What are the Historical Developments and Current Growth Metrics of the Fast Identity Online FIDO Authentication Market?
The fast identity online fido authentication market has seen considerable growth due to a variety of factors.
• There has been tremendous growth in the size of the fast identity online (FIDO) authentication market in recent times. It's expected to expand from $1.93 billion in 2024 to $2.39 billion in 2025, with a compound annual growth rate (CAGR) of 23.8%.
The historical growth has been driven by numerous factors including password weaknesses, escalating cybersecurity threats, demand for easy-to-use security from consumers, the move towards biometric authentication, and industry standards and alliances.
What Does Future Hold for The Fast Identity Online FIDO Authentication Market By 2029?
The fast identity online fido authentication market is expected to maintain its strong growth trajectory in upcoming years.
• The market for fast identity online (FIDO) authentication is projected to experience significant expansion in the approaching years, and it is predicted to reach $5.72 billion by 2029, growing at a compound annual growth rate (CAGR) of 24.4%.
This surge during the forecast period is due to the continuous growth of mobile devices, the escalating demand from consumers for convenience and security, industry standards and interoperability, the increase in iot devices, and migration to cloud-centered services. Looking forward, continuous research and development in authentication technologies, the adoption of multi-factor authentication (MFA), consideration towards privacy-enhancing technologies, enlargement of FIDO authentication frameworks, and the embracement of the webauthn standard will set the market trends.
What Are The Primary Growth Drivers In The Fast Identity Online FIDO Authentication Market?
The surge in cyber threats is anticipated to stimulate the expansion of the fast identity online (FIDO) authentication market. Cyber threats represent possible dangers or hazards from harmful activities aimed at destroying data through various activities and strategies targeting computer systems, networks, and digital data. By eradicating passwords, facilitating strong authentication, and storing biometrics locally, FIDO authentication obstructs cyber threats. It provides rapid and safe logins powered by cryptographic credentials that never depart from the user's appliance. For example, in November 2023, the 2023 ASD Cyber Threat Report by the Australian Signals Directorate, an Australia-based state agency, revealed that nearly 94,000 cybercrime reports were registered by ReportCyber during the 2022-23 fiscal year. This denotes a 23% increase compared to the 2021-22 fiscal year. Hence, the escalation in cyber threats is fueling the expansion of the FIDO authentication market. The uptake of web and mobile applications is projected to stimulate the expansion of the fast identity online (FIDO) authentication market in the future. Web applications are software applications that function in web browsers, while mobile applications are software crafted for smartphones and tablets. Fast Identity Online (FIDO) authentication boosts the uptake of web and mobile applications by delivering secure, password-less access solutions, intensifying user convenience and cybersecurity. For example, in August 2023, RipenApps Technologies, an India-based software corporation, revealed that $129 billion global consumer expenditure was made on mobile applications in 2022. Total mobile advertising saw an increase, reaching $336 billion with a 13.8% surge compared to the former year. Thus, the increasing uptake of web and mobile applications is fueling the expansion of the fast identity online (FIDO) authentication market.
What Is The Segmentation Of The Global Fast Identity Online FIDO Authentication Market?
The fast identity online (FIDO) authentication market covered in this report is segmented –
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
Subsegments:
1) By Password Authentication: Traditional Passwords, Passwordless Solutions
2) By Biometric Authentication: Fingerprint Recognition, Facial Recognition, Iris Recognition
3) By Hardware Token-Based Authentication: USB Tokens, Smart Cards
4) By Other Authentication Types: One-Time Passwords (OTPs), Behavioral Authentication, Multi-Factor Authentication (MFA)
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How Are New Trends Impacting The Size Of The Fast Identity Online FIDO Authentication Market?
Leading corporations in the rapid identity online (FIDO) verification market are prioritizing the advancement of cutting-edge technologies, such as cloud-based authentication services, to deliver trustworthy solutions to patrons. A cloud-based verification service is a framework that utilizes a cloud-based foundation to confirm user identities. For example, in March 2022, AuthenTrend Technology Inc., rooted in Taiwan, and known for its fingerprint-based authenticator services, introduced AT.AuthFi for FIDO verification. AT.AuthFi enhances security, fortifies against phishing threats, and optimizes user ease. It promotes password-free logins and dual-factor authentication while maintaining a monthly invoicing cycle for its services. AT.AuthFi is a fully administrable FIDO cloud server API, and its management dashboard provides administrators with an uncomplicated, explicit, all-in-one solution for FIDO integration. This allows employees, customers, or organization members a secure, password-free login facility on their browsers.
Who Are the Key Players In The Fast Identity Online FIDO Authentication Market?
Major companies operating in the fast identity online (FIDO) authentication market report are:
• 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 Labs Inc.
• ByStamp
• Accura Scan SDK
What Are The Regional Insights Into The Fast Identity Online FIDO Authentication Market?
North America was the largest region in the Fast identity online (FIDO) authentication market in 2024. 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
