Product Code: SR112024A2698
The global OTP hardware authentication market size reached US$ 1.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 2.5 Billion by 2032, exhibiting a growth rate (CAGR) of 6.7% during 2024-2032.
OTP (one-time-password) hardware authentication is a security approach wherein a random set of alphanumeric characters are displayed on small, standalone devices, such as key fobs, display cards or tokens. These characters are automatically validated with an authentication server that has a copy of the seed record and a serial number of the device. Once validated, the user is securely granted access to different websites, applications or an operating system. As the characters expire after a specific period, OTP hardware authentication is considered more reliable than static passwords. Moreover, with the integration of radio-frequency identification (RFID) solutions, lost or stolen OTP hardware devices can be tracked easily.
OTP Hardware Authentication Market Trends:
Due to the rising instances of phishing and cyberattacks, several organizations are using OTP hardware devices as they are isolated from the network and cannot be externally accessed. This represents one of the key factors impelling the market growth. Moreover, as these devices have long battery life and offer maximum security, they are widely utilized to support the operation, maintenance and management of various end use industries. Furthermore, the growing traction of hybrid tokens, which are a combination of OTP and certificate-based authentication within a single device, is stimulating the market growth. Apart from this, the key players are incorporating innovative features, such as liquid crystal display (LCD) screen, keypads for passwords and biometric readers, to enhance the security of their products. They are also offering wireless product variants, which is expected to positively influence the market growth in the coming years.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global OTP hardware authentication market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on product type, type and end user.
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
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:
The report has also analysed the competitive landscape of the market with some of the key players being 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 (Quest Software), OneSpan Inc., RSA Security LLC (Symphony Technology Group), SafeNet, Inc., Securemetric Berhad, Symantec Corporation (Broadcom Inc.), Thales Group and Yubico Inc.
Key Questions Answered in This Report:
- How has the global OTP hardware authentication market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global OTP hardware authentication market?
- What are the key regional markets?
- What is the breakup of the market based on the product type?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the end user?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global OTP hardware authentication market and who are the key players?
- What is the degree of competition in the industry?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global OTP Hardware Authentication Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Product Type
- 6.1 USB Tokens
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 SIM Tokens
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 Mini Tokens
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
- 6.4 Others
- 6.4.1 Market Trends
- 6.4.2 Market Forecast
7 Market Breakup by Type
- 7.1 Connected
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Disconnected
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 7.3 Contactless
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
8 Market Breakup by End User
- 8.1 BFSI
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Healthcare
