FIDO (Fast IDentity Online) authentication is a set of open industry standards for secure authentication that provide a more secure alternative to the traditional username and password-based authentication. The FIDO standards use public key cryptography to provide a secure way for users to prove their identity to a website or online service without the need for a password.
This is accomplished through the use of a FIDO-compliant device, such as a security key or a smartphone, which generates a unique public-private key pair for each website or service that the user wants to access. When the user attempts to log in to a website or service, the FIDO-compliant device generates cryptographic proof of its identity, which the website or service can then verify to grant access.
The global FIDO authentication market stood at ~US$ 849.6 Mn as of the year 2020 and is expected to reach ~US$ 8 Bn by the year 2031 at an exalted CAGR of 22.8% between 2021 and 2031. The fact that using FIDO authentication services and solutions could help organizations in eliminating weaker links in the authentication chain; like conventional passwords and make way for improved security as well as customer experience through password-less authentication.
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The market has FIDO (First Identity Online) Alliance, which could be referred to as one of the non-profit organizations including tech giants like Microsoft, Apple, and Facebook, is pressing for implementing much stronger security, especially when ‘work from home’ is the ‘new normal’. FIDO U2F (Universal 2nd Factor) security key is getting publicized as a security protocol facilitating secured access to Internet users through single physical security key. Trends like these are certainly helping the FIDO authentication market to grow inadvertently in the upcoming period.
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.
Competitive Landscape
As organizations around the world are challenged in controlling dynamic and hybrid IT environment, the need for secure mobile or online applications without compromising user convenience is increasing continuously.
Key Companies Profiled
- Aware, Inc.
- OneSpan
- HYPR Corp
- Yubico
- Daon
- Thales Group
- RSA Security LLC
- Movenda
- Nok Nok Labs, Inc.
- Bluink Ltd.
- Century Longmai Technology Co., Ltd.
- Raonsecure Co., Ltd.
- International Systems Research Co. (ISR)
- Hypersecu Information Systems, Inc.
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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
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
