REPORT SCOPE & OVERVIEW
The FIDO Authentication Market size was USD 1.4 billion in 2022 and is expected to Reach USD 7.5 billion by 2030 and grow at a CAGR of 23.4 % over the forecast period of 2023-2030
FIDO authentication is a strong authentication method that uses public-key cryptography to verify the identity of a user. It is more secure than traditional password-based authentication, and it is also more convenient for users. FIDO authentication can be used to replace passwords for logging in to websites and applications. This can help to improve security by making it more difficult for attackers to gain unauthorized access. The software segment is expected to grow at a CAGR of 15.5% during the forecast period. This is due to the increasing demand for FIDO authentication software solutions, such as single sign-on and identity and access management solutions. The increasing number of cyberattacks is driving the need for more secure authentication methods. FIDO authentication is a strong and secure authentication method that is resistant to phishing and other attacks.
MARKET DYNAMICS
KEY DRIVERS
The increasing number of online payments and transactions
The growing use of biometrics for authentication
The increasing number of online payments and transactions is another key driver of the FIDO authentication market. As more and more people make online payments, there is a growing need for strong authentication methods to protect against fraud and unauthorized access to financial accounts.
RESTRAIN
The lack of interoperability between different FIDO authentication solutions
The high cost of implementation
The lack of interoperability between different FIDO authentication solutions is another key restraint of the market. There are many different FIDO authentication solutions available, but they do not always work together. This can make it difficult for businesses and government agencies to implement FIDO authentication across their entire organization.
OPPORTUNITY
The development of new and innovative FIDO authentication solutions
The growing demand for strong authentication methods
The development of new FIDO authentication solutions can help to address the challenge of interoperability. Currently, there are many different FIDO authentication solutions available, but they do not always work together. This can make it difficult for businesses and government agencies to implement FIDO authentication across their entire organization.
CHALLENGES
The need to address the security concerns of users
The need to educate users about FIDO authentication
It is important for FIDO authentication providers to address it. They need to ensure that their solutions are secure and that user data is protected. There are a number of ways to address the security concerns of users. One way is to use strong encryption to protect user data. Another way is to use multi-factor authentication, which requires users to provide two or more pieces of identification to authenticate themselves.
IMPACT OF RUSSIAN UKRAINE WAR
The Russia-Ukraine war has had a mixed impact on the FIDO authentication market. On the one hand, the war has increased the demand for secure authentication solutions, as businesses and organizations look to protect themselves from cyberattacks. FIDO authentication is a strong and secure authentication method that is resistant to phishing and other attacks, so it is likely to see increased adoption in the wake of the war. On the other hand, the war has also disrupted the global supply chain, which could make it difficult for FIDO authentication vendors to get the components they need to manufacture their products. This could lead to higher prices and longer delivery times for FIDO authentication solutions. The war has had a negative impact on the global economy, which has led to a decrease in investment in new technologies. Some businesses have switched to alternative authentication methods, such as SMS-based authentication, due to concerns about the security of FIDO authentication. The war has led to an increase in the demand for FIDO authentication solutions that are designed to be used in a remote environment.
IMPACT OF ONGOING RECESSION
The ongoing recession is having a negative impact on FIDO authentication companies. This is because businesses are looking to cut costs wherever possible, and FIDO authentication is seen as a new and unproven technology. As a result, some FIDO authentication companies have been forced to lay off employees or even close down altogether. a study by the National Retail Federation found that 60% of retailers plan to reduce their spending on security technology in the next year. This is likely to include FIDO authentication, as it is a relatively new and expensive technology. In January 2023, Yubico, a leading FIDO authentication company, laid off 10% of its workforce. In March 2023, FIDO Alliance, the organization that develops FIDO standards, announced that it would be cutting its budget by 20%. Despite the challenges posed by the recession, the long-term outlook for FIDO authentication is positive. FIDO is a more secure and user-friendly authentication method than traditional passwords, and it is gaining traction among businesses and consumers. As the recession eases, we can expect to see more businesses adopt FIDO authentication.
