Global FIDO Authentication Market: Introduction

FIDO (“Fast IDentity Online") authentication is a set of technology-agnostic security specifications for strong authentication. FIDO specifications majorly supports public key cryptography and multifactor authentication (MFA). FIDO authentication stores personal identification information locally on the user's device to protect it.

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Global FIDO Authentication Market – Dynamics

Rising Mass Migration across the Globe

From the last 8-10 years, the number of people migrating from one city to another or from one country to another has increased exponentially. The industrial revolution has played a major role in the rising mass migration. The industrial revolution in 1760 was the origin which has prompted companies to go global. This has resulted in rising number of people migrating from one country to another for work purpose. Governments and internal agencies of countries are deploying Fast ID Online at a very high rate due to the increase in population across the globe and the rising pace of immigration. Fast ID Online has the ability to crosscheck the identity of an individual through the database of biometric authentication data. Governments and internal agencies are driving the demand for Fast ID Online systems to keep the country secure and safe from illegal immigration.

Rising Concerns over Data Theft and Data Privacy

 Data theft and data privacy are growing concerns across the globe. This is because the number of data thefts and data breach cases has increased in the past few years. Government agencies and governments need to pay large amounts running into more than a million US dollars for data recovery. For instance, U.S. data breach incidents tracked in 2017 hit a new record high of 1,579 breaches. According to IBM, the average total cost of a data breach in the U.S. reached a record-breaking US$ 7.35 Mn in year 2017. The cost related to resolving a data breach attack is very high. For example, a malware attack costs a financial business around US$ 825,000 on average to resolve. This restrains the growth of the FIDO authentication market due to privacy concerns.

North America to Dominate the Global FIDO Authentication Market

In terms of region, the global FIDO authentication market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the FIDO authentication market during the forecast period due to strong investment in terms of cyber security and identity management.

COVID-19 Impact on the Global FIDO Authentication Market

The COVID-19 pandemic is expected to moderately impact the global FIDO authentication market. New investment in authentication technology has been impacted during the pandemic. This has impacted the Y-o-Y investment growth for FIDO authentication in year 2020.

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Global FIDO Authentication Market – Competition Landscape

  • In September 2020, Crayonic partnered with the FIDO alliance to become an Associate Member of the FIDO (Fast IDentity Online) Alliance. The collaboration helps the company to boost account security and protect data.

Crayonic

Crayonic is a leading provider of decentralized identity and authentication security solutions which enables next-generation security for decentralized user authentication, digital asset storage, and trusted electronic signatures. The company is based in the US and the Netherlands.

Global FIDO Authentication Market: Segmentation

The global FIDO authentication market can be segmented based on:

  • Component
  • Industry
  • Region

Global FIDO Authentication Market, by Component

Based on component, the global FIDO authentication market can be divided into:

  • Hardware
  • Software
  • Services

Global FIDO Authentication Market, by Industry

In terms of industry, the global FIDO authentication market can be segregated into:

  • BFSI
  • IT & Telecom
  • Healthcare
  • Hospitality
  • Others

Regional analysis of the global FIDO authentication market includes:

  • North America
    • U.S.
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • U.K.
    • France
    • Russia
    • Italy
    • Spain
    • Nordics
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • Singapore
    • Malaysia
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Rest of South America

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Alternative Keywords:

  • Authentication Security
  • Identity Management
  • Digital Asset Storage

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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