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), also known as dynamic password or one-time pin, is a password which is valid for only one login transaction or session, on a digital device or other computer system. Moreover, OTP authentication method enables organizations to secure their data with two-factor authentication. This two-factor authentication method enables secure business transactions and enhances the consumer’s experience.
Furthermore, certain government organizations are continuing with OTP display card authentication methods. Hence, key players are focusing on offering OTP display cards, in order to meet increasing needs and requirements of consumers. For instance, Gemalto NV, an international digital security company, offers SafeNet OTP Display Card which is an OATH-compliant two-factor authentication token designed in a credit card form. OTP display cards not only helps in increasing the efficiency of distant and cellular personnel identification but also supports in security of transaction methods. The OTP display cards are developed by several firms such as RSA Security LLC, Gemalto NV, Dell Symantec Corporation, and VASCO Data Security International, Inc.
Increasing internet-based transactions has led to rising demand for OTP display cards
Increasing focus on online transactions that are vulnerable to cyber-attacks and awareness towards the need to protect important data are also a major factor for adoption of authentication techniques such as OTP display cards. To make online transactions secure, organizations have started using OTP display cards. Hence, rapid increase in the volume of online transactions acts as a driver for the global OTP display cards market. According to Coherent Market Insights’ analysis, total global online transaction value in the Digital Payments accounted for US$ 4,137,523 Mn in 2019. However, increasing response time in higher order authentication models and high product cost are expected to hinder growth of the global OTP display cards market during the forecast period.
Global OTP Display Card Market Regional Insight:
In terms of region, North America is expected to be dominant in the global OTP display cards market, owing to increasing use of internet in the region. According to Coherent Market Insights’ analysis, in 2018, North America had 396 million internet users. North America is expected to witness significant growth over the forecast period, which can be attributed to high adoption of innovative technologies such as cloud, Internet of things (IoT) etc. in developed countries such as the U.S. and Canada. Key players in the region are focused on expanding their product portfolio in order to meet increasing needs and requirements of consumers. For instance, in November 2017, RSA Security LLC, a subsidiary of Dell Technologies, expanded its technology ecosystem, in order to make authentication process more continuous, pervasive, and proactive. Increasing need for a high-security authentication technique for security of organizational data from theft or malware also aids in growing market demand for OTP display cards in North American region.
Global OTP Display Card Market Competitive Background:
Key players in the global OTP display card market are SurePassID, Gemalto NV, RSA Security LLC, HID Global Corporation/ASSA ABLOY AB, FEITIAN Technologies Co., Ltd., Excelsecu Data Technology Co., Ltd., Microcosm Ltd., Mastercard, Deepnet Security, Entrust Datacard Corporation, PistolStar, Inc., Securemetric, Yubico, Broadcom, Nexus Group, Fortinet, Inc., and OneSpan among others.
Global OTP Display Card Market Taxonomy:
On the basis of product type, the global OTP display card market is segmented into:
- Event-based (HOTP) Tokens
- Time-based (TOTP) Tokens
On the basis of end-use industry, the global OTP display card market is segmented into:
- Banking, Financial Services & Insurance (BFSI)
- Government & Defense
- Enterprise Data Security
On the basis of region, the global OTP display card market is segmented into:
- North America
- Asia Pacific
- Latin America
- Middle East