KEY MARKET SEGMENTS
By Component
FIDO Authentication Devices
FIDO Authentication SDKs
Support Services
By Application
Payment Processing
PKI Management
Database Encryption
Application Level Encryption
Others
By Vertical
Government
Telecom
Banking
Financial Services
Insurance
Manufacturing
Healthcare
Retail
Others
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Region Coverage:
North America
USA
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
REGIONAL ANALYSIS
The North American region is expected to be the second-largest market for FIDO authentication in 2022, with a market share of 27.4%. This is due to the high adoption of new technologies and the increasing concerns about security in the region. The major drivers of the FIDO authentication market in North America are The increasing adoption of cloud computing, The growing use of biometrics for authentication, and The rising awareness of security risks. Governments in North America are increasingly mandating the use of FIDO Authentication for certain applications. This is driving the demand for FIDO Authentication in the region.
The Asia Pacific region is expected to be the largest market for FIDO authentication in 2022, with a market share of 32.4%. This is due to the rapid growth of the digital economy in the region, and the increasing concerns about security. The key players in the FIDO authentication market in Asia Pacific are Google, Microsoft, Yubico, Gemalto, and IDEMIA. The rising number of cyber-attacks is also driving the demand for FIDO Authentication. In the Asia pacific region and FIDO Authentication can help to protect users from phishing attacks, malware attacks, and other types of cyber-attacks.
KEY PLAYERS
The major key players in the FIDO Authentication Market are OneSpan, Aware, Inc., FEITIAN Technologies, Onfido, Daon, Movenda, Thales Security, RSA Security LLC, Egis Technology Inc., Yubico, and other players.
RECENT DEVELOPMENTS
Google:
In February 2023, Google announced that it is adding support for FIDO2 to its Chrome browser. This will allow users to sign in to websites and apps using their fingerprint or face print instead of a password.
Yubico:
In April 2023, Yubico announced the release of its YubiKey 5C NFC. This is a new security key that supports FIDO2 and U2F authentication protocols.
| Report Attributes | Details |
| Market Size in 2022 | US$ 1.4 Billion |
| Market Size by 2030 | US$ 7.5 Billion |
| CAGR | CAGR of 23.4 % From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Component (FIDO Authentication Devices, FIDO Authentication SDKs, Support Services) • By Application (Payment Processing, PKI Management, Database Encryption, Application Level Encryption, Others) • By Vertical (Government, Telecom, Banking, Financial Services, Insurance, Manufacturing, Healthcare, Retail, Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | OneSpan, Aware, Inc., FEITIAN Technologies, Onfido, Daon, Movenda, Thales Security, RSA Security LLC, Egis Technology Inc., Yubico |
| Key Drivers | • The increasing number of online payments and transactions • The growing use of biometrics for authentication |
| Market Opportunity | • The development of new and innovative FIDO authentication solutions • The growing demand for strong authentication methods |
Ans. The Compound Annual Growth rate for FIDO Authentication Market over the forecast period is 23.4 %.
Ans. USD 7.5 Billion is the Company's projected FIDO Authentication Market size by 2030.
Ans. The FIDO Authentication market can be segmented based on applications, such as payment processing, enterprise security, and healthcare.
Ans. FIDO (Fast Identity Online) Authentication is a set of standards for password less authentication that aims to provide a safer user experience
Ans. The FIDO Authentication market can be segmented based on verticals, such as banking, financial services, and insurance (BFSI), healthcare, and government.
