based transactions. There are portable hardware devices that eliminate the need for external software for identity management. It validates one login session with the help of a primary password or a one-time passcode. OTP hardware authentication prevents the theft of information stored in the form of digital records in the database, making it impossible to reconstruct, decrypt, and manipulate. As a result, it finds extensive application acrossBFSI, government, healthcare, and gaming, industries. Furthermore, various government and regulatory bodies are making it mandatory to use OTP authentication, thereby propelling market growth across the globe.
Breakup by Product Type:
- USB Tokens
- SIM Tokens
- Mini Tokens
- Others
Breakup by Type:
- Connected
- Disconnected
- Contactless
Breakup by End User:
- BFSI
- Healthcare
- Government
- Commercial Security
- Transportation
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Authenex Inc.
- Deepnet Security
- Dell EMC
- Entrust Datacard Corporation
- Feitian Technologies Co. Ltd.
- Fortinet Inc.
- HID Global Corporation (Assa Abloy AB)
- Microcosm Ltd.
- One Identity LLC
- OneSpan Inc.
- RSA Security LLC (Symphony Technology Group)
- SafeNet, Inc.
- Securemetric Berhad
- Symantec Corporation (Broadcom Inc.)
- Thales Group
- Yubico Inc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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