by The global Cipher Machine and Password Card Market is estimated to be valued at US$ 2.29 Bn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The cipher machine and password card market offers products that provide secure access to systems, networks and physical infrastructure through encryption and authentication techniques. These solutions ensure data security and privacy while allowing authorized access.
Market key trends:
One of the key trends in the cipher machine and password card market is the increasing adoption of two-factor authentication. Originally used primarily in banking and financial services, two-factor authentication is now becoming a standard practice across many industries to provide an additional layer of security beyond just a password. It requires two separate components, such as something you know (a password or PIN) and something you have (a one-time code texted or emailed to your phone, or a security token). This makes unauthorized logins much more difficult. The growing awareness about cyber threats and data breaches is driving more companies to implement two-factor authentication solutions from providers in this market.
Market key trends:
The cipher machine and password card market has been observing growing demand due to the increasing need for reliable and secure authentication methods across various industry verticals such as BFSI, government, travel & immigration, defense & security, and commercial security. With rising cyber-attacks and data breaches, organizations are emphasizing on advanced authentication beyond traditional passwords to secure access to their systems and sensitive data. Cipher machines and password cards provide highly secured two-factor authentication with their time-based OTP (One-Time Password) generation and strong encryption algorithms. Their demand is expected to surge with the proliferation of IoT devices and rapid digital transformation across enterprises.
SWOT Analysis
Strengths: Cipher machines and password cards offer strong security against cyber threats due to their time-based one-time password generation and encryption. They provide simplified user experience for authentication.
Weaknesses: Initial costs associated with deployment and management of cipher machines and password cards can be high for small organizations. Users need to carry password cards all the time.
Opportunities: Growing adoption of cloud-based services and mobile work culture is raising the need for advanced authentication beyond passwords. Government initiatives for e-governance and digital identity programs will drive the market.
Threats: Availability of free open-source alternatives or lower-cost OTP generation apps can hamper the demand. Sophisticated cyber-attacks pose threats to breach even highly secure authentication systems.
Key Takeaways
The global Cipher Machine and Password Card market is expected to witness high growth, exhibiting CAGR of 9.0% over the forecast period, due to increasing digitization of enterprises across industry verticals. The market size for 2023 is estimated at US$ 2.29 Bn.
Regional analysis: The Asia Pacific region is expected to dominate the market owing to the rapid digital transformation of enterprises and implementation of advanced e-governance programs by the governments in countries such as India, China, and Australia. North America also holds a significant share in the global market.
Key players operating in the Cipher Machine and Password Card market are: KABA Group, Yubico, SecuGen Corporation, Anviz Global, Nitgen Co., Ltd., Integrated Biometrics, BIO-key International, Daon Inc., Suprema Inc., Integrated Biometrics, ASSA ABLOY, Dormakaba Holding, Allegion plc, HID Global Corporation, Gunnebo Security Group, IDenticard Systems, PrimeKey Solutions AB, Thales Group, Gemalto NV, NXP Semiconductors N.V. The market is highly competitive with major focus on product innovation and mergers & acquisitions for geographical expansion.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
