Pune, Jan. 15, 2024 (GLOBE NEWSWIRE) -- “The SNS Insider report indicates that the FIDO Authentication Market was valued at USD 1.3 billion in 2022, with a projected growth to reach USD 6.72 billion by 2030. The market is anticipated to expand at a compound annual growth rate (CAGR) of 22.8% during the forecast period spanning from 2023 to 2030.”
Market Overview
FIDO authentication operates on the principle of passwordless authentication, aiming to eliminate the reliance on static passwords susceptible to breaches. The core components of FIDO include Universal Authentication Framework (UAF) and Universal Second Factor (U2F). UAF leverages biometrics and other secure elements for a seamless and secure user experience, while U2F involves the use of physical security keys to enhance authentication.
Market Analysis
The FIDO authentication market is experiencing unprecedented growth, driven by several key factors. Firstly, the increasing frequency and sophistication of cyber threats have compelled organizations to seek more secure authentication methods, with FIDO offering a resilient defense against various cyber-attacks. Additionally, the growing reliance on digital platforms, coupled with the escalating number of online transactions, has fueled the demand for secure yet convenient authentication solutions. Furthermore, the rising awareness of the vulnerabilities associated with traditional password-based systems has prompted a paradigm shift towards FIDO authentication. With the ubiquitous use of smartphones and other mobile devices, FIDO authentication capitalizes on the inherent biometric capabilities of these devices. The integration of fingerprint scanners, facial recognition, and other biometric features enhances the security and accessibility of FIDO authentication on mobile platforms.
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Major Players Listed in this Report are:
- OneSpan
- Aware, Inc.
- Nok Nok Labs, Inc.
- Century Longmai Technology Co., Ltd.
- Daon
- Movenda
- Thales Security
- RSA Security LLC
- International Systems Research Co.
- Yubico & Other Players
FIDO Authentication Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 1.3 Billion |
| Market Size by 2030 | US$ 6.72 Billion |
| CAGR | CAGR of 22.8% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Key Regions/Country | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Key Takeaway from FIDO Authentication Market Study
- The Glycolipids segment stands out as a frontrunner in the market due to its unique biochemical properties. Glycolipids, which are lipids with attached sugar molecules, play a crucial role in cell membranes and have proven to be effective in biometric authentication. This segment's dominance is attributed to the compatibility of glycolipids with biological systems, making them an ideal choice for secure and user-friendly authentication processes.
- The Industrial segment emerges as a key player in the FIDO authentication market, driven by the rising demand for secure access control in industrial environments. Industries such as manufacturing, energy, and critical infrastructure require robust authentication measures to safeguard sensitive information and critical operations. FIDO authentication, with its strong emphasis on security and usability, aligns well with the needs of the industrial sector.
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Recent Developments
- Apple has elevated the standard of web authentication by incorporating the FIDO (Fast Identity Online) standard into its Safari browser. This development marks a significant stride towards enhanced security and user convenience in the realm of online authentication. FIDO, an open standard for passwordless authentication, enables a more secure and efficient user experience by reducing reliance on traditional passwords that are susceptible to various security threats.
- Entersekt has recently integrated FIDO authentication into its suite of offerings. By adopting FIDO, Entersekt not only fortifies its security infrastructure but also aligns itself with industry best practices to safeguard user identities and sensitive information. FIDO authentication supports various devices and biometric modalities, allowing customers to choose the method that best aligns with their preferences and security requirements.
Market Dynamics Analysis
The FIDO authentication market is currently witnessing dynamic growth driven by several key factors. One of the primary drivers is the increasing concern over cybersecurity and the need for robust authentication methods to protect sensitive information. With the rising number of data breaches and cyber threats, organizations are actively seeking secure and user-friendly authentication solutions, propelling the demand for FIDO authentication. Additionally, the growing adoption of cloud-based services and the proliferation of mobile devices have expanded the attack surface, making traditional authentication methods more vulnerable. FIDO authentication addresses these challenges by providing a secure and convenient way to verify user identities, utilizing a combination of biometric and cryptographic methods. However, despite the positive momentum, the market is not without its challenges and restraints. One notable restraint is the initial implementation cost associated with adopting FIDO authentication solutions, which may pose a barrier for some organizations, particularly smaller ones with limited budgets. Moreover, interoperability issues with existing legacy systems can slow down the integration process.
Key Regional Developments
The adoption of FIDO authentication varies across regions, influenced by factors such as regulatory frameworks, technological infrastructure, and cultural nuances. North America leads the charge, driven by a heightened focus on cybersecurity and technological innovation. Europe closely follows suit, with stringent data protection regulations propelling FIDO adoption. In the Asia-Pacific region, the FIDO authentication market is burgeoning due to the expanding digital ecosystem and the increasing prevalence of online transactions. These regional dynamics underscore the global significance of FIDO authentication in fortifying digital identities.
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Impact of Recession on FIDO Authentication Market Growth
Despite economic uncertainties during periods of recession, the FIDO authentication market exhibits resilience. The heightened awareness of cybersecurity risks compels organizations to prioritize robust authentication measures, mitigating the impact of economic downturns. Additionally, as businesses increasingly pivot towards digital operations, the demand for secure authentication solutions remains steadfast. FIDO authentication, with its proven track record in bolstering digital security, emerges as a stalwart ally for organizations tackling the challenges posed by economic downturns, ensuring the safeguarding of sensitive information in a volatile economic landscape.
Table of Contents – Major Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 Impact of Ukraine- Russia War
4.2 Impact of Recession
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. FIDO Authentication Market, By Component
9. FIDO Authentication Market, By Application
10. FIDO Authentication Market, By Industry Vertical
11. Regional Analysis
12. Company Profile
13. Competitive Landscape
14. USE Cases and Best Practices
15. Conclusion
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