Canada FIDO Authentication Market Report and Forecast 2025-2034

Canada FIDO Authentication Market Outlook

The Canada FIDO authentication market size is projected to grow at a CAGR of 13.2% between 2025 and 2034.

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.

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Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Market Segmentation

Canada FIDO Authentication Market Report and Forecast 2025-2034 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