USB Token Market

The global USB Token Market size was USD 969.4 million in 2024 and the market is projected to touch USD 1.76 billion by 2031, exhibiting a CAGR of 10.50% during the forecast period.

A USB token is a device used to establish personal identity to access the network without having a password. It works by tokenizing the sensitive data in which the information is replaced by uniquely identifying symbols without compromising the security of the data. It is used in many types of information such as bank transactions, criminal history, healthcare records, stock purchases, and others.

To reduce data fraud the USB token market has seen rapid growth. It is also simulated by the increase in digitalization from the large to small sector. It is used by many consumers in urban areas on a daily basis for transactions and other purposes. Hence, this market has tremendous opportunities to grow further and expand its market worldwide.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

In this market, the pandemic played a critical role for increasing the market growth. The digitalization of almost every sector be it work, shopping, business and education. It works as a boon for the USB token industry.

"Leveraging Use Of Secure Payment Gateways To Propel The Market Growth"

Increase in the use of secure payment gateways is in the key trend. Many organizations need to manage protection of sensitive data such as financial data of the customers and other personal data taken by the company for some information. The adoption of payment gateways by the customers and organization also increase in the regulation of government on use of private information are making this market to grow.

USB TOKEN MARKET SEGMENTATION

By Type

Based on type the market can be categorized into On-Cloud and On-Premise

• On-Cloud: In this type of token, the user’s authentication is a vital concern over cloud computing. In this a set of host servers run an application and access over the internet. It provides customers to perform computing services on cloud. On-cloud ensures identification of users over cloud server, security, and privacy.
• On-Premise: It is a kind of USB token where the operation is done by the electronic certificate stored in the computer or device. It is less secure than the on-cloud token type.

By Application

Based on application the market can be categorized into personal, government, & enterprise.

• Personal: With increase in online work, from data to day operation to large level of personal work, to secure the information and protect it from fraud this device is highly used. The application includes online payments, filling of online forms, financial works, and many more.
• Government: For government use, such as digital signatures and other privacy related documents, this device is now used to make the operation secure and fast.
• Enterprise: In this application, there are two types of enterprise one is large enterprise and other is small and medium enterprise. The large enterprise dominates the market. To reduce fraud and money laundry this device is highly used.

"Digitalization of Finance Industry Encourage the Expansion of the Market Immensely"

It is one of the key driving factors for the USB Token Market Growth due to digitalization of the finance industry. Many finance services companies are digitized; at least 28 companies out of 500 listed Fortune’s Global companies are having their headquarters in the U.S. for utilizing the creative and comprehensive financial sectors.

"Increasing Identity Threats Enforce the Market Growth"

According to the FTC (Federal trade commission) provides a record of identity threat complaints filed with federal, state, and local law enforcement agencies. In 20199 it was found that 1.7 million fraud related reports. This increases the concern and provokes the development of hardware authentication devices.

"Technical Issues and Recklessness in Regulation Confines the Market Growth"

It is very risky if by chance the data gets leaked due failure in technical areas and recklessness affected badly on the market growth. The token security is still in the developing phase and it is expected that will grow substantially

USB TOKEN MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"North America Dominates the Market due to Large Number of Players"

The North America region is dominating the USB Token Market Share due to the presence of a large number of companies. This regional country is focusing more on new technologies and adopting it quickly. The market trends such as buy now pay later with cryptocurrencies, online payment and others used. In 2022, North America will support digital tokens more than 90%. Asia Pacific and Middle East & Africa are also in the race to expand in this market.

Many prominent industry players are operating in this market there focused on providing secure and flexible services. Major plays capture the small and local market to increase their market share. To expand in the market, companies used some techniques such as merger, acquisitions, partnership and inventing in new technologies.

• Intercede (U.K.)
• Id Control (Brazil)
• Advanced Card Systems (Hong Kong)
• Broadcom (U.S.)
• Thales Group (France)
• IBM (U.S.)
• Microsoft (U.S.)
• Dell EMC (U.S.)
• Intel (U.S.)
• Oracle (U.S.)
• Hitachi ID Systems (Canada)
• Google (U.S.)
• Stobox (U.S.)
• American Express Company (U.S.)
• Atos (France)
• Identiv (U.S.)

April 2023: A cybersecurity provider company, Imperva, Inc., partnered with Fortanix in April, 2023 to become a member of their strategic partner program. This partnership emphasizes multi-cloud data protection. This partnership manages data security of the entire operation for the customer’s data protection and assures the data privacy and compliance.

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