FIDO Authentication Market Projected to Reach US$ 12,059.7 Million with a CAGR of 23.1% by 2033

The FIDO authentication solutions revenue totaled US$ 1,238.6 Mn in 2022. The overall market is expected to reach US$ 12,059.7 Mn by 2033, growing at a CAGR of 23.1% from 2023 to 33.

With "work from home" becoming the "new normal," the market has the FIDO (First Identity Online) Alliance, which might be referred to as one of the non-profit organizations including big giants like Microsoft, Apple, and Facebook. This organization is pushing for the implementation of much tighter security. A single physical security key can enable secured access for Internet users through the FIDO U2F (Universal 2nd Factor) security key security protocol. These kinds of trends will undoubtedly contribute to the unintentional growth of the FIDO authentication market in the coming years.

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The major firms want to replace traditional complicated and static passwords with a variety of cutting-edge authentication alternatives, including PIN and biometrics. Numerous benefits of FIDO authentication, including cost savings, standardization, and proper authentication, are encouraging the widespread adoption of FIDO authentication solutions.

Cloud-based resources, remote access, and various mobility solutions are on the rise, which is pressuring businesses to choose easy-to-manage solutions to reduce their susceptibility to endpoint attacks. The rise in data risk due to the use of novel applications and the BYOD (Bring Your Own Device) trend are both predicted to drive the FIDO authentication industry. In its most recent industry analysis, titled "FIDO Authentication Market," Future Market Insights has talked through these findings with future projections. The careful team of analysts and consultants is there to execute. Macros as well as micros are being worked upon.

Key Takeaways from FIDO Authentication Market

• North America holds the largest market share due to the US being subject to rising demand for FIDO-based authentication solutions in several verticals like BFSI, telecommunication, healthcare, and likewise. Also, with hybrid model in place, it’s imperative to outshine privacy and advanced security threats.
• Europe is led by the UK, which is expected to stand tall with aa CAGR of 23.4% in the forecast period. It’s interesting to learn that the economy of the UK is being empowered by platform business models, big data, smartphone technology, advanced analytics, and peer-to-peer networks. Additionally, the governments over here are on a vigil with increasing incidences of terrorist financing and money laundering. The EBA (European Banking Authority) did start prioritizing fraud management for the EU since 2020.
• The Asia-Pacific is led by countries like India, China, and Japan. The FJWG (FIDO Japan Working Group) is created for addressing the growing inclination toward FIDO authentication, especially from stakeholders. India is expected to witness an incredible CAGR in FIDO authentication market (33%) due to the country increasingly using digital certificates and PKI for ascertaining online transactions.

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Competitive Landscape

• Aware, Inc., in January 2021, announced launching AwareABIS. It comes across as one of the automated biometric identification systems (ABIS) used for biometric deduplication and identification. AwareABIS thus expends support to face, fingerprint, and iris modalities. It also has a modular architecture helping security teams configure and later optimize systems for criminal or civil applications.

“With mobile and web applications being increasingly adopted, advanced security solutions are inevitable. This factor is expected to revolutionize the FIDO authentication market”, says an analyst from Future Market Insights.

• FIDO authentication helps in catering to the requirement for a secured application, too, without tampering with user convenience.

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FIDO Authentication Outlook by Category

By Solution:

• FIDO U2F Authentication Devices (Security Keys)
• FIDO Authentication SDKs
• FIDO Client SDK
• FIDO Server SDK

Services

• Technology Consulting
• Integration & Deployment
• FIDO Certification Services
• Support Services

By Application:

• Payment Processing
• PKI/Credential Management
• Document Signing
• User Authentication
• Others

By Industry:

• BFSI
• Healthcare & Life Sciences
• IT & Telecom
• Retail & CPG
• Government & Defense
• Energy & Utilities
• Others

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East and Africa (MEA)