According to newly FIDO authentication industry analysis by Future Market Insights (FMI), the demand registered in the market will increase at a CAGR of 22.8% from 2021-2031.
The report also forecasts that the market will surpass a valuation of ~US$ 1.0 Bn by the end of 2021. As per FMI, rapid technological advancements in the IT & telecom industry have created prospects for FIDO authentication solutions. These technologies have become essential in improving economic competitiveness, thereby propelling the market growth. Over the past few years, organizations around the globe are seeking to meet the need of customer by capitalizing on the digitalization of services which has increased the number and choices of devices accessing the digital services, such as smartphone, tablets, wearable, and IoT devices.
This surge in adoption of smart devices is increasing the security concerns and therefore, it has become very important for businesses to protect themselves from growing risks security in order to keep business processes secure and productive.
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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.
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.
As governments scale digital services, advancements in identity proofing and strong authentication technologies and standards have made it possible to meet requirements for usability, security and privacy without the high burdens and costs typically associated with such implementations. With these advancements, FIDO authentication standards have become a cornerstone for global government services around the world.
Hence, implementation of FIDO authentication tools would be highly valuable during the COVID-19 period due to several factors such as increasing use of electronic transactions amid pandemic crises, increased risks from remote access, and growing revenue losses due to fraudulent activities.
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Rapid Shift towards Passwordless Authentication
Passwordless authentication aims to eliminate the use of passwords, passphrases, and other shared secrets in authentication when verifying users and authorizing payments. 2020 brought a sharp increase in attacks on systems using legacy and password based multi-factor authentication (MFA).
These include account takeover (ATO) fraud, Remote Desktop Protocol (RDP) attacks, push attacks, phishing, and credential stuffing attacks. To maintain a strong security posture and a competitive edge, organizations must prioritize ease of use and speed as core ingredients of a superior user experience, thus a mobile-first passwordless MFA solution is preferred over traditional factors, such as passwords, push-based MFA, or hardware tokens.
Its ease of use helps consumer-facing businesses increase revenue, while corporate workforces also benefit from increased productivity through simple and secure login. This is further estimated to fuel up the FIDO authentication market growth prospects.
More Valuable Insights on FIDO Authentication Market
FMI’s report on the FIDO authentication industry research is segmented into four major sections – solution (FIDO U2F authentication devices (Security Keys), FIDO authentication SDKs, and services), application (payment processing, PKI/credential management, document signing, user authentication, and others), industry (BFSI, healthcare & life sciences, IT & telecom, retail & CPG, government & defense, energy & utilities, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the FIDO authentication demand outlook.
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