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 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.
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