IMARC Group, a leading market research company, has recently released a report titled “OTP Hardware Authentication Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global OTP hardware authentication market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

What Are The Growth Prospects Of The OTP Hardware Authentication Industry?

According to the report, The global OTP hardware authentication market size reached US$ 1.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1.9 Billion by 2028, exhibiting a growth rate (CAGR) of 7.5% during 2023-2028.

What is OTP Hardware Authentication?

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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What are the growth prospects and trends in the OTP hardware authentication industry?

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.

What is included in market segmentation?

The report has segmented the market into the following categories:

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

Who are the key players operating in the industry?

The report covers the major market players including:

• 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.

Explore full report with table of contents: https://www.imarcgroup.com/otp-hardware-authentication-market

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