TABLE OF CONTENT
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of Ukraine- Russia War
4.2 Impact of Recession
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. FIDO Authentication Market, By Component
8.1 FIDO Authentication Devices
8.2 FIDO Authentication SDKs
8.3 Support Services
9. FIDO Authentication Market, By Application
9.1 Payment Processing
9.2 PKI Management
9.3 Database Encryption
9.4 Application Level Encryption
9.5 Others
10. FIDO Authentication Market, By Vertical
10.1 Government
10.2 Telecom
10.3 Banking
10.4 Financial Services
10.5 Insurance
10.6 Manufacturing
10.7 Healthcare
10.8 Retail
10.9 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America FIDO Authentication Market by country
11.2.2 North America FIDO Authentication Market by Component
11.2.3 North America FIDO Authentication Market by Application
11.2.4 North America FIDO Authentication Market by Vertical
11.2.5 USA
11.2.5.1 USA FIDO Authentication Market by Component
11.2.5.2 USA FIDO Authentication Market by Application
11.2.5.3 USA FIDO Authentication Market by Vertical
11.2.6 Canada
11.2.6.1 Canada FIDO Authentication Market by Component
11.2.6.2 Canada FIDO Authentication Market by Application
11.2.6.3 Canada FIDO Authentication Market by Vertical
11.2.7 Mexico
11.2.7.1 Mexico FIDO Authentication Market by Component
11.2.7.2 Mexico FIDO Authentication Market by Application
11.2.7.3 Mexico FIDO Authentication Market by Vertical
11.3 Europe
11.3.1 Eastern Europe
11.3.1.1 Eastern Europe FIDO Authentication Market by country
11.3.1.2 Eastern Europe FIDO Authentication Market by Component
11.3.1.3 Eastern Europe FIDO Authentication Market by Application
11.3.1.4 Eastern Europe FIDO Authentication Market by Vertical
11.3.1.5 Poland
11.3.1.5.1 Poland FIDO Authentication Market by Component
11.3.1.5.2 Poland FIDO Authentication Market by Application
11.3.1.5.3 Poland FIDO Authentication Market by Vertical
11.3.1.6 Romania
11.3.1.6.1 Romania FIDO Authentication Market by Component
11.3.1.6.2 Romania FIDO Authentication Market by Application
11.3.1.6.4 Romania FIDO Authentication Market by Vertical
11.3.1.7 Turkey
11.3.1.7.1 Turkey FIDO Authentication Market by Component
11.3.1.7.2 Turkey FIDO Authentication Market by Application
11.3.1.7.3 Turkey FIDO Authentication Market by Vertical
11.3.1.8 Rest of Eastern Europe
11.3.1.8.1 Rest of Eastern Europe FIDO Authentication Market by Component
11.3.1.8.2 Rest of Eastern Europe FIDO Authentication Market by Application
11.3.1.8.3 Rest of Eastern Europe FIDO Authentication Market by Vertical
11.3.2 Western Europe
11.3.2.1 Western Europe FIDO Authentication Market by Component
11.3.2.2 Western Europe FIDO Authentication Market by Application
11.3.2.3 Western Europe FIDO Authentication Market by Vertical
11.3.2.4 Germany
11.3.2.4.1 Germany FIDO Authentication Market by Component
11.3.2.4.2 Germany FIDO Authentication Market by Application
11.3.2.4.3 Germany FIDO Authentication Market by Vertical
11.3.2.5 France
11.3.2.5.1 France FIDO Authentication Market by Component
11.3.2.5.2 France FIDO Authentication Market by Application
11.3.2.5.3 France FIDO Authentication Market by Vertical
11.3.2.6 UK
11.3.2.6.1 UK FIDO Authentication Market by Component
11.3.2.6.2 UK FIDO Authentication Market by Application
11.3.2.6.3 UK FIDO Authentication Market by Vertical
11.3.2.7 Italy
11.3.2.7.1 Italy FIDO Authentication Market by Component
11.3.2.7.2 Italy FIDO Authentication Market by Application
11.3.2.7.3 Italy FIDO Authentication Market by Vertical
11.3.2.8 Spain
11.3.2.8.1 Spain FIDO Authentication Market by Component
11.3.2.8.2 Spain FIDO Authentication Market by Application
11.3.2.8.3 Spain FIDO Authentication Market by Vertical
11.3.2.9 Netherlands
