Shipments of hardware-based secure password solutions, including one-time-password (OTP) generators, portable smart card readers and USB tokens will equal 1.8 billion units by the end of 2016, according to ABI Research’s latest study.
ABI’s “On-line ID & Authentication” provides regional forecasts for biometric sensors in mobile devices, browser-based and mobile device software, OTP generators, portable smart card readers, and USB tokens.
Service providers, retailers, banks and governments are working to counter the growing threat of hacking and identity fraud. As a result, ABI says, vendors of hardware and software solutions aimed at boosting security for online transactions will be competing for market share.
This market is expected to see a boost in growth for USB tokens over the forecast period with growth of OTP generators declining due to high profile hacks that have reduced OTP credibility. Overall, the market remains positive, with hardware and software solutions shipping in excess of one billion units in 2016 alone.
In addition, mobile software solutions will rise from 2013 onward due to an increasing number of smart phones and tablets being utilized to access networks, complete transactions and manage email.