FIDO Authentication Market Sales Revenue Forecast 2031

Since an increasing number of businesses are being forced to shift to a remote operating mode amid the COVID-19 pandemic, the need for multi-factor authentication is gauging demand. This is expected to generate revenue opportunities for stakeholders in the FIDO authentication market.

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FIDO (First IDentity Online) Alliance, a non-profit association that include tech giants such as Apple, Microsoft, and Facebook, has been pushing the implementation of stronger security practices during the ongoing coronavirus crisis. Such trends are anticipated to create incremental opportunities for companies in the FIDO authentication market. 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.

Like any other security method in the world, the FIDO2 standard too has disadvantages such as an additional security step as compared to traditional password login standards. Thus, such a security standard might not be a practical one if a user logs into more FIDO2-enabled websites several times a day. As such, protection against cyber-attacks helps to offset the disadvantages of FIDO authentication.

The FIDO authentication market is estimated to clock a CAGR of 10.7% during the forecast period. Since human risk is a significant aspect of cyber security, there is a growing demand for FIDO authentication in the BFSI (Banking, Financial Services and Insurance), government, and retail sectors.

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The FIDO authentication market is expected to cross the revenue of US$ 565.38 Mn by 2031. Trends such as Zero Trust and Open Banking are bringing about significant changes in the market, owing to mandated data privacy standards such as General Data Protection Regulation (GDPR) and the Financial Data Exchange (FDX). Thus, FIDO plays a pivotal role for open banking, as types of banking require strong customer authentication and strong client authentication.

An increasing number of customers are gravitating toward the on-device user authentication available through biometrics on smartphones in combination with strong cryptographic authentication. Such trends are translating into revenue opportunities for companies in the FIDO authentication market.

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Governments of several countries are including FIDO standards in formulating digital ID policies. The FIDO Alliance's Authenticate 2020 conference has been gaining popularity for shedding light on how this novel authentication technology can help combat cyber security issues and establish digital identity standards. Companies in the FIDO authentication market are aiming to bring a shift from usernames and passwords to a more simple & strong login with FIDO.

Stakeholders in the FIDO authentication market are comparing digital identity with the seatbelt of a car, which contributes toward driver safety, and here, the user's safety is with the help of FIDO.

Authentication with a FIDO system equals to replacing password-only logins with secure and fast login for websites and apps alike. Giesecke+Devrient (G+D) - a software company based in Germany, has introduced StarSign® solutions based on standards from the FIDO Alliance with an aim to make online security simpler and easier.

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There is a need for providing stronger protection in online security applications whilst reducing risks for the enterprise. Companies in the FIDO authentication market are learning about these needs and developing solutions that can be tailored as per individual demands. The FIDO standard-based solutions help to improve user experience and benefit from cost efficiencies. These solutions are emerging as an alternative to traditional login experience across websites and apps. Companies in the FIDO authentication market are increasing the availability of easy-to-implement and flexible solutions in enterprise applications.

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