As cited by the research report titled ‘Global FIDO Authentication Market Size study, by Product Type (FIDO Authentication Devices, FIDO Authentication Services), by end users (BFSI, Healthcare and Life Sciences, Government and Defence, Energy and Utilities and Other) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global FIDO authentication market is projected to grow with a strong CAGR to garner significant returns over 2021-2027.
 

Increasing prevalence of cyber-attacks and rising number of data breaches are majorly driving global FIDO authentication market growth. Growing adoption of digital identities which store IDs like mobile virtual smart cards in companies that use identity management and certified security solutions is positively swaying the industry dynamics as well.
 

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For the record, FIDO i.e. Fast ID Online is used for powerful authentication using a set of machinery security. FIDO is developed by a non-profit organization named FIDO Alliance.
 

Rising government initiatives to promote cyber security are also favoring the market development. In addition, major players have lately been adopting strategies such as partnerships, acquisitions, and new product launches to garner significant returns, thus favoring the industry dynamics.
 

In September 2020 for instance, OneSpan partnered with ForgeRock, a multinational identity and access management software company, for securing remote banking with a single platform for identity. Similarly, MasterCard acquired Ekata in April 2021, a digital identity verification company to advance its global digital identity efforts.
 

Speaking of negatives, complexities associated with cost and while executing FAM solutions coupled with changing security reforms are likely to hamper the market progression over the estimated timeline of 2021-2027.
 

Based on product type, global FIDO authentication industry is segmented into FIDO authentication devices and FIDO authentication services. Speaking of the end user range, the marketplace is categorized into BFSI, government and defense, healthcare and life sciences, energy and utilities, including others.
 

The geographical analysis of the industry includes regions like Asia Pacific, Europe, North America, and Latin America. North America is anticipated to emerge as a lucrative growth avenue for the industry participants over the estimated timeframe of 2021-2027, on account of increasing demand for FIDO-based authentication solutions in several industries.
 

Meanwhile, Europe market is anticipated to showcase significant growth over the projected timeline. Increasing demand for FIDO authentication solutions in the U.K along with growing adoption of advanced security are complementing the business dynamics in the region.
 

Prominent players profiled in the global FIDO authentication industry are RSA Security LLC, OneSpan Inc., Movenda S.p.A., LoginID, HYPR Group, Huawei Device Co Ltd., Futurex LP, Daon Inc., CardContact Systems GmbH, and Aware Inc. among others.