FMR Releases Comprehensive Report on Global Fido Authentication Market: Forecast from 2023 to 2030

Fido Authentication, short for Fast Identity Online, is an open standard for robust, user-friendly multifactor authentication. It aims to provide a secure and convenient way to authenticate users across various devices and platforms. Fido authentication addresses the limitations of traditional password-based authentication methods, which are prone to security breaches and user inconvenience. This report analyzes the current state of the Fido authentication market, its growth prospects, and potential opportunities and challenges.

The FIDO Authentication Market revenue was valued at USD 852.1 Million in 2020 and is expected to reach USD 8.7 Billion by 2030, growing at a CAGR of 24.1% from 2021 to 2030.

𝐑𝐞𝐩𝐨𝐫𝐭 𝐌𝐞𝐭𝐡𝐨𝐝𝐨𝐥𝐨𝐠𝐲:

The data for this report was gathered from a combination of primary and secondary sources. Primary sources included interviews with key industry stakeholders, Fido authentication technology providers, and endusers. Secondary sources included industry reports, market research publications, company websites, and regulatory data. The report's analysis is based on the latest available data up to September 2021.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐚 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐩𝐝𝐟 𝐫𝐞𝐩𝐨𝐫𝐭:
https://www.factualmarketresearch.com/Request-for-sample/12735

𝐌𝐚𝐫𝐤𝐞𝐭 𝐃𝐫𝐢𝐯𝐞𝐫𝐬:

Growing Security Concerns: The escalating number of cyberattacks and data breaches has intensified the demand for stronger authentication methods, driving the adoption of Fido authentication.

Regulatory Compliance: Government regulations and industry standards mandating enhanced security measures have pushed organizations to implement advanced authentication solutions.

Ease of Use: Fido authentication offers a more user-friendly experience than traditional passwords, leading to higher user acceptance and satisfaction.

Mobile Penetration: The proliferation of smartphones and mobile devices has created a need for secure authentication solutions, making Fido authentication an ideal choice.

Rising Ecommerce Transactions: The expansion of ecommerce and online banking activities has boosted the need for secure payment and login authentication methods, increasing Fido's adoption.

𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐬 𝐚𝐧𝐝 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬:

Challenges:

Limited Awareness: Despite its benefits, Fido authentication is not yet widely known, leading to slow adoption rates.

Legacy Systems: Some organizations may face integration challenges with existing legacy systems when implementing Fido authentication.

Cost: Initial deployment costs and hardware requirements may deter small and mediumsized businesses from adopting Fido authentication.

Opportunities:

Biometric Advancements: Advancements in biometric technology, such as facial recognition and fingerprint scanning, present an opportunity for Fido authentication to enhance security and convenience further.

Cloud Services: The increasing adoption of cloudbased services creates a favorable environment for Fido authentication as it offers easy scalability and reduced maintenance overhead.

IoT Applications: With the rise of the Internet of Things (IoT), Fido authentication can play a crucial role in securing connected devices and networks.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧:

https://www.factualmarketresearch.com/Request-for-customization/12735

𝐒𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐩𝐫𝐨𝐦𝐢𝐧𝐞𝐧𝐭 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐫𝐞 𝐚𝐬 𝐟𝐨𝐥𝐥𝐨𝐰𝐬:

Aware, Inc., Card contacts Systems GmbH, Daon, Futurex, Huawei Device Co., Ltd., HYPR Group, LoginID, Movenda, OneSpan, RSA Security LLC, Swift, Thales Security, UltraElectronics, Utimaco GmbH, Yubico

𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧:

By Component

FIDO Authentication Devices
FIDO Authentication SDKs
Support Services

By Application

Payment Processing
PKI/Credential Management
Database Encryption
Application Level Encryption
Others

By Vertical

BFSI
Government
Technology & Communication
Industrial & Manufacturing
Energy & Utility
Retail & Consumer Products
Healthcare & Life sciences
Others

By Region

North America
Europe
Asia Pacific (APAC)
Middle East and Africa (MEA)
Latin America

𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐭𝐡𝐢𝐬 𝐏𝐫𝐞𝐦𝐢𝐮𝐦 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐭:
https://www.factualmarketresearch.com/Checkout/12735

𝐏𝐨𝐫𝐭𝐞𝐫'𝐬 𝐅𝐢𝐯𝐞 𝐅𝐨𝐫𝐜𝐞𝐬 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

Threat of New Entrants: Moderate. The Fido authentication market requires specialized technology and expertise, making it moderately difficult for new players to enter. However, existing authentication solution providers may consider integrating Fido authentication into their offerings.

Bargaining Power of Suppliers: Low. Fido authentication technology relies on hardware components and software solutions, generally readily available from multiple suppliers, reducing their bargaining power.

Bargaining Power of Buyers: Moderate. As Fido authentication gains traction, buyers have more choices among vendors, leading to moderate bargaining power.

Threat of Substitutes: Low. While other authentication methods exist, Fido's unique approach and robust security features make it a preferred choice, reducing the threat of substitutes.

Competitive Rivalry: High. The Fido authentication market is witnessing increased competition as more vendors enter the space, leading to intense rivalry and potential price pressures.

𝐒𝐖𝐎𝐓 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

Strengths:

Enhanced Security: Fido authentication offers a robust security model, reducing the risk of unauthorized access and identity theft.

User Convenience: The elimination of passwords and the use of biometric factors provide a seamless and userfriendly authentication experience.

Weaknesses:

Limited Awareness: Many endusers and organizations are unaware of Fido authentication and its benefits, leading to slower adoption rates.

Initial Implementation Costs: The cost of deploying Fido authentication infrastructure can be a deterrent for some organizations, particularly small businesses.

Opportunities:

Adoption in New Sectors: Fido authentication can expand its market presence by targeting new sectors like healthcare, education, and government services.

Global Market Penetration: With the increasing need for secure authentication worldwide, Fido authentication can tap into emerging markets to achieve global reach.

Threats:

Competition from Other Authentication Methods: Fido authentication faces competition from established methods like two-factor authentication and hardware tokens.

Data Privacy Concerns: Using biometric data for Fido authentication may raise privacy concerns among end-users.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

The adoption of Fido authentication varies across regions. North America and Europe currently dominate the market due to the high awareness of cybersecurity and regulatory compliance requirements. Asia-Pacific is expected to grow significantly due to the increasing number of smartphone users and the digitization of services in emerging economies.

𝐅𝐮𝐭𝐮𝐫𝐞 𝐎𝐮𝐭𝐥𝐨𝐨𝐤:

The future of the Fido authentication market looks promising. As data breaches and cyberattacks continue to pose a significant threat, organizations and users increasingly recognize the importance of strong authentication methods. Advancements in biometric technology and the expansion of IoT will create new opportunities for Fido authentication to thrive.

Fido authentication is emerging as a key player in the authentication market, offering enhanced security, user convenience, and standardization. While challenges like limited awareness and initial implementation costs persist, the growing demand for secure authentication solutions and the continuous advancements in biometric technology present favorable opportunities. As organizations and endusers prioritize security, Fido authentication is poised for continued growth and global expansion in the coming years.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬
Factual Market Research
Email id: sales@factualmarketresearch.com
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Website: www.factualmarketresearch.com

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬
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