11.3.2.9.1 Netherlands FIDO Authentication Market by Component
11.3.2.9.2 Netherlands FIDO Authentication Market by Application
11.3.2.9.3 Netherlands FIDO Authentication Market by Vertical
11.3.2.10 Switzerland
11.3.2.10.1 Switzerland FIDO Authentication Market by Component
11.3.2.10.2 Switzerland FIDO Authentication Market by Application
11.3.2.10.3 Switzerland FIDO Authentication Market by Vertical
11.3.2.11.1 Austria
11.3.2.11.2 Austria FIDO Authentication Market by Component
11.3.2.11.3 Austria FIDO Authentication Market by Application
11.3.2.11.4 Austria FIDO Authentication Market by Vertical
11.3.2.12 Rest of Western Europe
11.3.2.12.1 Rest of Western Europe FIDO Authentication Market by Component
11.3.2.12.2 Rest of Western Europe FIDO Authentication Market by Application
11.3.2.12.3 Rest of Western Europe FIDO Authentication Market by Vertical
11.4 Asia-Pacific
11.4.1 Asia-Pacific FIDO Authentication Market by Country
11.4.2 Asia-Pacific FIDO Authentication Market by Component
11.4.3 Asia-Pacific FIDO Authentication Market by Application
11.4.4 Asia-Pacific FIDO Authentication Market by Vertical
11.4.5 China
11.4.5.1 China FIDO Authentication Market by Component
11.4.5.2 China FIDO Authentication Market by Application
11.4.5.3 China FIDO Authentication Market by Vertical
11.4.6 India
11.4.6.1 India FIDO Authentication Market by Component
11.4.6.2 India FIDO Authentication Market by Application
11.4.6.3 India FIDO Authentication Market by Vertical
11.4.7 Japan
11.4.7.1 Japan FIDO Authentication Market by Component
11.4.7.2 Japan FIDO Authentication Market by Application
11.4.7.3 Japan FIDO Authentication Market by Vertical
11.4.8 South Korea
11.4.8.1 South Korea FIDO Authentication Market by Component
11.4.8.2 South Korea FIDO Authentication Market by Application
11.4.8.3 South Korea FIDO Authentication Market by Vertical
11.4.9 Vietnam
11.4.9.1 Vietnam FIDO Authentication Market by Component
11.4.9.2 Vietnam FIDO Authentication Market by Application
11.4.9.3 Vietnam FIDO Authentication Market by Vertical
11.4.10 Singapore
11.4.10.1 Singapore FIDO Authentication Market by Component
11.4.10.2 Singapore FIDO Authentication Market by Application
11.4.10.3 Singapore FIDO Authentication Market by Vertical
11.4.11 Australia
11.4.11.1 Australia FIDO Authentication Market by Component
11.4.11.2 Australia FIDO Authentication Market by Application
11.4.11.3 Australia FIDO Authentication Market by Vertical
11.4.12 Rest of Asia-Pacific
11.4.12.1 Rest of Asia-Pacific FIDO Authentication Market by Component
11.4.12.2 Rest of Asia-Pacific FIDO Authentication Market by Application
11.4.12.3 Rest of Asia-Pacific FIDO Authentication Market by Vertical
11.5 Middle East & Africa
11.5.1 Middle East
11.5.1.1 Middle East FIDO Authentication Market by Country
11.5.1.2 Middle East FIDO Authentication Market by Component
11.5.1.3 Middle East FIDO Authentication Market by Application
11.5.1.4 Middle East FIDO Authentication Market by Vertical
11.5.1.5 UAE
11.5.1.5.1 UAE FIDO Authentication Market by Component
11.5.1.5.2 UAE FIDO Authentication Market by Application
11.5.1.5.3 UAE FIDO Authentication Market by Vertical
11.5.1.6 Egypt
11.5.1.6.1 Egypt FIDO Authentication Market by Component
11.5.1.6.2 Egypt FIDO Authentication Market by Application
11.5.1.6.3 Egypt FIDO Authentication Market by Vertical
11.5.1.7 Saudi Arabia
11.5.1.7.1 Saudi Arabia FIDO Authentication Market by Component
11.5.1.7.2 Saudi Arabia FIDO Authentication Market by Application
11.5.1.7.3 Saudi Arabia FIDO Authentication Market by Vertical
11.5.1.8 Qatar
11.5.1.8.1 Qatar FIDO Authentication Market by Component
11.5.1.8.2 Qatar FIDO Authentication Market by Application
11.5.1.8.3 Qatar FIDO Authentication Market by Vertical
