The global hardware OTP token authentication market is expected to grow at a significant CAGR of 18% during the forecast period (2024-2031). The major factors propelling the growth of the global hardware OTP token authentication market include the mobility factor of these hardware devices which remove the demand for identity management using external software and hardware. The increased degree of security provided by these tokens is a major element driving up demand in a variety of end-user sectors all over the globe.
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Hardware OTP authentication is a two-factor authentication system that uses a physical hardware authenticator or a secure token to provide safe remote network access and digital signature capability. Hardware OTP generates a password that works as a second factor of authentication using a separate device or a security token provided to the user. Hardware OTP tokens are a type of two-factor authentication token that is typically used for user authentication and access management applications. After primary authentication, a hardware device is used for secondary authentication.
The key players contributing to the growth of the global hardware OTP token authentication market by adopting various strategies such as product launches and developments, mergers and acquisitions, partnerships, and agreements, include One Identity LLC, Dell Technologies Inc., Entrust Datacard Corporation, Thales Group (Gemalto NV), RSA Security LLC, among others. For instance, in June 2020, HID Global’s biometrics identification management systems have been introduced to police departments and military locations all around the globe. End users, such as law enforcement personnel, can utilize the HID NOMAD 30 Pocket Reader’s PIV-certified sensor to swiftly collect and verify single fingerprints against databases, eliminating the need to transfer suspects to a central booking station.
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Market Coverage
- Segment Covered-
o By Type
o By End-User
- Regions covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- One Identity LLC, Dell Technologies Inc., Entrust Datacard Corporation, Thales Group (Gemalto NV), RSA Security LLC, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Hardware OTP Token Authentication Market – Segmentation
By Type
- Connected
- Disconnected
- Contactless
By End-user
- Banking, Financial Services & Insurance
- Government
- Enterprise Security
- Healthcare
- Other
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