FIDO Authentication Market: Current Analysis and Forecast (2022-2028)
Emphasis on Component (FIDO Authentication Devices, FIDO Authentication SDKs, and Support Services); Application (Payment Processing, PKI/Credential Management, Document Signaling, User Authentication, and Others); and Region/Country
Global FIDO Authentication Market is expected to grow at a significant rate of around 10% during the forecast period. FIDO (Fast Identity online) is an open, industry standard for secure authentication and authorization. It provides a secure alternative to traditional password-based authentication by using public-key cryptography. FIDO authentication involves a user registering a device (such as a phone or security key) with a service and then using that device to authenticate to that service in the future. The device acts as a secure key to prove the user’s identity to the service, without sending sensitive information like passwords over the internet. FIDO authentication has gained significant traction in recent years due to its capability of offering improved security while delivering a convenient user experience.
The widespread use of FIDO is driven by the reduction of security breaches caused by passwords. FIDO’s compatibility with devices like smartphones makes it a desirable alternative to traditional authentication methods such as passwords. Moreover, regulatory compliance, such as PSD2 and FFIEC, which mandate the use of strong authentication methods, also contributes to the growth of FIDO. Additionally, its user-friendly design has resulted in higher user adoption and acceptance. Furthermore, FIDO has been proven to bring cost savings in comparison to traditional authentication methods, making it a more appealing option for organizations seeking to enhance their security.
Nok Nok Labs, Inc; Daon, Inc; Movenda S.P.A; RSA Security LLC; Thales; HYPR Corp; Yubico; FEITIAN Technologies Co., Ltd; Aware, Inc; OneSpan; Egis Technology Inc are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst component, FIDO authentication device category to witness robust CAGR during the forecast period”
Based on component, the market is segmented into FIDO authentication devices, FIDO authentication SDKs, and support services. The FIDO authentication devices segment is expected to grow with the largest CAGR and is expected to maintain a similar trend throughout the forecast period. This is because organizations are looking for secure and convenient authentication methods. Support services, such as implementation and management, are also in high demand as organizations seek help in using and deploying FIDO technology. Additionally, FIDO authentication devices offer a secure and convenient alternative to traditional passwords.
“Amongst application, the payment processing segment to witness the largest CAGR”
On the basis of application, the market is segmented into payment processing, PKI/credential management, document signaling, user authentication, and others. The payment processing segment is expected to grow with the highest CAGR and is expected to maintain a similar trend throughout the forecast period. The growth of the segment is mainly attributed to factors such as the growing number of online transactions. The data associated with the monitory transactions are highly confidential and contain sensitive information driving the market for payment processing of FIDO authentication.
“North America to hold a significant share in the market”
The North America region led the FIDO authentication market and is expected to maintain a similar trend throughout the forecast period. Factors such as increased awareness of online security and privacy have led to a greater demand for secure and convenient authentication methods in the region. Furthermore, the growth of e-commerce and online transactions has created a need for secure and streamlined authentication processes which is expected to drive the market during the forecast period. Additionally, government regulations and industry standards have played a vital role in promoting the use of secure authentication methods such as FIDO. Moreover, the higher adoption of smartphones and mobile devices, which provide an easy and convenient platform for FIDO authentication is expected to elevate the market during the analysis time period.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global FIDO authentication market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the FIDO Authentication Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global FIDO authentication market were the three major steps undertaken to create and analyze the adoption of FIDO authentication in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global FIDO Authentication market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the FIDO authentication market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the FIDO authentication market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as component and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the FIDO Authentication market. Further, we conducted factor analysis using dependent and independent variables such as component and application of FIDO authentications. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the FIDO authentication market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global FIDO authentication market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the FIDO authentication market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global FIDO authentication market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global FIDO authentication market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, drive type, and application in the global FIDO authentication market.
The main objective of the Global FIDO Authentication Market Study
The current & future market trends of the global FIDO authentication market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the FIDO authentication market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of component and application.
- Define and analysis of the regulatory framework for the FIDO authentication
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the FIDO authentication market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the FIDO Authentication market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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