DUBLIN, December 08, 2021--(BUSINESS WIRE)--The "OTP Hardware Authentication Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
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.
Entrust Datacard Corporation
Feitian Technologies Co. Ltd.
HID Global Corporation (Assa Abloy AB)
One Identity LLC
RSA Security LLC (Symphony Technology Group)
Symantec Corporation (Broadcom Inc.)
Thales Group and Yubico Inc.
Keeping in mind the uncertainties of COVID-19, the analyst is 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.
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?
Key Topics Covered:
2 Scope and Methodology
3 Executive Summary
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
7 Market Breakup by Type
8 Market Breakup by End-user
9 Market Breakup by Region
10 SWOT Analysis
11 Value Chain Analysis
12 Porters Five Forces Analysis
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
For more information about this report visit https://www.researchandmarkets.com/r/pgpfpk
View source version on businesswire.com: https://www.businesswire.com/news/home/20211208005788/en/
Laura Wood, Senior Press Manager
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