FIDO Authentication Market is projected to exceed value of US$ 565.38 Mn by 2031

Global FIDO authentication market is estimated to expand at a CAGR of 10.7% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global FIDO authentication market.

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Rise in need for advanced security solutions and increase in adoption of web and mobile applications that help in reducing cyber-attack exposure are creating potential demand for FIDO authentication. Moreover, several benefits of FIDO authentication such as ease of use, cost reduction, standardization, and strong authentication are propelling their adoption across businesses.

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FIDO Authentication Market: Dynamics

FIDO authentication services engage in the practice of shielding organizations and their assets from cyber threats and identity fraud, which might impede the stability of the business process. It employs numerous authentication techniques to authorize and validate user credentials in real-time.

FIDO authentication services is a sub-segment of identity and access management that can be defined as the management of individual identities, their authorization, and providing access based on predefined rules. Organizations struggled to meet compliance demands, resulting in deploying solutions limited to few applications and systems.

Enterprises have been adopting FIDO authentication services to alleviate these threats in the last few years, which helps synchronize identities between directories, password, compliance management, and access authentication, delivering access to applications and data of sensitive companies on users preferred mobile devices. These FIDO authentication services not only offer a highly secure environment, but they are cost-effective and have operational efficiency and management control. This is projected to propel the FIDO authentication market during the forecast period.

FIDO standards offer a series of scalable specifications such as FIDO2, Universal Second Factor (U2F), and Universal Authentication Framework (UAF), enabling a stronger, simpler, and more secure user authentication experience. For instance, The Alliance added the FIDO Cooperation and Liaison Program, which invites industry associations worldwide for implementation of FIDO standards.

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FIDO Authentication Market: Prominent Regions

North America is significant market for FIDO authentication. The region is home to a considerable number of SMEs and large enterprises and hence, the average deployment of FIDO authentication in enterprises was highest in the region. North America accounted for a prominent share of cyber security spending in 2020. This growing trend of having a strong focus on cyber security by small and medium, and large organizations in the region, clearly shows concerns about data protection. In North America, the U.S. is anticipated to hold a significant share in the market, due to the rising number of cyber-thefts and data breaches as well as strong presence of FIDO authentication vendors across the country, which, in turn, is expected to boost the FIDO authentication market in North America.

However, the FIDO authentication market in Asia Pacific is projected to expand at a robust pace during the forecast period. In the region, large enterprises are expected to adopt these solutions at a higher rate. Furthermore, governments in APAC countries are focused on the adoption of authentication across verticals. Asia Pacific has emerging economies that are emphasizing on enhancing cybersecurity with passwordless authentication. This, in turn, is anticipated to boost the FIDO authentication market during the forecast period.

FIDO Authentication Market: Key Players

Key players operating in the global FIDO Authentication market are Aware, Inc., Cardcontact Systems GmbH, Daon, Futurex, Huawei Device Co., Ltd., HYPR Group, LoginID, Movenda, OneSpan, RSA Security LLC, Swift, Thales Security, Ultra Electronics, Utimaco GmbH, and Yubico.

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Key Questions Answered in TMR's Report on FIDO Authentication Market

The report provides detailed information about the FIDO authentication market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the FIDO authentication market, so as to help them make successful strategies and take target-driven decisions.

• Which regions will continue to remain the most profitable regional markets for FIDO authentication market players?
• Which factors will induce a change in demand for FIDO authentication during the assessment period?
• How will changing trends impact the FIDO authentication market?
• How will COVID-19 impact the FIDO authentication market?
• How can market players capture low-hanging opportunities in the FIDO authentication market in developed regions?
• Which companies are leading the FIDO authentication market?
• What are the winning strategies of stakeholders in the FIDO authentication market to upscale their position in this landscape?
• What will be the Y-o-Y growth of the FIDO authentication market between 2021 and 2031?
• What are the winning imperatives of market frontrunners in the FIDO authentication market?

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