Global Hardware OTP Token Authentication Market 2016-2020
About Hardware OTP Authentication
Hardware OTP authentication method enables organizations to secure their data with two-factor authentication. The hardware device that is being used is the first step of authentication followed by a security token that is issued to the user to verify the identity of the user. This two-factor authentication method enables secure business transactions and enhances user experience.
Technavio’s analysts forecast the global hardware OTP token authentication market to grow at a CAGR of 8.42% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global hardware OTP token authentication market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of hardware OTP tokens across the globe.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Hardware OTP Token Authentication Market 2016-2020
Technavio recognizes the following companies as the key players in the global hardware OTP token authentication market: Gemalto, Dell, VASCO, and Symantec.
Other Prominent Vendors in the market are: Authenex, Deepnet Security, Entrust, FEITIAN Technologies, Fortinet, HID, ID Control, Nexus, PortalGuard, SecuTech, SecureMetric Technology, and Yubico.
Commenting on the report, an analyst from Technavio’s team said: “The global authentication market includes both software and hardware authentication methods. The organizations that are cost conscious have moved to software authentication methods whereas certain organizations, mostly in the government sector, are continuing with the hardware authentication methods. Now, the vendors are introducing a unified platform, which would allow the use of both hardware and software authentication methods, eliminating the cost involved in shifting from one platform and module to another. Also, users can easily switch from one hardware OTP token authentication solution to another hardware OTP authentication solution. SecureAuths' SecureAuth IdP provides authentication security, single sign-on, and user self-service tools in a unified platform. The introduction of unified platforms is a growing trend in the global hardware OTP token authentication market.”
According to the report, cyber-attacks are increasing, especially against websites where the number of online transactions is significantly high. Hackers are also targeting certain lucrative sectors that have a huge number of online customers. To make online transactions secure, organizations have started using the hardware OTP token authentication method. Hence, the rapid increase in the volume of online transactions acts as a driver for the global hardware OTP token authentication market.
Further, the report states that a major challenge for the hardware OTP token authentication market is the high upgrading and replacement costs of the hardware solutions. The complexity of the network infrastructure has resulted in the procurement of security products of various generations. Hence, obsolescence of technology has resulted in a number of new hardware products being purchased by end-users every time there is a software update. So, the new hardware OTP token products entering the market are not seamlessly integrated with the existing products, irrespective of the specifications, multiple protocol standards, or products from other vendors. Also, the cost of replacing a hardware device in case of software obsolescence and upgrading is very high.
Gemalto, Dell, VASCO, Symantec, Authenex, Deepnet Security, Entrust, FEITIAN Technologies, Fortinet, HID, ID Control, Nexus, PortalGuard, SecuTech, SecureMetric Technology, and Yubico.