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Fast Identity Online (FIDO) Authentication Market Competitive And Growth Analysis 2024
Fast Identity Online (FIDO) Authentication Global Market Report 2024
According to The Business Research Company's, The fast identity online (fido) authentication market size has grown exponentially in recent years. It will grow from $1.55 billion in 2023 to $1.93 billion in 2024 at a compound annual growth rate (CAGR) of 23.9%. The growth in the historic period can be attributed to password vulnerabilities, increasing cybersecurity threats, consumer demand for user-friendly security, push for biometric authentication, industry standards and alliances..
The fast identity online (fido) authentication market size is expected to see exponential growth in the next few years. It will grow to $4.56 billion in 2028 at a compound annual growth rate (CAGR) of 24.0%. The growth in the forecast period can be attributed to continued mobile device expansion, consumer demand for convenience and security, industry standards and interoperability, proliferation of iot devices, migration to cloud-based services.. Major trends in the forecast period include continued r&d in authentication technologies, embrace of multi-factor authentication (mfa), focus on privacy-enhancing technologies, expansion of fido authentication standards, adoption of webauthn standard..
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Market Drivers and Trends:
The increase in cyber threats is expected to propel the growth of the fast identity online (FIDO) authentication market going forward. Cyber threats refer to potential dangers or risks posed by malicious activities to damage data with various activities and tactics targeting computer systems, networks, and digital information. FIDO authentication helps prevent cyber threats by eliminating passwords, providing strong authentication, and storing biometrics locally, with fast, secure logins powered by cryptographic credentials that never leave the user's device. For instance, in November 2022, according to the Australian Cyber Security Centre, an Australia-based government agency, 76,000 cybercrime reports were recorded between July 2021 and June 2022, which is an increase of nearly 13% from the previous financial year. Therefore, the increase in cyber threats is driving the growth of the FIDO authentication market.
Major companies operating in the fast identity online (FIDO) authentication market are focusing on developing innovative technologies, such as cloud-based authentication solutions, to provide a reliable service to customers. A cloud-based authentication solution is a system that uses a cloud-based infrastructure to authenticate users. For instance, in March 2022, AuthenTrend Technology Inc., a Taiwan-based fingerprint-enabled authenticator company, launched AT.AuthFi for FIDO authentication. AT.AuthFi provides improved security, resistance to phishing attacks, and user convenience. It supports password-less login and two-factor authentication and offers a monthly billing cycle for usage. It is a fully manageable FIDO cloud server API and administration dashboard provided by AT.AuthFi gives administrators a more straightforward and explicit one-stop solution for FIDO integration, in addition to assisting employees, clients, or members of an organization to log in securely and conveniently without passwords on the browser.
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Major Key Players of the Market:
Google LLC, Microsoft Corporation, Amazon Web Services Inc., Deloitte Touche Tohmatsu Limited, Cisco Systems Inc., Advanced Card Systems Ltd., NEC Corporation, Vodacom Group Limited, EOH Holdings, IDEMIA, Gentex Corporation, HID Global Corporation, RSA Security LLC, ELAN Microelectronics Corporation, OneSpan, Yubico Inc., Feitian Technologies Co. Ltd., Axell Corporation, Duo Security Inc. , Daon Inc., Entrust Datacard Corporation, Aware Inc., Azimuth Labs Pte Ltd., Bit4id s.r.l., BIO-key International Inc., HYPR Corp., Merchant logo Ensurity Technologies Private Limited, Nok Nok Labs Inc., ByStamp, Accura Scan SDK
Fast Identity Online (FIDO) Authentication Market 2024 Key Insights:
• The Fast Identity Online (FIDO) Authentication Market is expected to grow to $4.56 billion in 2028 at a compound annual growth rate (CAGR) of 24.0%.
• Rising Cyber Threats Fuel Growth In The Fast Identity Online (FIDO) Authentication Market
• Advancements In Cloud-Based Authentication Solutions In The Fido Authentication
• North America was the largest region in the Fast identity online (FIDO) authentication market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fast identity online (fido) authentication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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