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Hardware OTP Token Authentication Market Trends

  • Report ID: 2905
  • Published Date: Sep 23, 2024
  • Report Format: PDF, PPT

Hardware OTP Token Authentication Market Trends

Growth Drivers

  • Growing number of internet-based transactions
  • Increasing investments from banking and finance industry

Challenges

  • High upgrading and replacement costs
  • Rise in adoption of software authentication methods

Hardware OTP Token Authentication Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

18.4%

Base Year Market Size (2023)

USD 645.42 million

Forecast Year Market Size (2036)

USD 5.79 billion

Regional Scope
  • North America (U.S., and Canada)
  • Asia Pacific (Japan, China, India, Indonesia, South Korea, Malaysia, Australia, Rest of Asia Pacific)
  • Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Brazil, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Author Credits:  Abhishek Verma


  • Report ID: 2905
  • Published Date: Sep 23, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Growing number of internet-based transactions and high level of security provided by hardware OTP tokens are the key factors driving market growth.

The market is anticipated to attain a high CAGR over the forecast period, i.e., 2020-2029.

High upgrading and replacement costs, Rise in adoption of software authentication methods and inconvenience in carrying the hardware devices are estimated to hamper market growth.

The market in North America region will provide ample growth opportunities as it is the largest market. moreover, Asia Pacific region has lots of growing opportunities with significant growth as it is the fastest growing market.

The major players dominating the hardware OTP Token Authentication market are Authenex Inc., Entrust Corporation, Thales Group, Microcosm Ltd., Dell Inc. and others.
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