Overview and Scope
Fast identity online (FIDO) authentication refers to open standards and specifications designed to enhance online security by providing a robust and user-friendly authentication method. It replaces traditional password-based authentication methods, often susceptible to various security risks, including phishing attacks, credential theft, and password reuse.
Sizing and Forecast
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 in the historic period can be attributed to password vulnerabilities, increasing cybersecurity threats, consumer demand for user-friendly security, push for biometric authentication, 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 growth in the forecast period can be attributed to continued mobile device expansion, consumer demand for convenience and security, industry standards and interoperability, proliferation of iot devices, migration to cloud-based services.. Major trends in the forecast period include continued r&d in authentication technologies, embrace of multi-factor authentication (mfa), focus on privacy-enhancing technologies, expansion of fido authentication standards, adoption of webauthn standard..
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Segmentation & Regional Insights
The fast identity online (fido) authentication market covered in this report is segmented –
1) By Authentication Type: Password Authentication, Biometric Authentication, Hardware Token-Based Authentication, Other Authentication Types
2) By Component: Fast Identity Online (FIDO) Authentication Devices, Fast Identity Online (FIDO) Authentication Software Development Kits (SDKs)
3) By Deployment Type: Cloud Based, On-Premises
4) By Organization Size: Small And Medium Size Enterprises, Large Size Enterprises
5) By End User: Banking And Finance, Healthcare, Government And Defense, E-Commerce, Information Technology And Telecommunications, Other End Users
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
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Major Driver Impacting Market Growth
The increase in cyber threats is expected to propel the growth of the fast identity online (FIDO) authentication market going forward. Cyber threats refer to potential dangers or risks posed by malicious activities to damage data with various activities and tactics targeting computer systems, networks, and digital information. FIDO authentication helps prevent cyber threats by eliminating passwords, providing strong authentication, and storing biometrics locally, with fast, secure logins powered by cryptographic credentials that never leave the user’s device. For instance, in November 2022, according to the Australian Cyber Security Centre, an Australia-based government agency, 76,000 cybercrime reports were recorded between July 2021 and June 2022, which is an increase of nearly 13% from the previous financial year. Therefore, the increase in cyber threats is driving the growth of the FIDO authentication market.
Key Industry Players
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
The fast identity online (fido) authentication market report table of contents includes:
1. Executive Summary
2. Fast Identity Online (FIDO) Authentication Market Characteristics
3. Fast Identity Online (FIDO) Authentication Market Trends And Strategies
4. Fast Identity Online (FIDO) Authentication Market - Macro Economic Scenario
5. Global Fast Identity Online (FIDO) Authentication Market Size and Growth
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32. Global Fast Identity Online (FIDO) Authentication Market Competitive Benchmarking
33. Global Fast Identity Online (FIDO) Authentication Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Fast Identity Online (FIDO) Authentication Market
35. Fast Identity Online (FIDO) Authentication Market Future Outlook and Potential Analysis
36. Appendix
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