Research Nester released a report titled “Hardware OTP Token Authentication Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of hardware OTP token authentication market in terms of market segmentation by type, application, component and region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The hardware OTP token authentication market is projected to grow with a high CAGR during the forecast period, i.e., 2021-2029 on account of the increasing investments in banking and finance industry and preference to these tokens as a result of their convenience and instant use.
The market is segmented by type into disconnected, connected and contactless. Among these, the disconnected segment is anticipated to hold the largest share by the end of 2029 in the hardware OTP token authentication market as a result of the higher security to the data provided by disconnected tokens and adherence to the compliances.
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On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the hardware OTP token authentication market in the North America is projected to grow at the highest CAGR throughout the forecast period. Currently, the market in North America holds the largest share owing to the presence of leading technology providers in the region, especially in the United States, who are extensively involved in the research and development for innovative authentication systems.
Increasing Investments from Banking and Finance Industry and Growing Number of Internet-Based Transactions to Drive Market Growth
According to India Brand Equity Foundation, the investment in Mutual Fund (MF) industry’s Assets Under Management (AUM) grew from Rs. 10.96 lakh crore (US$ 156.82 billion) in October 2014 to Rs. 28.22 lakh crore (US$ 361.59 billion) in October 2020.
Investments from banking, financial services and internet penetration is one of the most predominant factors for the growth of hardware OTP token authentication market. It has been observed that people are investing money in different plans to secure their future. Additionally, the high internet penetration rises the demand for internet-based transactions, which rises the need and demand for security.
However, high upgrading and replacement costs and rise in adoption of software authentication methods are some of the factors that are estimated to restrain market growth in the near future.
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This report also provides the existing competitive scenario of some of the key players of the hardware OTP token authentication market which includes company profiling of Authenex Inc., Entrust Corporation, Thales Group, Microcosm Ltd., OneSpan, Dell Inc., NortonLifeLock Inc., One Identity LLC, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the hardware OTP token authentication market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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