Global FIDO Authentication Market Increasing Demand With Leading Player, Compreh

Posted by Fred Williams on January 4th, 2021

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.

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.

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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.