OTP Display Card Market Scope
Fraud, identity theft, and security breaches continue to skyrocket with easy static passwords - which have been deemed inadequate. Static passwords are simply compromised, lost, tough to keep track of and prone to numerous sorts of attacks starting from key loggers and fake websites that steal your passwords to other forms of electronic brute force attacks. OTP display card is a security hardware device that uses event-based or time-based one-time pin (OTP) technology. A one-time password (OTP), additionally referred to as dynamic password or one-time pin, is a password that is valid for only one login transaction or session, on a digital device or alternative computer system. Moreover, OTP authentication technique permits organizations to secure their information with two-factor authentication. This two-factor authentication technique permits secure business transactions and enhances the consumer’s expertise.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | SurePassID (United States), Gemalto NV (Netherlands), Excelsecu Data Technology Co., Ltd. (China), Deepnet Security (United States), RSA Security LLC (United States), FEITIAN Technologies Co., Ltd. (China), Microcosm Ltd. (United Kingdom), Mastercard (United States), ASSA ABLOY AB (Sweden) and HID Global Corporation (United States) |
CAGR | % |
Leading key players are focusing on strategic partnerships to improve their products and services. Companies are focusing on increasing their client base to strengthen market position and to enhance product & service offerings.
SurePassID (United States), Gemalto NV (Netherlands), Excelsecu Data Technology Co., Ltd. (China), Deepnet Security (United States), RSA Security LLC (United States), FEITIAN Technologies Co., Ltd. (China), Microcosm Ltd. (United Kingdom), Mastercard (United States), ASSA ABLOY AB (Sweden) and HID Global Corporation (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Securemetric (Malaysia), Yubico (United States), Broadcom (United States), Nexus Group (Sweden), Fortinet, Inc. (United States), OneSpan (United States), Entrust Datacard Corporation (United States) and PistolStar, Inc. (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global OTP Display Card market by Type , by Application (Banking, Financial Services & Insurance (BFSI), Manufacturing, Government & Defense, Enterprise Data Security, Healthcare, Transportation and Others) and Region with country level break-up.
On the basis of geography, the market of OTP Display Card has been segmented into South America (Brazil, Argentina, Chile, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Singapore, Indonesia, Thailand, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Spain, Sweden, Belgium, Finland, Denmark, Russia, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In October 2023, HID Global teams up with IBM Security to offer its Duo OTP Cards as part of IBM's cloud security solutions, targeting hybrid and multi-cloud environments.
In September 2023, VeriSign launches its "CloudID Display Card," enabling cloud-based access to single-use passwords for improved flexibility and scalability.
Influencing Trend:
Technological Advancements in the Numerous Industries
Market Growth Drivers:
Increasing Online Transaction and Increasing Cyberattacks
Challenges:
Privacy and Security Issues
Restraints:
High Response Time and High Product Cost
Opportunities:
Untapped Market of Developing Country
Key Target Audience
OTP Display Card Manufacturers, Suppliers, and Distributors, Raw Material Supplier, New Entrants/Investors, Venture Capitalists and Private Equity Firms, End-Use Industries and Others