A recent market study published by Future Market Insights (FMI) on the FIDO authentication market includes a global industry analysis for 2016-2020 and opportunity assessment for 2021-2031, and delivers a comprehensive assessment of the most important market dynamics. After conducting a thorough research on the historical as well as current growth parameters, growth prospects of the market are obtained with maximum precision.
The FIDO authentication solutions revenue totalled ~US$ 849.6 Mn in 2020, according to Future Market Insights (FMI). The overall market is expected to reach ~US$ 8.0 Bn by 2031, growing at a CAGR of 22.8% for 2021 – 31. The demand for FIDO authentication solutions will continue accelerating, increasing competition prevalent in the market. FMI has forecast the top 5 providers to account for around 69.4% of total market in 2020.
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FIDO (First Identity Online) Alliance, a non-profit association that includes tech giants such as Apple, Microsoft, and Facebook has been pushing the implementation of stronger security practices during the ongoing COVID-19 crisis. As such, the FIDO U2F (Universal 2nd Factor) security key is being publicized as one of the latest security protocols that enables Internet users to securely access any number of online services through a single physical security key. Such trends are anticipated to create incremental opportunities for companies in the FIDO authentication industry.
COVID-19 Impact Analysis on FIDO Authentication Market
While ensuring employee safety and business continuity remained paramount, public companies were simultaneously challenged by a sudden decline in consumer demand, a continuing halt or reduction in onsite activities, and global supply chain issues, which began in China shortly before impacting services in Europe and the Americas regions.
Competition Analysis
Report includes the company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report are 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. among others.
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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
Key Takeaways: FIDO Authentication Market
- By solution segment, the FIDO U2F Authentication Devices (Security Keys) segment is anticipated to account for the leading share in the global demand for FIDO authentication during the forecast period. The segment estimated to grow at a robust CAGR of 22.4% through 2031.
- The adoption of FIDO authentication solutions in PKI/credential management is expected to rise at maximum pace with a significant CAGR of 26.7% between 2021 & 2031.
- Demand for FIDO authentication in IT & Telecom and BFSI sector is estimated to grow at impressive CAGRs. Of these, BFSI industry is expected to account for leading share in FIDO authentication sales forecast during the forecast period.
- North America is expected to lead the market followed by Europe in 2021. South Asia & Pacific is anticipated to emerge as the fastest growing region between 2021 & 2031.
- The market in Japan is expected to progress at a CAGR of 28.5% through 2031.
- In the U.K., sales are expected to increase at a CAGR of close to 23% over the next ten years.
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Key Points Covered in FIDO Authentication Market Survey
- Which region is expected to showcase high growth in FIDO authentication solutions demand?
- Which is the most sought-after application of FIDO authentication solutions?
- Which are some of the leading companies offering FIDO authentication solutions?
- Who are the leading end users of FIDO authentication solutions?
- How much is the global FIDO authentication demand worth?
- What will be the demand outlook/ sales forecast for FIDO authentication?
- What was the last 5 year market CAGR?
- What are the key trends of FIDO authentication industry?
- What is driving demand for FIDO authentication?
- Which countries are key providers of FIDO authentication solutions?
- What is the Global Market Growth Between 2020 and 2021?
- What are the top 5 countries driving demand?
- What is the North America market outlook?
- How the Europe FIDO authentication industry growth will unfold?
- What is the key market statistics in South Korea and Japan?