Fast Identity Online (FIDO) Authentication Global Market Report 2024

The fast identity online (fido) authentication market size has grown exponentially in recent years. It will grow from $1.55 billion in 2023 to $1.93 billion in 2024 at a compound annual growth rate (CAGR) of 23.9%. The growth observed in the historical period can be attributed to password vulnerabilities, the escalation of cybersecurity threats, consumer demand for user-friendly security measures, the push for biometric authentication, and the establishment of industry standards and alliances.

The fast identity online (fido) authentication market size is expected to see exponential growth in the next few years. It will grow to $4.56 billion in 2028 at a compound annual growth rate (CAGR) of 24.0%. The anticipated growth in the forecast period can be attributed to the continued expansion of mobile devices, consumer demand for a blend of convenience and security, adherence to industry standards and interoperability, the proliferation of IoT devices, and the increasing migration to cloud-based services. Major trends expected in the forecast period include ongoing research and development in authentication technologies, the embrace of multi-factor authentication (MFA), a focus on privacy-enhancing technologies, the expansion of FIDO authentication standards, and the adoption of the WebAuthn standard.

The anticipated increase in cyber threats is set to drive the growth of the Fast Identity Online (FIDO) authentication market. Cyber threats encompass potential risks and malicious activities aimed at compromising data, targeting computer systems, networks, and digital information. FIDO authentication plays a pivotal role in mitigating cyber threats by eliminating passwords, offering robust authentication, and securely storing biometrics locally. This ensures fast and secure logins through cryptographic credentials that remain on the user's device. Notably, the Australian Cyber Security Centre reported a substantial rise of nearly 13% in cybercrime reports, reaching 76,000 between July 2021 and June 2022. This surge in cyber threats is a significant driver behind the growth of the FIDO authentication market.

The increasing adoption of web and mobile applications is poised to fuel the expansion of the FIDO authentication market. Web applications operate within web browsers, while mobile applications are designed for smartphones and tablets. FIDO authentication facilitates the adoption of web and mobile applications by providing secure, password-less access methods, enhancing both user convenience and cybersecurity. According to the 2022 Apps vs. Website Trend Report from Amplitude Inc., app usage witnessed a 36% growth from January 2020 to December 2021, while website usage experienced a more substantial 57% increase. Consequently, the growing adoption of web and mobile applications acts as a driving force for the FIDO authentication market.

The limited awareness among end-users and organizations regarding FIDO authentication methods is expected to impede market growth. The persistent reliance on password-based authentication and a lack of awareness about the benefits of FIDO authentication can result in user hesitancy to adopt new authentication methods. A report by the FIDO Alliance in October 2022 highlighted that passwords are projected to continue dominating as the primary mode of online authentication, posing challenges for 70% of users. Moreover, multi-factor authentication through SMS One-Time Passcodes (OTPs) is on the rise. This discrepancy in awareness and adoption poses challenges for the FIDO authentication market.

Major companies in the FIDO authentication market are concentrating on developing innovative technologies, including cloud-based authentication solutions, to offer reliable services to customers. Cloud-based authentication solutions utilize a cloud-based infrastructure to authenticate users securely. For example, AuthenTrend Technology Inc., a Taiwan-based fingerprint-enabled authenticator company, launched AT.AuthFi for FIDO authentication in March 2022. AT.AuthFi enhances security, resists phishing attacks, and supports password-less login and two-factor authentication. It provides a monthly billing cycle for usage and offers a fully manageable FIDO cloud server API and administration dashboard. These solutions simplify FIDO integration for administrators and enable secure, convenient password-less logins.

In November 2021, SecureAuth Corporation, a US-based identity and access management company, acquired Acceptto Corporation, a US-based software company specializing in biometric authentication and FIDO authentication solutions. This strategic acquisition aims to offer businesses low-friction passwordless authentication solutions, expanding user-friendly options for seamless logins and enhancing the overall security posture.

Major companies operating in the fast identity online (fido) authentication market report are Google LLC, Microsoft Corporation, Amazon Web Services Inc., Deloitte Touche Tohmatsu Limited, Cisco Systems Inc., Advanced Card Systems Ltd., NEC Corporation, Vodacom Group Limited, EOH Holdings, IDEMIA, Gentex Corporation, HID Global Corporation, RSA Security LLC, ELAN Microelectronics Corporation, OneSpan, Yubico Inc., Feitian Technologies Co. Ltd., Axell Corporation, Duo Security Inc. , Daon Inc., Entrust Datacard Corporation, Aware Inc., Azimuth Labs Pte Ltd., Bit4id s.r.l., BIO-key International Inc., HYPR Corp., Merchant logo Ensurity Technologies Private Limited, Nok Nok Labs Inc., ByStamp, Accura Scan SDK.

North America was the largest region in the Fast identity online (FIDO) authentication market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fast identity online (fido) authentication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the fast identity online (fido) authentication market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The fast identity online (FIDO) authentication market includes revenues earned by entities providing services such as technology consulting, FIDO certification services, support services, multi-factor authentication (MFA), phishing prevention, and enterprise solutions. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The FIDO authentication market also consists of sales of biometric tokens and USB dongles, smart cards, IoT devices, and operating systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The primary types of FIDO authentication include password authentication, biometric authentication, hardware token-based authentication, and others. Password authentication is a method of verifying a user's identity before granting access to a system. It involves FIDO authentication devices and FIDO authentication software development kits (SDKs) deployed in both cloud-based and on-premises modes. The organizations involved range from small and medium-sized enterprises to large enterprises, spanning sectors such as banking and finance, healthcare, government and defense, e-commerce, information technology, and telecommunications, among others.

The fast identity online (FIDO) authentication market research report is one of a series of new reports that provides fast identity online (FIDO) authentication market statistics, including fast identity online (FIDO) authentication industry global market size, regional shares, competitors with a fast identity online (FIDO) authentication market share, detailed fast identity online (fido) authentication market segments, market trends and opportunities, and any further data you may need to thrive in the fast identity online (FIDO) authentication industry. This fast identity online (FIDO) authentication market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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