As major brands began offering passkeys to prepare more than 7 billion user accounts for passwordless sign-ins, the adoption of FIDO Authentication soars in 2023.
FIDO Authentication adoption
In 2023, passkeys became available for consumer and workforce applications as brands such as Google, Nintendo, PayPal, and Target upgraded their authentication options with passkeys.
Credential managers such as 1Password, Bitwarden, Dashlane, and LastPass joined Apple, Google, and Microsoft as available options for managing passkeys across devices, allowing consumers to be more flexible in passkey management.
Benefits and awareness
A recent report by Google revealed that passkeys are 40% faster than signing in with passwords. Additionally, Intuit reports that using passkeys resulted in a 97% sign-in success rate and a 70% reduction in sign-in time. Moreover, Mercari has reported an 82.5% authentication success rate with a 20.5-second time reduction for authentication compared to signing in using SMS One-Time-Passwords.
Reports from FIDO Alliance and LastPass showed that businesses have high confidence in passkeys. Organisations believe that it will benefit their overall security (92%) and will help reduce the volume of unofficial applications such as Shadow IT (93%).
The consumer awareness of passkeys has also grown, according to another report from Another FIDO Alliance. Despite being live for over a year, consumer awareness increased from 39% in 2022 to 52% in 2023. Moreover, more than half of respondents had set up a passkey to sign into an account.