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Canada FIDO Authentication Market Size, Share, Analysis: By Component: FIDO Authentication Devices, FIDO Authentication SDKs; By Deployment Type: Cloud Based, On-premises; By Enterprise Size; By Authentication Type; By End Use; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032
Canada FIDO Authentication Market Outlook
The Canada FIDO authentication market size is projected to grow at a CAGR of 13.2% between 2024 and 2032.
Key Takeaways
- According to the statistics by the FIDO Alliance, 81% of hacking-related breaches are caused by weak or stolen passwords, as reported in the Verizon Data Breach Report.
- Additionally, there has been a 1,265% rise in malicious phishing emails since Q4 2022 and a 967% rise in credential phishing since Q4 2022, according to the SlashNext 2023 State of Phishing Report.
- Furthermore, 54% of consumers have noticed phishing messages become more sophisticated in the last 60 days, as reported in the FIDO Alliance 2023 Authentication Barometer.
With the increasing number of cyber-attacks and data breaches, there is a growing demand for secure authentication methods that are more difficult to hack than traditional password-based authentication methods. Also, various industries in Canada are subject to strict regulatory requirements for data protection. FIDO (Fast Identity Online) authentication can help organisations comply with these regulations by providing a secure authentication method that meets industry standards. Moreover, the increasing adoption of cloud-based services in Canada is also influencing Canada FIDO authentication market development.
Biometric authentication is becoming increasingly popular in Canada, with fingerprint, facial recognition, and voice recognition being the most used methods. Royal Bank of Canada is using FIDO authentication to provide secure and convenient authentication for its online banking services where users can authenticate themselves using their security key or biometrics.
Another market trend is use of multi-factor authentication, such as OTPs and FIDO. As per industry reports, the use of SMS One-Time Passcodes (OTPs) has increased globally by 1% to 4%. Service providers are increasingly offering SMS OTPs as a multi-factor authentication method to enhance consumer security and meet regulatory requirements.
As per industry reports, FIDO authentication offers 75% sign-in time reduction reported by Mercari, a 4x improvement in sign-in success rate (vs passwords) reported by Google, a 50% reduction in abandonment rates reported by Air New Zealand, and a 95% password reset reduction reported by HYPR. This shows how FIDO provides a scalable solution, with a growing number of companies adopting FIDO authentication for its security and convenience benefits. This has aided in Canada FIDO authentication market growth.
Market Segmentation
Canada FIDO Authentication Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Component
- FIDO Authentication Devices
- FIDO Authentication SDKs
Market Breakup by Deployment Type
- Cloud Based
- On-premises
Market Breakup by Enterprise Size
- Small and Medium Size Enterprises
- Large Size Enterprises
Market Breakup by Authentication Type
- Password Authentication
- Biometric Authentication
- Hardware Token-Based Authentication
- Others
Market Breakup by End Use
- BFSI
- Healthcare
- Government and Defence
- E-Commerce
- IT and Telecommunications
- Others
Market Breakup by Region
- Northern Canada
- British Columbia
- Alberta
- The Prairies
- Central Canada
- Atlantic Canada
Competitive Landscape
Market players are keen on capitalising on the increasing security concerns, regulatory compliance requirements, and the need for enhanced data privacy in Canada.
- OneSpan Inc.
- Yubico AB
- FEITIAN Technologies Co., Ltd.
- RSA Security LLC
- Others
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Component |
|
| Breakup by Deployment Type |
|
| Breakup by Enterprise Size |
|
| Breakup by Authentication Type |
|
| Breakup by End Use |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 North America FIDO Authentication Market Overview
8.1 Key Industry Highlights
8.2 North America FIDO Authentication Historical Market (2018-2023)
8.3 North America FIDO Authentication Market Forecast (2024-2032)
9 Canada FIDO Authentication Market Overview
9.1 Key Industry Highlights
9.2 Canada FIDO Authentication Historical Market (2018-2023)
9.3 Canada FIDO Authentication Market Forecast (2024-2032)
10 Canada FIDO Authentication Market by Component
10.1 FIDO Authentication Devices
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 FIDO Authentication SDKs
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
11 Canada FIDO Authentication Market by Deployment Type
11.1 Cloud Based
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 On-premises
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
12 Canada FIDO Authentication Market by Enterprise Size
12.1 Small and Medium Size Enterprises
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Large Size Enterprises
