According to a new Future Market Insights (FMI) FIDO authentication industry report, market demand would grow at a CAGR of 22.8 percent from 2021 to 2031.
The survey also predicts that by the end of 2021, the market would have surpassed a valuation of US$ 1.0 billion. Rapid technological 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 increasing economic competitiveness.
Over the last few years, businesses all over the world have been attempting to meet customer needs by leveraging the digitization of services, which has increased the number and variety of devices that may access digital services, including smartphones, tablets, wearables, and IoT devices.
This spike in smart device use is raising security issues, therefore it’s more necessary than ever for organizations to protect themselves from escalating security dangers in order to maintain business processes secure and productive.
Impact of COVID-19 on the 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 possible 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 around the world as a result of these improvements.
Due to various variables, such as increased use of electronic transactions during pandemic emergencies, increased dangers from remote access, and growing income losses due to fraudulent activities, the introduction of FIDO authentication solutions would be extremely helpful throughout the COVID-19 period.
Passwordless Authentication Makes a Rapid Comeback
When validating users and authorizing payments, passwordless authentication strives to eliminate the usage of passwords, passphrases, and other shared secrets. Attacks against traditional and password-based multi-factor authentication systems increased dramatically in 2020. (MFA).
Account takeover (ATO) fraud, Remote Desktop Protocol (RDP) attacks, push attacks, phishing, and credential stuffing attacks are all examples of these types of attacks. Organizations must prioritize ease of use and speed as fundamental ingredients of a better user experience to retain a strong security posture and a competitive edge, therefore a mobile-first passwordless MFA solution is chosen over traditional factors such as passwords, push-based MFA, or hardware tokens.
- Aware, Inc.
- HYPR Corp
- Thales Group