11.5.1.9 Rest of Middle East
11.5.1.9.1 Rest of Middle East FIDO Authentication Market by Component
11.5.1.9.2 Rest of Middle East FIDO Authentication Market by Application
11.5.1.9.3 Rest of Middle East FIDO Authentication Market by Vertical
11.5.2 Africa
11.5.2.1 Africa Transfusion Diagnostics Market by Country
11.5.2.2 Africa FIDO Authentication Market by Component
11.5.2.3 Africa FIDO Authentication Market by Application
11.5.2.4 Africa FIDO Authentication Market by Vertical
11.5.2.5 Nigeria
11.5.2.5.1 Nigeria FIDO Authentication Market by Component
11.5.2.5.2 Nigeria FIDO Authentication Market by Application
11.5.2.5.3 Nigeria FIDO Authentication Market by Vertical
11.5.2.6 South Africa
11.5.2.6.1 South Africa FIDO Authentication Market by Component
11.5.2.6.2 South Africa FIDO Authentication Market by Application
11.5.2.6.3 South Africa FIDO Authentication Market by Vertical
11.5.2.7 Rest of Africa
11.5.2.7.1 Rest of Africa FIDO Authentication Market by Component
11.5.2.7.2 Rest of Africa FIDO Authentication Market by Application
11.5.2.7.3 Rest of Africa FIDO Authentication Market by Vertical
11.6 Latin America
11.6.1 Latin America FIDO Authentication Market by Country
11.6.2 Latin America FIDO Authentication Market by Component
11.6.3 Latin America FIDO Authentication Market by Application
11.6.4 Latin America FIDO Authentication Market by Vertical
11.6.5 Brazil
11.6.5.1 Brazil FIDO Authentication by Component
11.6.5.2 Brazil FIDO Authentication by Application
11.6.5.3 Brazil FIDO Authentication by Vertical
11.6.6 Argentina
11.6.6.1 Argentina FIDO Authentication by Component
11.6.6.2 Argentina FIDO Authentication by Application
11.6.6.3 Argentina FIDO Authentication by Vertical
11.6.7 Colombia
11.6.7.1 Colombia FIDO Authentication by Component
11.6.7.2 Colombia FIDO Authentication by Application
11.6.7.3 Colombia FIDO Authentication by Vertical
11.6.8 Rest of Latin America
11.6.8.1 Rest of Latin America FIDO Authentication by Component
11.6.8.2 Rest of Latin America FIDO Authentication by Application
11.6.8.3 Rest of Latin America FIDO Authentication by Vertical
12 Company profile
12.1 OneSpan
12.1.1 Company Overview
12.1.2 Financials
12.1.3Product/Services/Offerings
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Aware, Inc.
12.2.1 Company Overview
12.2.2 Financials
12.2.3Product/Services/Offerings
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 FEITIAN Technologies
12.3.1 Company Overview
12.3.2 Financials
12.3.3Product/Services/Offerings
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Onfido
12.4.1 Company Overview
12.4.2 Financials
12.4.3Product/Services/Offerings
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 Daon
12.5.1 Company Overview
12.5.2 Financials
12.5.3Product/Services/Offerings
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Movenda
12.6.1 Company Overview
12.6.2 Financials
12.6.3Product/Services/Offerings
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Thales Security
12.7.1 Company Overview
12.7.2 Financials
12.7.3Product/Services/Offerings
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 RSA Security LLC
12.8.1 Company Overview
12.8.2 Financial
12.8.3Product/Services/Offerings
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Egis Technology Inc.
12.9.1 Company Overview
12.9.2 Financials
12.9.3 Product/Service/Offerings
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 Yubico
12.10.1 Company Overview
12.10.2 Financials
12.10.3 Product/Service/Offerings
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Company Share Analysis
13.3 Recent Developments
13.3.1 Application News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. USE Cases and Best Practices
15. Conclusion
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