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 Canada FIDO Authentication Market by Authentication Type
13.1 Password Authentication
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Biometric Authentication
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Hardware Token-Based Authentication
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 Others
14 Canada FIDO Authentication Market by End Use
14.1 BFSI
14.1.1 Historical Trend (2018-2023)
14.1.2 Forecast Trend (2024-2032)
14.2 Healthcare
14.2.1 Historical Trend (2018-2023)
14.2.2 Forecast Trend (2024-2032)
14.3 Government and Defence
14.3.1 Historical Trend (2018-2023)
14.3.2 Forecast Trend (2024-2032)
14.4 E-Commerce
14.4.1 Historical Trend (2018-2023)
14.4.2 Forecast Trend (2024-2032)
14.5 IT and Telecommunications
14.5.1 Historical Trend (2018-2023)
14.5.2 Forecast Trend (2024-2032)
14.6 Others
15 Canada FIDO Authentication Market by Region
15.1 Northern Canada
15.1.1 Historical Trend (2018-2023)
15.1.2 Forecast Trend (2024-2032)
15.2 British Columbia
15.2.1 Historical Trend (2018-2023)
15.2.2 Forecast Trend (2024-2032)
15.3 Alberta
15.3.1 Historical Trend (2018-2023)
15.3.2 Forecast Trend (2024-2032)
15.4 The Prairies
15.4.1 Historical Trend (2018-2023)
15.4.2 Forecast Trend (2024-2032)
15.5 Central Canada
15.5.1 Historical Trend (2018-2023)
15.5.2 Forecast Trend (2024-2032)
15.6 Atlantic Canada
15.6.1 Historical Trend (2018-2023)
15.6.2 Forecast Trend (2024-2032)
16 Market Dynamics
16.1 SWOT Analysis
16.1.1 Strengths
16.1.2 Weaknesses
16.1.3 Opportunities
16.1.4 Threats
16.2 Porter’s Five Forces Analysis
16.2.1 Supplier’s Power
16.2.2 Buyer’s Power
16.2.3 Threat of New Entrants
16.2.4 Degree of Rivalry
16.2.5 Threat of Substitutes
16.3 Key Indicators for Demand
16.4 Key Indicators for Price
17 Competitive Landscape
17.1 Market Structure
17.2 Company Profiles
17.2.1 OneSpan Inc.
17.2.1.1 Company Overview
17.2.1.2 Product Portfolio
17.2.1.3 Demographic Reach and Achievements
17.2.1.4 Certifications
17.2.2 Yubico AB
17.2.2.1 Company Overview
17.2.2.2 Product Portfolio
17.2.2.3 Demographic Reach and Achievements
17.2.2.4 Certifications
17.2.3 FEITIAN Technologies Co., Ltd.
17.2.3.1 Company Overview
17.2.3.2 Product Portfolio
17.2.3.3 Demographic Reach and Achievements
17.2.3.4 Certifications
17.2.4 RSA Security LLC
17.2.4.1 Company Overview
17.2.4.2 Product Portfolio
17.2.4.3 Demographic Reach and Achievements
17.2.4.4 Certifications
17.2.5 Others
18 Key Trends and Developments in the Market
List of Key Figures and Tables
1. North America FIDO Authentication Market: Key Industry Highlights, 2018 and 2032
2. Canada FIDO Authentication Market: Key Industry Highlights, 2018 and 2032
3. Canada FIDO Authentication Historical Market: Breakup by Component (USD Million), 2018-2023
4. Canada FIDO Authentication Market Forecast: Breakup by Component (USD Million), 2024-2032
5. Canada FIDO Authentication Historical Market: Breakup by Deployment Type (USD Million), 2018-2023
6. Canada FIDO Authentication Market Forecast: Breakup by Deployment Type (USD Million), 2024-2032
7. Canada FIDO Authentication Historical Market: Breakup by Enterprise Size (USD Million), 2018-2023
8. Canada FIDO Authentication Market Forecast: Breakup by Enterprise Size (USD Million), 2024-2032
9. Canada FIDO Authentication Historical Market: Breakup by Authentication Type (USD Million), 2018-2023
10. Canada FIDO Authentication Market Forecast: Breakup by Authentication Type (USD Million), 2024-2032
11. Canada FIDO Authentication Historical Market: Breakup by End Use (USD Million), 2018-2023
12. Canada FIDO Authentication Market Forecast: Breakup by End Use (USD Million), 2024-2032
13. Canada FIDO Authentication Historical Market: Breakup by Region (USD Million), 2018-2023
14. Canada FIDO Authentication Market Forecast: Breakup by Region (USD Million), 2024-2032
15. Canada FIDO Authentication Market Structure
Key Questions Answered in the Report
The market is expected to grow at a CAGR of 13.2% between 2024 and 2032.
The market is being driven due to the increasing need for secure authentication methods, the need to comply with regulatory requirements, and the growing adoption of cloud-based solutions.
Key trends aiding the market expansion include the increasing adoption of biometric authentication methods, multi-factor authentication methods, rise of cryptographic-based authentication methods, and shift towards cloud-based deployment models.
Regions considered in the market are Northern Canada, British Columbia, Alberta, The Prairies, Central Canada, and Atlantic Canada.
Different types of authentications are password authentication, biometric authentication, hardware token-based authentication, among others.
Based on end user, the market segmentations include BFSI, healthcare, government and defence, e-commerce, and IT and telecommunications, among others.
FIDO authentication devices and FIDO authentication SDKs are considered in the report.
Key players in the market are OneSpan Inc., Yubico AB, FEITIAN Technologies Co., Ltd., and RSA Security LLC, among others.
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