Hardware Authentication Market - Key Growth Factors and Industry Analysis 2017-2025

Hardware authentication refers to a security system which utilizes a hardware device or security token that is used by individuals and organizations to authorize access to a network service. The device may be in the form of a USB device, smart card or may be embedded in a frequently used object such as a key fob. Security tokens provide additional assurance through a method known as two-factor authentication. The user’s personal identification number (PIN), is used to authorize them as the holder of that particular device; the device then displays a number which uniquely identifies the user to the service, permitting them to log in. The identification number for each user is changed regularly, usually every five minutes or so. Due to the growing demand for security, the hardware authentication market is expected to witness significant growth during the forecast period.

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High level of security offered by hardware authentication solutions, and increasing preference of online transactions for speed and convenience purpose is the major force driving the hardware authentication market. Further, advancements in the IT sector is possible only if the productivity of remote and mobile users is focused and encouraged while considering protection of their sensitive information. Thus, strong authentication mechanisms are continuously being deployed in small and medium sized enterprises. However, since hardware devices may be inconvenient to carry sometimes, software authentication methods are being preferred by some organizations. Also, the cost associated with upgradation and replacement of hardware authentication devices is high which is anticipated to restrain the market growth.

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With ongoing advancements in next-generation hardware OTP tokens and development of combined hardware and software authentication platforms known as unified authentication platforms, the market is destined to flourish during the forecast period. In case of multi-factor authentication, the data stored is in digital form which is very difficult to alter, recreate or decrypt. The OTP token authentication method handles public authentication security problems with the addition of an extra feature for effective verification. Several portable hardware devices have been designed as an authentication method. They have a size similar to credit cards and have a magnetic strip that holds critical data. These smart cards firmly store public and private certificate information. These cards are carried by the user and inserted into a card reader attached to a computer device.

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