Hardware OTP Token Authentication Market to See Massive Growth by 2028

The global hardware OTP token authentication market is expected to grow at a significant CAGR of 18% during the forecast period (2021-2027). The major factors propelling the growth of the global hardware OTP token authentication market include the mobility factor of these hardware devices which remove the demand for identity management using external software and hardware. The increased degree of security provided by these tokens is a major element driving up demand in a variety of end-user sectors all over the globe.

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Hardware OTP authentication is a two-factor authentication system that uses a physical hardware authenticator or a secure token to provide safe remote network access and digital signature capability. Hardware OTP generates a password that works as a second factor of authentication using a separate device or a security token provided to the user. Hardware OTP tokens are a type of two-factor authentication token that is typically used for user authentication and access management applications. After primary authentication, a hardware device is used for secondary authentication.

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  • Market Coverage
  • Market number available for – 2022-2028
  • Base year- 2021
  • Forecast period- 2022-2028
  • Segment Covered- By Source, By Product Type, By Applications
  • Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
  • , and others

Global Hardware OTP Token Authentication Market – Segmentation

By Type

  • Connected
  • Disconnected
  • Contactless

By End-user

  • Banking, Financial Services & Insurance
  • Government
  • Enterprise Security
  • Healthcare
  • Other

Global Hardware OTP Token Authentication Market – Segmentation by region

North America

  • US
  • Canada

Europe

  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe

Asia-Pacific

  • China
  • Japan
  • India
  • Rest of Asia-Pacific

Rest of the World

  • Latin America
  • Middle East and Africa

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