Hardware OTP Token Authentication Market Size

Hardware OTP Token Authentication Market size was valued at USD 645.42 million in 2023 and is likely to reach USD 5.79 billion by the end of 2036, expanding at around 18.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of hardware OTP token authentication is assessed at USD 740.43 million.

Extensive research associated with hardware OTP token authentication in western countries, along with the growing number of internet-based transactions and the high level of security provided by the tokens, are expected to fuel this market's progress. The market growth can also be attributed to factors such as the increasing investments from the banking and finance industry and preference for convenience and instant use.