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). Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use industries. These insights are included in the report as a major market contributor.
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.
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.
IMARC Group provides an analysis of the key trends in each sub-segment of the global otp hardware authentication market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, product type, type and end user.
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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, OneSpan Inc., RSA Security LLC (Symphony Technology Group), SafeNet, Inc., Securemetric Berhad, Symantec Corporation (Broadcom Inc.), Thales Group and Yubico Inc.
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