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Fast Identity Online (FIDO) Authentication Global Market Expected to Reach $4.56 Billion By 2028 with CAGR of 24.0% | Key Players: Google LLC, Microsoft Corporation, Amazon Web Services Inc., NEC Corporation, Cisco Systems Inc.
Fast Identity Online (FIDO) Authentication Market
The Business Research Company presents an extensive market research report on the Fast Identity Online (FIDO) Authentication Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
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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Key Market Players:
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 are prominent players in the industry.
Market Drivers:
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.
Market Segments Include:
1) By Authentication Type: Password Authentication, Biometric Authentication, Hardware Token-Based Authentication, Other Authentication Types
2) By Component: Fast Identity Online (FIDO) Authentication Devices, Fast Identity Online (FIDO) Authentication Software Development Kits (SDKs)
3) By Deployment Type: Cloud Based, On-Premises
4) By Organization Size: Small And Medium Size Enterprises, Large Size Enterprises
5) By End User: Banking And Finance, Healthcare, Government And Defense, E-Commerce, Information Technology And Telecommunications, Other End Users
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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