How Will the Fast Identity Online (FIDO) Authentication Market Grow? Key Trends and Opportunities for 2025 and Beyond
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What fueled the previous growth in the Fast Identity Online (FIDO) Authentication market?
In the last few years, the market size for fast identity online (FIDO) authentication has seen a tremendous increase. The market which is predicted to be worth $1.93 billion in 2024 is expected to rise up to $2.39 billion in 2025 at a compound annual growth rate (CAGR) of 23.8%. This rise during the historical period can be ascribed to factors such as vulnerabilities of passwords, the surge in cyber security threats, end-user demand for easier security measures, the drive towards biometric authentication, and industry standards and collaborations.
What will be the fast identity online (fido) authentication market size in the future?
Expectations are high for the fast identity online (FIDO) authentication market, with predictions of substantial, exponential growth occurring within the next few years. The estimated value is anticipated to be $5.72 billion by the year 2029, with a compound annual growth rate (CAGR) of 24.4%. The growth during this forecast period is attributed to factors such as the increasing proliferation of mobile devices, higher consumer demand for convenience and security, adherence to industry standards and interoperability, the widespread use of IoT devices and the migration towards cloud-based services. The forthcoming period also features a few major trends including consistent research and development in authentication technologies, the adoption of multi-factor authentication (MFA), attention to privacy-enhancing technologies, the broadening of FIDO authentication standards, and the adoption of the webauthn standard.
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What main drivers are fueling expansion in the fast identity online (fido) authentication market?
The rise in cyber threats is likely to spur the growth of the fast identity online (FIDO) authentication market. The term “cyber threats” is used to describe the potential harm caused by malicious activities that aim to damage data through various strategies, targeting computer systems, networks and digital information. FIDO authentication is a powerful tool in combatting these threats, as it eliminates the need for passwords, offers robust authentication, and keeps biometrics stored locally. This allows for speedy, secure logins, facilitated by cryptographic credentials always stored on the user’s device. For example, the 2023 ASD Cyber Threat Report published by the Australian Signals Directorate in November 2023 showed that during the 2022-23 fiscal year, ReportCyber received nearly 94,000 reports of cybercrime. This represents a 23% increase compared to the 2021-22 fiscal year. Consequently, the rise in cyber threats is contributing to the growth of the FIDO authentication market. The burgeoning use of web and mobile applications is also anticipated to drive the growth of the fast identity online (FIDO) authentication market. Web applications are software programs that run in web browsers, while mobile applications are specifically designed for smartphones and tablets. FIDO authentication facilitates the increased use of web and mobile applications by offering secure, password-free access methods, thereby enhancing user convenience and cybersecurity. As an example, in August 2023, RipenApps Technologies, an Indian software firm, reported that global consumer spending on mobile applications hit $129 billion in 2022. Total mobile advertising likewise experienced growth, reaching $336 billion – a 13.8% increase from the previous year. Accordingly, the increasing use of web and mobile applications is fuelling the growth of the FIDO authentication market.
What key areas define 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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Who are the dominant players expanding their reach 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
How are evolving market trends shaping fast identity online (fido) authentication Strategies?
Top-tier firms within the fast identity online (FIDO) authentication market are prioritizing the creation of cutting-edge tech advancements, such as cloud-based verification services, with the aim of furnishing a trustworthy experience to their clientele. A cloud-based verification service refers to a system that leverages a cloud-based framework for user authentication. For instance, March 2022 saw the introduction of AT.AuthFi for FIDO authentication by AuthenTrend Technology Inc., a corporation based in Taiwan specializing in fingerprint-enabled authentication. AT.AuthFi heightens security, bolsters defense against phishing threats, and enhances user convenience. It facilitates password-less access along with two-factor verification and operates on a monthly payment cycle. AT.AuthFi is a fully operational FIDO cloud server API. Besides, its administration dashboard simplifies the FIDO integration process into a more concise and lucid one-stop solution, while aiding staff, customers, or organization members to securely and effortlessly sign in without the use of passwords on the browser.
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Which regions are emerging as leaders in 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
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