The rapid shift towards password less authentication and other major driving factors is expected to favor the rise in the global FIDO authentication market
Reports and Insights has published a new report titled, “FIDO Authentication Market: Opportunity Analysis and Future Assessment 2020-2028”
Global FIDO Authentication Market, By Offering (Authentication Devices, Biometrics (Fingerprint, Voice And Facial Recognition, Iris Scanner), Trusted Platform Modules (TPM), USB Security Tokens, Embedded Secure Elements (ESE), Smart Cards, Near Field Communication (NFC)), 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 End Use Industries (BFSI (Commercial Banks, Insurance Companies, Non-Banking Financial Companies, Cooperatives, Others), Healthcare & Life Sciences, IT & Telecom, Retail & CPG, Government & Defense, Energy & Utilities, Others) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global FIDO Authentication market in 2020 is estimated for more than US$ xx Bn and expected to reach a value of US$ xx Bn by 2028 with a significant CAGR of xx%.
FIDO authentication, which stands for Fast Identity Online, can be understood as the set of standards for simple, fast, robust authentication. These standards are established by the FIDO Alliance, an industry affiliation with representatives from an array of organizations comprising Microsoft, Google, Yubico, and Mozilla.
The standards allow passwordless, phishing-resistant, and multi-level authentication. They enhance online UX by making a robust authentication simpler to carry out and utilize. Some of the web's most widely known apps and tools are beforehand using FIDO authentication, in particular Dropbox, Google Accounts, Twitter, GitHub, and Yahoo Japan.
The latest Fast Identity Online (FIDO) standard strengthens the safety of online identity authentication systems on web applications and mobile devices. Its major purpose is to substitute the scoop usage of passwords with greater safer biometric authentication mechanisms that are safeguarded by encryption systems. Owing to which, FIDO authentication is gaining applications in several fields, including BFSI (Banking, Financial Services and Insurance), government, and retail sectors across the world, which is projected to offer major breakthroughs to the global FIDO authentication market over the years.
In addition to that, the rising adoption of web and mobile applications as well as surging need for advanced security solutions that assist in curtailing endpoint attack exposure are further boosting the demand of FIDO Authentication solution and services. Attributing to which, the global FIDO authentication market is expected to rise substantially in the following years.
Besides, there are several benefits of FIDO authentication such as cost reduction, standardization, simple to use, as well as robust authentication are also playing a positive role in the adoption of FIDO authentication solutions amongst the businesses.
Furthermore, the expeditious shift towards passwordless authentication as well as soaring applications of contactless biometric technology are further prevailing as major trends in the FIDO authentication market. Thus, the FIDO authentication market is estimated to witness significant growth in the coming years.