According to newly FIDO authentication industry analysis by Future Market Insights (FMI), the demand registered in the market will increase at a CAGR of 22.8% from 2021-2031.
The survey also predicts that by the end of 2021, the market would have surpassed a worth of US$ 1.0 billion. Rapid technical improvements in the IT and telecom industries, according to FMI, have generated opportunities for FIDO authentication solutions. These technologies have proven critical in boosting market expansion by enhancing economic competitiveness. Organizations all over the world have been attempting to satisfy consumer needs by leveraging the digitization of services, which has expanded the quantity and variety of devices that may access digital services, such as smartphones, tablets, wearables, and IoT devices.
COVID-19 Impact Analysis on FIDO Authentication Market
While ensuring employee safety and business continuity remained top priorities, public companies were also confronted with a sharp drop in consumer demand, a continued halt or reduction in onsite activities, and global supply chain issues that began in China before spreading to Europe and the Americas.
Advancements in identity proofing and strong authentication technologies and standards have made it feasible for governments to achieve criteria for usability, security, and privacy while avoiding the significant hassles and costs normally associated with such deployments. FIDO authentication standards have become a cornerstone for global government services throughout the world as a result of these improvements.
Key Takeaways: FIDO Authentication Market
- During the forecast period, the FIDO U2F Authentication Devices (Security Keys) sector is expected to account for the largest proportion of worldwide demand for FIDO authentication. Through 2031, the category is expected to rise at a healthy CAGR of 22.4 percent.
- Between 2021 and 2031, the usage of FIDO authentication solutions in PKI/credential management is predicted to grow at a maximum rate of 26.7 percent.
- The need for FIDO authentication in the IT & Telecom and BFSI industries is expected to develop at a rapid rate. During the projection period, the BFSI industry is likely to account for the largest proportion of FIDO authentication sales.
- In 2021, North America is predicted to lead the market, followed by Europe. Between 2021 and 2031, South Asia and the Pacific is expected to be the fastest expanding area.
- Through 2031, the Japanese market is predicted to grow at a CAGR of 28.5 percent.
- Over the next 10 years, sales in the United Kingdom are predicted to grow at a CAGR of over 23%.