The revenue from FIDO authentication solutions will reach $1,238.6 million in 2022. From 2023 to 2033, the overall market is expected to grow at a CAGR of 23.1%, reaching US$ 12,059.7 Mn. As demand for FIDO authentication solutions grows, the market’s competitiveness will rise. According to the FMI forecast, the top five providers would control around 69.4% of the market in 2022. FIDO authentication accounts for around 15% of the global authentication industry.
FIDO (Fast IDentity Online) is an open authentication standard meant to provide secure and convenient online service authentication. FIDO seeks to replace traditional passwords with more secure, user-friendly authentication methods such as biometrics (e.g., fingerprints, facial recognition) and security keys.
The standard is intended to be device and platform-independent, allowing for seamless authentication across numerous devices and services. When opposed to passwords, FIDO authentication provides more security because the authentication credentials are retained on the user’s device and never shared with the service provider. Yubico, Google, Microsoft, and Feitian are among the market leaders in FIDO authentication.
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Passwords are no longer required for authentication and identity thanks to FIDO authentication, which replaces a number of different methods for faster and more secure password-less authentication.
The marketplace has The FIDO (First Identity Online) Alliance, a non-profit organization comprised of computer titans such as Microsoft, Apple, and Facebook, is advocating for considerably tighter security, particularly as ‘work from home’ becomes the ‘new normal’. The FIDO U2F (Universal 2nd Factor) security key is becoming more widely known as a security standard that allows Internet users to gain secure access with a single physical security key. Trends like these will undoubtedly help the FIDO authentication business grow accidentally in the future years.
The key players are looking for replacing conventional complex and static passwords with various advanced options of authentication, which are inclusive of PIN and biometrics. Several advantages of FIDO authentication like reduction of costs, standardization, and appropriate authentication are driving the incorporation of FIDO authentication solutions all across.
There is a rise in cloud-based resources, remote access, and various mobility solutions; which is compelling the enterprises to go for simple-to-manage solutions to lessen exposure to endpoint attack. Trend of BYOD (Bring Your Own Device) coupled with rise in the vulnerability of data against deploying novel applications is also expected to propel the FIDO authentication market. Future Market Insights has walked through these findings with future perspectives in its latest market study entitled ‘FIDO Authentication Market’. The diligent team of analysts and consultants is there to execute. Macros as well as micros are being worked upon.
Key Takeaways from FIDO Authentication Market
- North America holds the largest market share due to the US being subject to rising demand for FIDO-based authentication solutions in several verticals like BFSI, telecommunication, healthcare, and likewise. Also, with hybrid model in place, it’s imperative to outshine privacy and advanced security threats.
- Europe is led by the UK, which is expected to stand tall with aa CAGR of 23.4% in the forecast period. It’s interesting to learn that the economy of the UK is being empowered by platform business models, big data, smartphone technology, advanced analytics, and peer-to-peer networks. Additionally, the governments over here are on a vigil with increasing incidences of terrorist financing and money laundering. The EBA (European Banking Authority) did start prioritizing fraud management for the EU since 2020.
- The Asia-Pacific is led by countries like India, China, and Japan. The FJWG (FIDO Japan Working Group) is created for addressing the growing inclination toward FIDO authentication, especially from stakeholders. India is expected to witness an incredible CAGR in FIDO authentication market (33%) due to the country increasingly using digital certificates and PKI for ascertaining online transactions.
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Competitive Landscape
- Aware, Inc., in January 2021, announced launching AwareABIS. It comes across as one of the automated biometric identification systems (ABIS) used for biometric deduplication and identification. AwareABIS thus expends support to face, fingerprint, and the iris modalities. It also has a modular architecture helping security teams configure and later optimize system for criminal or civil applications.
“With mobile and web applications being increasingly adopted, advanced security solutions are inevitable. This factor is expected to revolutionize the FIDO authentication market”, says an analyst from Future Market Insights.
- FIDO authentication helps in catering to requirement for secured application, that too, without tampering with user convenience.
FIDO Authentication Outlook by Category
By Solution:
- FIDO U2F Authentication Devices (Security Keys)
- FIDO Authentication SDKs
- FIDO Client SDK
- FIDO Server SDK
Services
- Technology Consulting
- Integration & Deployment
- FIDO Certification Services
- Support Services
By Application:
- Payment Processing
- PKI/Credential Management
- Document Signing
- User Authentication
- Others
By Industry:
- BFSI
- Healthcare & Life Sciences
- IT & Telecom
- Retail & CPG
- Government & Defense
- Energy & Utilities
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Authentication Technology Innovation / Development Trends
3.2.1. Single Factor Authentication Technology
3.2.2. Two Factor Authentication Technology
3.2.3. Multi Factor Authentication Technology
3.3. Average Pricing Analysis, By Products
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