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)
  • Manufacturing
  • Government & Defense
  • Enterprise Data Security
  • Healthcare
  • Transportation
  • Others

On the basis of region, the global OTP display card market is segmented into:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East
  • Africa

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users