Global Hardware OTP Token Authentication Market 2019-2024: Focus on Enterprises, BFSI, Government, Healthcare, Gaming, Service Providers
DUBLIN, July 16, 2019 /PRNewswire/ -- The "Hardware OTP Token Authentication Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
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Hardware OTP tokens are a product category within the two-factor authentication sector, primarily used for ensuring user authentication and access management applications. Primary authentication is followed by the secondary authentication with the use of a hardware device. Since user login authentication without the possession of hardware devices is not allowed, hardware tokens are reliable in ensuring authenticated user login.
-- The portability factor associated with these hardware devices further
eliminates the need for external software and hardware for identity
management. The enhanced level of security provided by these tokens is a
major factor reinforcing their demand across the various end-user
industries around the world.
-- Enterprises, BFSI, government, healthcare, and other segments (gaming,
service providers, etc.) are few of the end-user industry segments that
require or are required to have multi-factor authentication for granting
access to information or usage of services. The mandatory regulations
from many government bodies make it necessary for the use of OTP.
-- Software OTP, SMS, email, biometrics, etc., are available substitutes to
hardware OTP tokens, but hardware tokens are considered more secure as
they do not require a network to access the passcode or PIN and are not
susceptible to hacks, among other threats.
Scope of the Report
A token is a piece of data that has no meaning or use on its own, but when combined with the correct tokenization system it becomes a vital player in securing the application. Token-based authentication works by ensuring that each request to a server is accompanied by a signed token, which the server verifies for authenticity and only then responds to the request.
Key Market Trends
Disconnected Hardware OTP Token Authentication Market Has the Largest Share
-- A disconnected hardware OTP token requires the number to be copied into
the passcode field by hand. Disconnected tokens have neither a physical
nor logical connection to the client computer. Disconnected tokens do
not require a special input device, and instead, use a built-in screen
to display the generated authentication data, which the user enters
manually via a keyboard or keypad.
-- Disconnected tokens are the most common type of security tokens used,
usually in combination with a password, in two-factor authentication for
online identification. These devices have been in the market for over
three decades and have undergone various developments, in order to avoid
miscreants getting access to it.
-- Disconnected hardware OTP token authentication segment enjoys the
largest share in the market studied, due to the ease in use and the
increased security it offers against connected or networked devices.
Early Adoption Enables North America to Have the Largest Market Share
-- The United States is the largest contributor to breach activity with
2,330 breaches reported with the UK positioned 2nd far behind with
reported 184 breach reports. Number of breaches: 2,330, in the United
States led to total exposed records of 2,317,065. This led to the
personal information being compromised and password and other details
getting exposed.
-- As per the White House Council of Economic Advisers, the US economy
loses approximately USD 57 billion to USD 109 billion per year to
dangerous cyber activity. The increase in the number of data breaches is
pushing many organizations to adopt hardware OTP devices that provide
another layer of security for the user to secure themselves.
-- Enterprises these days are operating globally and their employees travel
to various offices across the globe. The OTP token authentication allows
access as well as provide an additional layer of security to the
organizations to secure their and the employee's information.
Competitive Landscape
The Hardware OTP Token Authentication Market is highly consolidated and consists of few major players. In terms of market share, few of the major players currently dominate the market. These major players with a prominent share in the market focus on expanding their customer base across the end users. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability and ARPU.
-- April 2019 - Thales completed the acquisition of Gemalto (Euronext
Amsterdam and Paris: GTO), creating a global leader in digital identity
and security. With Gemalto, Thales will cover the entire critical
decision chain in a digital world, from data generation via sensors, to
real-time decision support. Completed in 15 months, the acquisition of
Gemalto by Thales for EUR 4.8 billion creates a Group on a new scale and
a global leader in digital identity and security employing 80,000
people.
-- November 2017 - RSA a subsidiary of Dell Technologies expanded its
technology ecosystem, in order to make strong authentication more
continuous, proactive, and pervasive. Offering seamless interoperability
with the CyberArk Privileged Account Security Solution, Microsoft
Windows Hello, Palo Alto Networks Next-Generation Firewall, and VMware
Workspace ONE, RSA enables organizations to quickly and easily leverage
the broad set of modern mobile authentication methods from the RSA
SecurID Access solution.
Key Topics Covered:
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers & Restraints
4.3 Market Drivers
4.3.1 Growing Number of Internet-based Transactions
4.3.2 Increasing Investments from Banking and Finance Industry
4.4 Market Restraints
4.4.1 Growing Use and Reliability of Bio-metric Authentication
4.5 Regional Market Lifecycle Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
4.7 Regulatory Policy Analysis
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Connected
5.1.2 Disconnected
5.1.3 Contactless
5.2 By End-user Industry
5.2.1 Banking, Financial Services & Insurance
5.2.2 Government
5.2.3 Enterprise Security
5.2.4 Healthcare
5.2.5 Other End-user Industries
5.3 Geography
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Authenex Inc.
6.1.2 Dell Technologies Inc.
6.1.3 Entrust Datacard Corporation
6.1.4 Gemalto NV (Thales Group)
6.1.5 Microcosm Ltd.
6.1.6 One Identity LLC
6.1.7 RSA Security LLC
6.1.8 SurepassID Corp.
6.1.9 Symantec Corporation
6.1.10 VASCO Data Security International Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/sj7r0m
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