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Government
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
- 8.4 Commercial Security
- 8.4.1 Market Trends
- 8.4.2 Market Forecast
- 8.5 Transportation
- 8.5.1 Market Trends
- 8.5.2 Market Forecast
- 8.6 Others
- 8.6.1 Market Trends
- 8.6.2 Market Forecast
9 Market Breakup by Region
- 9.1 North America
- 9.1.1 United States
- 9.1.1.1 Market Trends
- 9.1.1.2 Market Forecast
- 9.1.2 Canada
- 9.1.2.1 Market Trends
- 9.1.2.2 Market Forecast
- 9.2 Asia Pacific
- 9.2.1 China
- 9.2.1.1 Market Trends
- 9.2.1.2 Market Forecast
- 9.2.2 Japan
- 9.2.2.1 Market Trends
- 9.2.2.2 Market Forecast
- 9.2.3 India
- 9.2.3.1 Market Trends
- 9.2.3.2 Market Forecast
- 9.2.4 South Korea
- 9.2.4.1 Market Trends
- 9.2.4.2 Market Forecast
- 9.2.5 Australia
- 9.2.5.1 Market Trends
- 9.2.5.2 Market Forecast
- 9.2.6 Indonesia
- 9.2.6.1 Market Trends
- 9.2.6.2 Market Forecast
- 9.2.7 Others
- 9.2.7.1 Market Trends
- 9.2.7.2 Market Forecast
- 9.3 Europe
- 9.3.1 Germany
- 9.3.1.1 Market Trends
- 9.3.1.2 Market Forecast
- 9.3.2 France
- 9.3.2.1 Market Trends
- 9.3.2.2 Market Forecast
- 9.3.3 United Kingdom
- 9.3.3.1 Market Trends
- 9.3.3.2 Market Forecast
- 9.3.4 Italy
- 9.3.4.1 Market Trends
- 9.3.4.2 Market Forecast
- 9.3.5 Spain
- 9.3.5.1 Market Trends
- 9.3.5.2 Market Forecast
- 9.3.6 Russia
- 9.3.6.1 Market Trends
- 9.3.6.2 Market Forecast
- 9.3.7 Others
- 9.3.7.1 Market Trends
- 9.3.7.2 Market Forecast
- 9.4 Latin America
- 9.4.1 Brazil
- 9.4.1.1 Market Trends
- 9.4.1.2 Market Forecast
- 9.4.2 Mexico
- 9.4.2.1 Market Trends
- 9.4.2.2 Market Forecast
- 9.4.3 Others
- 9.4.3.1 Market Trends
- 9.4.3.2 Market Forecast
- 9.5 Middle East and Africa
- 9.5.1 Market Trends
- 9.5.2 Market Breakup by Country
- 9.5.3 Market Forecast
10 SWOT Analysis
- 10.1 Overview
- 10.2 Strengths
- 10.3 Weaknesses
- 10.4 Opportunities
- 10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
- 12.1 Overview
- 12.2 Bargaining Power of Buyers
- 12.3 Bargaining Power of Suppliers
- 12.4 Degree of Competition
- 12.5 Threat of New Entrants
- 12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
- 14.1 Market Structure
- 14.2 Key Players
- 14.3 Profiles of Key Players
- 14.3.1 Authenex Inc.
- 14.3.1.1 Company Overview
- 14.3.1.2 Product Portfolio
- 14.3.2 Deepnet Security
- 14.3.2.1 Company Overview
- 14.3.2.2 Product Portfolio
- 14.3.3 Dell EMC
- 14.3.3.1 Company Overview
- 14.3.3.2 Product Portfolio
- 14.3.3.3 Financials
- 14.3.3.4 SWOT Analysis
- 14.3.4 Entrust Datacard Corporation
- 14.3.4.1 Company Overview
- 14.3.4.2 Product Portfolio
- 14.3.5 Feitian Technologies Co. Ltd.
- 14.3.5.1 Company Overview
- 14.3.5.2 Product Portfolio
- 14.3.5.3 Financials
- 14.3.6 Fortinet Inc.
- 14.3.6.1 Company Overview
- 14.3.6.2 Product Portfolio
- 14.3.6.3 Financials
- 14.3.6.4 SWOT Analysis
- 14.3.7 HID Global Corporation (Assa Abloy AB)
- 14.3.7.1 Company Overview
- 14.3.7.2 Product Portfolio
- 14.3.8 Microcosm Ltd.
- 14.3.8.1 Company Overview
- 14.3.8.2 Product Portfolio
- 14.3.9 One Identity LLC (Quest Software)
- 14.3.9.1 Company Overview
- 14.3.9.2 Product Portfolio
- 14.3.10 Onespan Inc.
- 14.3.10.1 Company Overview
- 14.3.10.2 Product Portfolio
- 14.3.10.3 Financials
- 14.3.11 RSA Security LLC (Symphony Technology Group)
- 14.3.11.1 Company Overview
- 14.3.11.2 Product Portfolio
- 14.3.12 SafeNet Inc.
- 14.3.12.1 Company Overview
- 14.3.12.2 Product Portfolio
- 14.3.13 Securemetric Berhad
- 14.3.13.1 Company Overview
- 14.3.13.2 Product Portfolio
- 14.3.14 Symantec Corporation (Broadcom Inc.)
- 14.3.14.1 Company Overview
- 14.3.14.2 Product Portfolio
- 14.3.15 Thales Group
- 14.3.15.1 Company Overview
- 14.3.15.2 Product Portfolio
- 14.3.15.3 Financials
- 14.3.15.4 SWOT Analysis
- 14.3.16 Yubico Inc.
- 14.3.16.1 Company Overview
- 14.3.16.2 Product Portfolio