Hardware OTP Token Authentication Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Global Hardware Token Authentication Market is segmented by Type (Connected, Disconnected, Contactless), End-user Industry (Banking, Financial Services, and Insurance, Government, Enterprise Security, Healthcare), and Geography (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa). The market sizes and forecasts are provided in terms of value (USD Billion) for all the above segments.

Hardware OTP Token Authentication Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Hardware OTP Token Authentication Industry Overview

The Hardware OTP Token Authentication Market is highly consolidated and consists of several major players. Several companies in this sphere are leveraging strategic collaborative initiatives to increase their profitability. The key players have formed strategic collaborations, expansions, partnerships, joint ventures, acquisitions, and others to increase their footprints in this market. Key players in the market are One Identity LLC, Entrust Datacard Corporation, RSA Security LLC, Thales Group (Gemalto NV), SurepassID Corp., Authenex Inc., Dell Technologies Inc., Microcosm Ltd, Broadcom Inc. (Symantec Corporation), and many more.

 In May 2022, SecurID, a trusted identity platform and an RSA company announced that the FedRAMP (Federal Risk and Authorization Management Program) had approved SecurID Federal cybersecurity solutions for use by government agencies. The public sector trusts our multi-factor authentication (MFA) and identity management solutions to enable employees, partners, and contractors to do more without compromising security or convenience increase. RSA Federal is uniquely positioned to support the needs of government agencies with a cybersecurity strategy that meets evolving needs and defends against evolving threat vectors. In April 2022, many organizations in the banking sector use RSA SecurID in hardware tokens for multi-factor authentication (MFA). However, employees may need to remember their hardware tokens and be able to log in. This step results in higher support costs, poor user experience, and lost productivity. This step is precisely the challenge one of her clients in the banking industry is trying to tackle. As such, RSA and Twilio have teamed up to explore ways to leverage the Twilio Verify Service as his alternative MFA. This step allows employees to log into the secure system using a one-time password (OTP) sent to their mobile phones.

Hardware OTP Token Authentication Market Leaders

  1. One Identity LLC

  2. Entrust Datacard Corporation

  3. RSA Security LLC

  4. Thales Group (Gemalto NV)

  5. SurepassID Corp.

  6. *Disclaimer: Major Players sorted in no particular order
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Hardware OTP Token Authentication Market Report Snapshots

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