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OTP Hardware Authentication Market Report by Product Type, Type, End User, and Region 2024-2032

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    Report

  • 137 Pages
  • August 2024
  • Region: Global
  • IMARC Group
  • ID: 5901297
Description Jump to:
The global OTP hardware authentication market size reached US$ 1.3 Billion in 2023. Looking forward, the publisher expects the market to reach US$ 2.5 Billion by 2032, exhibiting a growth rate (CAGR) of 7.54% during 2023-2032.

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:

The publisher 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
List of Figures
Figure 1: Global: OTP Hardware Authentication Market: Major Drivers and Challenges
Figure 2: Global: OTP Hardware Authentication Market: Sales Value (in Billion US$), 2018-2023
Figure 3: Global: OTP Hardware Authentication Market: Breakup by Product Type (in %), 2023
Figure 4: Global: OTP Hardware Authentication Market: Breakup by Type (in %), 2023
Figure 5: Global: OTP Hardware Authentication Market: Breakup by End User (in %), 2023
Figure 6: Global: OTP Hardware Authentication Market: Breakup by Region (in %), 2023
Figure 7: Global: OTP Hardware Authentication Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 8: Global: OTP Hardware Authentication (USB Tokens) Market: Sales Value (in Million US$), 2018 & 2023
Figure 9: Global: OTP Hardware Authentication (USB Tokens) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 10: Global: OTP Hardware Authentication (SIM Tokens) Market: Sales Value (in Million US$), 2018 & 2023
Figure 11: Global: OTP Hardware Authentication (SIM Tokens) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 12: Global: OTP Hardware Authentication (Mini Tokens) Market: Sales Value (in Million US$), 2018 & 2023
Figure 13: Global: OTP Hardware Authentication (Mini Tokens) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 14: Global: OTP Hardware Authentication (Other Product Types) Market: Sales Value (in Million US$), 2018 & 2023
Figure 15: Global: OTP Hardware Authentication (Other Product Types) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 16: Global: OTP Hardware Authentication (Connected) Market: Sales Value (in Million US$), 2018 & 2023
Figure 17: Global: OTP Hardware Authentication (Connected) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 18: Global: OTP Hardware Authentication (Disconnected) Market: Sales Value (in Million US$), 2018 & 2023
Figure 19: Global: OTP Hardware Authentication (Disconnected) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 20: Global: OTP Hardware Authentication (Contactless) Market: Sales Value (in Million US$), 2018 & 2023
Figure 21: Global: OTP Hardware Authentication (Contactless) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 22: Global: OTP Hardware Authentication (BFSI) Market: Sales Value (in Million US$), 2018 & 2023
Figure 23: Global: OTP Hardware Authentication (BFSI) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 24: Global: OTP Hardware Authentication (Healthcare) Market: Sales Value (in Million US$), 2018 & 2023
Figure 25: Global: OTP Hardware Authentication (Healthcare) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 26: Global: OTP Hardware Authentication (Government) Market: Sales Value (in Million US$), 2018 & 2023
Figure 27: Global: OTP Hardware Authentication (Government) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 28: Global: OTP Hardware Authentication (Commercial Security) Market: Sales Value (in Million US$), 2018 & 2023
Figure 29: Global: OTP Hardware Authentication (Commercial Security) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 30: Global: OTP Hardware Authentication (Transportation) Market: Sales Value (in Million US$), 2018 & 2023
Figure 31: Global: OTP Hardware Authentication (Transportation) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 32: Global: OTP Hardware Authentication (Other End Users) Market: Sales Value (in Million US$), 2018 & 2023
Figure 33: Global: OTP Hardware Authentication (Other End Users) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 34: North America: OTP Hardware Authentication Market: Sales Value (in Million US$), 2018 & 2023
Figure 35: North America: OTP Hardware Authentication Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 36: United States: OTP Hardware Authentication Market: Sales Value (in Million US$), 2018 & 2023
Figure 37: United States: OTP Hardware Authentication Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 38: Canada: OTP Hardware Authentication Market: Sales Value (in Million US$), 2018 & 2023
Figure 39: Canada: OTP Hardware Authentication Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 40: Asia Pacific: OTP Hardware Authentication Market: Sales Value (in Million US$), 2018 & 2023
Figure 41: Asia Pacific: OTP Hardware Authentication Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 42: China: OTP Hardware Authentication Market: Sales Value (in Million US$), 2018 & 2023
