View a Presentation on Global Hardware One Time Password (OTP) Token Authentication Market 2014-2018
Hardware OTP authentication is a two-factor authentication solution that enables secure remote network access and digital signature functionality with the help of a physical hardware authenticator or a secure token. Hardware OTP utilizes a separate device or a security token issued to a user to generate a password that acts as a second factor for authentication. There are different types of tokens such as OTP tokens, USB tokens, SIM tokens, and mini tokens. These are required for added security in critical infrastructures and in companies that witness a high level of online activity. Since hardware OTP tokens provide a second layer of secure authentication, it becomes difficult for attackers to hack into a user’s system. Even in cases of identity theft, attackers will not be able to cause any harm unless they have access to the secure hardware token.
Analysts forecast the Global Hardware One-time Password Token (OTP) Authentication market will grow at a CAGR of 9.96 percent during the period 2014-2018.
The Report recognizes the following companies as the key players in Global Hardware One Time Password (OTP) Token Authentication Market: Gemanlto N.V., RSA Security Inc., SafeNet Inc., VASCO Data Security International Inc., ActivIdentity Corp., Deepnet Security Ltd., Entrust Inc., Gemalto N.V., ID Control, RSA Security Inc., SafeNet Technology Ltd., Symantec Corp., VASCO Data Security International Inc., Yubico AB.
The Global Authentication market comprises software and hardware authentication solutions. Despite the respective advantages and disadvantages of software and hardware authentication solutions, the segments are expected to coexist. Some industries that are more cost conscious will adopt software authentication solutions, whereas large enterprises with traditional setups will adopt hardware authentication solutions. Hence, vendors are introducing a unified platform that can provide both hardware and software authentication solutions. This unified platform will also help authentication vendors reduce costs since they would not need to maintain separate platforms and modules. Additionally, this could help increase the adoption of hardware OTP token authentication solutions as a unified platform to enable end-users to switch easily to other hardware OTP token authentication solutions.
Covered in this Report
This report covers the present scenario and the growth prospects of the Global Hardware OTP Token Authentication market for the period 2014-2018. To calculate the market size, the report considers revenue generated from sales of hardware OTP tokens. It also presents the vendor landscape and a corresponding detailed analysis of the top four vendors in the market. In addition, the report discusses the major drivers that influence the growth of the Global Hardware OTP Token Authentication market. It also outlines the challenges faced by vendors and the market at large, as well as the key trends that are emerging in the market.
According to the report, the growth of the Global Hardware OTP Token Authentication market is supported by several drivers, a major one being the increased dependence on websites and web applications for transactions, which has led to numerous cyber-attacks. Many financial companies currently provide online facilities and features for their customers. Hence, they have to empower their customers with strong authentication solutions such as hardware OTP tokens, which can provide a high level of security when compared with traditional single-factor authentication solutions.
Further, the report states that one main challenge that hinders market growth is the acceptance of software authentication solutions owing to their ease of use and low installation costs. These are also being widely adopted in non-traditional
Key Vendors
- Gemanlto N.V.
- RSA Security Inc.
- SafeNet Inc.
- VASCO Data Security International Inc.
