FIDO authentication is increasingly gaining importance in a range of end-use industries across the globe owing to its capability to offer a simpler and better user experience in online security while offering stronger security and reducing the costs of other services. In addition, FIDO authentication offers a range of benefits such as lower maintenance costs, faster time to market, lower potential damages and breach risks, increased future-proofing, lower password reset costs, and a broad choice of authenticators for users, and others.
According to a market report published by Bizwit Research & Consulting, LLP, the global FIDO authentication market is valued at approximately USD 0.873 billion in 2020 and is anticipated to grow with a healthy growth rate of nearly 23.55% over the forecast period 2021-2027.
Increasing awareness about cybercrimes, increasing IT security concerns, adoption of mobile & web-based applications, etc. are some of the factors that are expected to significantly contribute to the growth of the global FIDO authentication market during the forecast period. In addition, government initiatives for cyber security and a rapid shift towards passwordless authentication provide lucrative growth opportunities to the market. However, the high cost of deployment is expected to hamper the growth of the global FIDO authentication market during the forecast years.
An increase in awareness regarding cybercrime across the globe is expected to contribute to the market growth during the forecast period. Governments are undertaking different programs and initiatives with the intent to create and generate awareness among the population. For instance, National Cybersecurity Awareness Month (NCSAM, a collaborative effort between industry and the government of the United States), advisories and alerts regarding the latest cyber vulnerabilities as well as countermeasures by the Indian Computer Emergency Response Team, and others. Also, there has been growth expected in the sector of cybersecurity, as a result of such awareness initiatives and programs. According to Statista, the total size of the cybersecurity market across the globe is expected to increase from USD 217.9 billion in 2021 to USD 345.4 billion by 2026. This is expected to accelerate the deployment of advanced cyber security solutions such as FIDO authentication and hence promote market growth.
Global FIDO Authentication Market Size study, by Product Type (FIDO Authentication Devices and FIDO Authentication Services), By End Users (BFSI, Healthcare and Life Sciences, Government and Defense, Energy and Utilities, IT and Telecom, and Others), and Regional Forecasts 2021-2027
The total market revenue is calculated on the basis of revenue generated through sales of FIDO authentication devices and services. However, revenue generated from the repair, maintenance of devices, and up-gradation of services is excluded from the report. Major companies covered under the report include Aware, Inc., Cardcontact Systems GmbH, Daon, Nok Nok Labs Inc., Huawei Device Co., Ltd., HYPR Group, LoginID, Movenda, OneSpan, and RSA Security LLC. Other popular regional players across various countries are also considered for revenue calculation.
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Bizwit Research & Consulting LLP