A recent market study published by Future Market Insights (FMI) on the FIDO authentication market includes a global industry analysis for 2016-2020 and opportunity assessment for 2021-2031, and delivers a comprehensive assessment of the most important market dynamics. After conducting a thorough research on the historical as well as current growth parameters, growth prospects of the market are obtained with maximum precision.
The FIDO authentication solutions revenue totalled ~US$ 849.6 Mn in 2020, according to Future Market Insights (FMI). The overall market is expected to reach ~US$ 8.0 Bn by 2031, growing at a CAGR of 22.8% for 2021 – 31. The demand for FIDO authentication solutions will continue accelerating, increasing competition prevalent in the market. FMI has forecast the top 5 providers to account for around 69.4% of total market in 2020.
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Key Points Covered in FIDO Authentication Market Survey
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on FIDO authentication market and how to Navigate
- Recommendation on Key Winning Strategies
COVID-19 Impact Analysis on FIDO Authentication Market
While ensuring employee safety and business continuity remained paramount, public companies were simultaneously challenged by a sudden decline in consumer demand, a continuing halt or reduction in onsite activities, and global supply chain issues, which began in China shortly before impacting services in Europe and the Americas regions.
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“Passwordless security solutions are gaining impetus due to the COVID-19 outbreak, as these solutions are designed to securely, affordably, and quickly fill existing security gaps while supporting remote workers for all organizations globally. Advancements in production and management systems have revolutionized several industries in various developed and developing regions. The FIDO U2F security key holds potential for taking cryptocurrency to the masses” says FMI analyst.
Key Takeaways: FIDO Authentication Market
- By solution segment, the FIDO U2F Authentication Devices (Security Keys) segment is anticipated to account for the leading share in the global demand for FIDO authentication during the forecast period. The segment estimated to grow at a robust CAGR of 22.4% through 2031.
- The adoption of FIDO authentication solutions in PKI/credential management is expected to rise at maximum pace with a significant CAGR of 26.7% between 2021 & 2031.
- Demand for FIDO authentication in IT & Telecom and BFSI sector is estimated to grow at impressive CAGRs. Of these, BFSI industry is expected to account for leading share in FIDO authentication sales forecast during the forecast period.
- North America is expected to lead the market followed by Europe in 2021. South Asia & Pacific is anticipated to emerge as the fastest growing region between 2021 & 2031.
- The market in Japan is expected to progress at a CAGR of 28.5% through 2031.
- In the U.K., sales are expected to increase at a CAGR of close to 23% over the next ten years.
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Competition Analysis
Owing to this, most of the leading players in the FIDO authentication technology are coming with advanced and innovative solutions that meets the ever-changing demand from organizations for advanced security and privacy concerns. Some of the market players featured in the report are Aware, Inc., OneSpan, HYPR Corp, Yubico, Daon, Thales Group, RSA Security LLC, Movenda, Nok Nok Labs, Inc., Bluink Ltd., Century Longmai Technology Co., Ltd., Raonsecure Co., Ltd., International Systems Research Co. (ISR), Hypersecu Information Systems, Inc. among others.
- In January 2021, Aware, Inc. announced the launch of AwareABIS, an automated biometric identification system (ABIS) used for large-scale biometric identification and deduplication. Designed to serve among 1-30 million identities or more, AwareABIS supports fingerprint, face and iris modalities, and features a modular architecture that helps security teams configure and optimize the system for civil or criminal applications.
Table Of Content:
1. Executive Summary
2. Market Overview
3. Key Market Trends
4. FIDO Alliance Overview
5. COVID-19 Pandemic Crisis Impact Analysis
6. Market Structure Analysis
7. Global FIDO Authentication Market Demand (in Value in US$ Mn) Analysis 2016-2020 and Forecast, 2021-2031
8. Global FIDO Authentication Market Demand (in Volume in Mn Units) Analysis 2016-2020 and Forecast, 2021-2031