Figure 43: China: OTP Hardware Authentication Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 44: Japan: OTP Hardware Authentication Market: Sales Value (in Million US$), 2018 & 2023
Figure 45: Japan: OTP Hardware Authentication Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 46: India: OTP Hardware Authentication Market: Sales Value (in Million US$), 2018 & 2023
Figure 47: India: OTP Hardware Authentication Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 48: South Korea: OTP Hardware Authentication Market: Sales Value (in Million US$), 2018 & 2023
Figure 49: South Korea: OTP Hardware Authentication Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 50: Australia: OTP Hardware Authentication Market: Sales Value (in Million US$), 2018 & 2023
Figure 51: Australia: OTP Hardware Authentication Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 52: Indonesia: OTP Hardware Authentication Market: Sales Value (in Million US$), 2018 & 2023
Figure 53: Indonesia: OTP Hardware Authentication Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 54: Others: OTP Hardware Authentication Market: Sales Value (in Million US$), 2018 & 2023
Figure 55: Others: OTP Hardware Authentication Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 56: Europe: OTP Hardware Authentication Market: Sales Value (in Million US$), 2018 & 2023
Figure 57: Europe: OTP Hardware Authentication Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 58: Germany: OTP Hardware Authentication Market: Sales Value (in Million US$), 2018 & 2023
Figure 59: Germany: OTP Hardware Authentication Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 60: France: OTP Hardware Authentication Market: Sales Value (in Million US$), 2018 & 2023
Figure 61: France: OTP Hardware Authentication Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 62: United Kingdom: OTP Hardware Authentication Market: Sales Value (in Million US$), 2018 & 2023
Figure 63: United Kingdom: OTP Hardware Authentication Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 64: Italy: OTP Hardware Authentication Market: Sales Value (in Million US$), 2018 & 2023
Figure 65: Italy: OTP Hardware Authentication Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 66: Spain: OTP Hardware Authentication Market: Sales Value (in Million US$), 2018 & 2023
Figure 67: Spain: OTP Hardware Authentication Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 68: Russia: OTP Hardware Authentication Market: Sales Value (in Million US$), 2018 & 2023
Figure 69: Russia: OTP Hardware Authentication Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 70: Others: OTP Hardware Authentication Market: Sales Value (in Million US$), 2018 & 2023
Figure 71: Others: OTP Hardware Authentication Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 72: Latin America: OTP Hardware Authentication Market: Sales Value (in Million US$), 2018 & 2023
Figure 73: Latin America: OTP Hardware Authentication Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 74: Brazil: OTP Hardware Authentication Market: Sales Value (in Million US$), 2018 & 2023
Figure 75: Brazil: OTP Hardware Authentication Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 76: Mexico: OTP Hardware Authentication Market: Sales Value (in Million US$), 2018 & 2023
Figure 77: Mexico: OTP Hardware Authentication Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 78: Others: OTP Hardware Authentication Market: Sales Value (in Million US$), 2018 & 2023
Figure 79: Others: OTP Hardware Authentication Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 80: Middle East and Africa: OTP Hardware Authentication Market: Sales Value (in Million US$), 2018 & 2023
Figure 81: Middle East and Africa: OTP Hardware Authentication Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 82: Global: OTP Hardware Authentication Industry: SWOT Analysis
Figure 83: Global: OTP Hardware Authentication Industry: Value Chain Analysis
Figure 84: Global: OTP Hardware Authentication Industry: Porter’s Five Forces Analysis
List of Tables
Table 1: Global: OTP Hardware Authentication Market: Key Industry Highlights, 2023 and 2032
Table 2: Global: OTP Hardware Authentication Market Forecast: Breakup by Product Type (in Million US$), 2024-2032
Table 3: Global: OTP Hardware Authentication Market Forecast: Breakup by Type (in Million US$), 2024-2032
Table 4: Global: OTP Hardware Authentication Market Forecast: Breakup by End User (in Million US$), 2024-2032
Table 5: Global: OTP Hardware Authentication Market Forecast: Breakup by Region (in Million US$), 2024-2032
Table 6: Global: OTP Hardware Authentication Market: Competitive Structure
Table 7: Global: OTP Hardware Authentication Market: Key Players

Companies Mentioned

  • 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
  • Yubico Inc.

Methodology

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Table Information

Report AttributeDetails
No. of Pages137
PublishedAugust 2024
Forecast Period2023 - 2032
Estimated Market Value ( USD ) in 2023 $ 1.3 Billion
Forecasted Market Value ( USD ) by 2032 $ 2.5 Billion
Compound Annual Growth Rate7.5%
Regions CoveredGlobal
No. of Companies Mentioned16

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