According to the latest research report by the Transparency Market Research, the global FIDO authentication market is expected to expand at a significant growth rate of 10.7 % over the forecast period of 2021 to 2031.it also projects that the global FIDO authentication market will expand to reach the valuation of US$ 565.38 million at the end of the forecast period i.e. 2031. Key driver for the rising demand for the products in the global FIDO authentication market is increasing requirement for effective and no error solutions from banking and financial services and retail industries as well as government.
Owing to the rising number of businesses compelled to shift their operations in remote mode due to lockdowns created by COVID-19 pandemic, there has been a stark increase in the demand for multi-factor authentication. This trend is expected to create new and exciting revenue generation opportunities for the players and stakeholders functional within the global FIDO authentication market. Furthermore, companies such as Apple, Facebook, and Microsoft have been pushing for the implementation of stronger security practices and solutions amid the COVID-19 pandemic. This is also expected to create greater demand in global FIDO authentication market in coming years.
Increasing adoption of new trends such as Open Banking as well as Zero Trust in BFSI industry vertical are creating new opportunities in the global FIDO authentication market. Furthermore, rising number of consumers are preferring on-devices user authentication provided through smartphone enabled biometrics systems along with strong cryptographic authentication. These trends are also opening up new revenue stream opportunities for the players and stakeholders in the global FIDO authentication market.
Rising Risk of Cyberattacks Motivate the Sales in FIDO Authentication Market
Another key driver for the global FIDO authentication market is rising risk of and increasing demand for protection against cyberattacks and digital data breaches. Segments in the global FIDO authentication market by component include FIDO authentication devices, support devices, and FIDO authentication SDKs. Application segments for the products in the global FIDO authentication market include PKI or credential management, application level encryption, payment processing, and database encryption, among others.
Some of the major end use industry verticals that use the products and services from the global FIDO authentication market include banking and financial services, technology and communication, energy and utility, healthcare and life sciences, government, industrial and manufacturing, and retail and consumer products, among others. Major regions operational in the global FIDO authentication market are Europe, Middle East and Africa, North America, Asia Pacific, and South America.
Players in FIDO Authentication Market Adopt M & A and Partnerships as Growth Strategies
Some of the major and leading players functional within the global FIDO authentication market include Aware, Inc., Daon, Huawei Device Co. Ltd., LoginID, OneSpan, Swift, Ultra Electronics, Yubico, Cardconnect systems GmbH, Futurex, HYPR Group, Movenda, RSA Security LLC, Thales Security, and Utimaco GmbH, among others. Several leading companies in the global FIDO authentication market are engaged in development of new compact and cost efficient FIDO authentication solutions to attract more consumers. Furthermore, many players in the global FIDO authentication market are adopting certain inorganic growth strategies such as mergers and acquisitions as well as strategic collaborations to expand their reach.
For example, Janeiro Digital and RSA Security LLC collaborated in June of 2021 in order to offer trust and security to decentralized internet applications. Similarly, Microsoft Corporation and Yubico partnered up in March of 2021 to improve Yubico’s ‘Account Guard digital ID security solutions. ForgeRock and OneSpan partnered up in September of 2020 in order to secure OneSpan’s secure remote banking featuring single platform for identification. Nedap and Thales Security, Inc., partnered up in July of 2020 to provide their consumers with facial biometric authentication solutions for contact free access control.
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