According to the latest report by IMARC Group “OTP Hardware Authentication Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global OTP hardware authentication market size reached US$ 1.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 1.8 Billion by 2027, exhibiting a growth rate (CAGR) of 7.91% during 2022-2027.
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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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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