Passwordless Authentication Market Overview:
The passwordless authentication market is experiencing robust growth, driven by increasing demand for secure and seamless user experiences. This technology eliminates the need for traditional passwords by leveraging biometrics, hardware tokens, or one-time codes, significantly enhancing security and user convenience. Industries such as banking, healthcare, and IT are rapidly adopting passwordless solutions to combat data breaches and improve efficiency
According to the research report, the global passwordless authentication market was valued at USD 16.95 billion in 2023 and is expected to reach USD 78.92 billion by 2032, to grow at a CAGR of 18.7% during the forecast period.
Key Market Drivers:
- Rising Cybersecurity Threats: The growing prevalence of cyberattacks and data breaches is pushing organizations to adopt passwordless authentication as a more secure alternative.
- User Convenience: Consumers and businesses are seeking faster and simpler login experiences, driving demand for passwordless technologies.
- Advancements in Biometric Technology: Innovations in fingerprint, facial recognition, and voice authentication are propelling the adoption of passwordless systems.
- Regulatory Compliance: Stricter data protection regulations are encouraging businesses to implement advanced authentication methods.
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Key Companies in Passwordless Authentication Market:
- Microsoft Corporation
- Duo Security
- Secret Double Octopus
- Thales
- Beyond Identity
- HID Global Corporation
- NEC Corporation
- Safran
- East Shore Technology LLC
- DERMALOG Identification Systems GmbH
- ASSA ABLOY
- Fujitsu
- N2SYS Technology
- Accu-Time Systems Inc.
- Cognitec Systems
- Eyeverify Inc.
- Okta Inc.
- Prove
Passwordless Authentication Market Segmentation:
Polaris Market Research has segmented the multi-factor authentication market report based on model and application, providing insights into diverse use cases across industries. Similarly, the passwordless authentication market report is segmented by offering, authentication type, mobility, and end-use, enabling a comprehensive understanding of market dynamics.
Passwordless Authentication, Offering Outlook (Revenue – USD Billion, 2019 – 2032)
- Hardware
- Software
- Services
Passwordless Authentication, Authentication Type Outlook (Revenue – USD Billion, 2019 – 2032)
- Single-factor Authentication
- Multi-factor Authentication
Passwordless Authentication, Mobility Outlook (Revenue – USD Billion, 2019 – 2032)
- Mobile
- Fixed
Passwordless Authentication, End-Use Outlook (Revenue – USD Billion, 2019 – 2032)
- BFSI
- IT and ITeS
- Government and Enforcement
- Manufacturing
- Healthcare
- Retail and Consumer Electronics
- Travel and Hospitality
- Others
Passwordless Authentication Industry Developments:
Recent industry developments highlight the growing prominence of passwordless authentication. Companies are integrating artificial intelligence and machine learning into authentication systems for enhanced security and adaptability. Major tech players are collaborating with enterprises to expand the adoption of passwordless solutions. Additionally, the integration of multi-factor authentication with passwordless technologies is emerging as a key trend to ensure robust security frameworks.
The passwordless authentication market is poised for significant expansion as organizations prioritize security and user convenience. Continuous technological advancements and industry collaborations will further fuel market growth, creating opportunities for innovation in authentication solutions.