The increase in the number of mobile-based transactions has driven the growth of global hardware OTP token authentication market. Hardware OTP token authentication assists organizations to secure their data with two-way authentication. Increase in mobile banking services is the primary factor that is expected to drive the growth of hardware OTP token authentication market.
MARKET SCOPE
The "Global Hardware OTP Token Authentication Market Analysis to 2028" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the hardware OTP token authentication market with detailed market segmentation by type, end user, and geography. The report provides key statistics on the market status of the leading hardware OTP token authentication market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
-Based on type, the market is segmented into connected, disconnected, and contactless.
-Based on end user, the market is segmented into BFSI, government, enterprise security, and others.
Drivers
-Increasing cyber-attacks and growing concerns towards providing secure transaction are the significant factors that are expected to drive the growth of this hardware OTP token authentication.
-Increased cybersecurity spending by the organizations related to the BFSI sector is creating opportunities for the companies operating in the Hardware OTP token authentication market to gain a broad customer base.
-High replacement cost may hinder the growth of the hardware OTP token authentication market.
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 concerning five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The hardware OTP token authentication market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both the demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social, and technological factors affecting the hardware OTP token authentication market in these regions.
IMPACT OF COVID-19 ON HARDWARE OTP TOKEN AUTHENTICATION MARKET
COVID-19 first began in Wuhan (China) in December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms of confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in the global market. Few companies have already announced possible delays in product deliveries and slumps in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting business collaborations and partnerships opportunities.
MARKET PLAYERS
The report covers key developments in the hardware OTP token authentication market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved the way for the expansion of the business and customer base of market players. The market players from the hardware OTP token authentication market are anticipated to have lucrative growth opportunities in the future with the rising demand in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the hardware OTP token authentication market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
-Dell Inc.
-Duo
-Entrust Corporation.
-FEITIAN Technologies Co., Ltd.
-Microcosm Ltd.
-One Identity LLC.
-OneSpan
-RSA Security LLC
-SurePassID, Corp.
-Thales Group