Passwordless Authentication Market Outlook
According to the report by Expert Market Research (EMR), the global passwordless authentication market size reached a value of USD 16.59 billion in 2023. Aided by the increasing cybersecurity threats and the rising demand for frictionless user experiences, the market is projected to further grow at a CAGR of 15.20% between 2024 and 2032 to reach a value of USD 59.28 billion by 2032.
Passwordless authentication refers to security processes that do not require users to input a password. Instead, these systems rely on alternative methods to verify identity, such as biometric data, security tokens, or SMS verification. This approach not only enhances security by eliminating the risks associated with weak or stolen passwords but also improves user convenience and access speed.
As per the passwordless authentication market analysis, the shift towards passwordless solutions is becoming increasingly prominent as businesses and individuals seek more robust security measures in an era of escalating digital threats and as user experience becomes a critical differentiator in technology adoption. The growing number of data breaches and cyber-attacks has heightened the focus on security. Passwordless systems reduce the risk of phishing attacks and the exploitation of weak passwords, providing a more secure defence against unauthorised access.
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As per the passwordless authentication market outlook, innovations in biometric technologies such as fingerprint scanners, facial recognition, and voice recognition have made passwordless authentication more reliable and accessible. These technologies are becoming standard features in many consumer devices, further driving market growth. As digital interactions increase, so does the demand for a seamless user experience. Passwordless authentication eliminates the need for remembering passwords, reducing friction in logging in and enhancing customer satisfaction and retention.
With growing concerns over privacy and data breaches, there is a trend towards decentralised authentication mechanisms, such as blockchain-based identity verification. These decentralised systems allow users to authenticate without storing their personal information centrally, reducing the risk of mass data breaches, increasing privacy, and fuelling the passwordless authentication market growth.
Increasing regulations around data protection (such as GDPR in Europe and CCPA in California) are pushing organisations to adopt more secure authentication methods. Passwordless authentication is often seen as a way to comply with these stringent requirements by ensuring that data access is securely controlled.
Organisations in the passwordless authentication market are increasingly adopting zero-trust architectures, which require rigorous verification of every user and device, irrespective of their location or network. Passwordless authentication fits well within this model as it enables more robust verification processes and reduces the vulnerabilities associated with traditional password-based systems.
Adaptive authentication methods, which adjust the level of authentication required based on the risk assessment of the access request, are becoming more prevalent and propelling the passwordless authentication market expansion. These systems utilise passwordless authentication as part of a dynamic approach, enhancing both security and user convenience by scaling security measures in real-time.
The integration of passwordless authentication in emerging technologies such as IoT devices, smart home systems, and connected cars provides enhanced security without compromising on convenience, further bolstering market growth. Passwordless authentication is increasingly being integrated with multi-factor authentication strategies to provide layered security. Instead of relying on a single form of authentication, systems now require multiple verification methods, which might include biometric data combined with security tokens or location-based verification. This trend enhances security protocols, making unauthorised access significantly more difficult and can boost the passwordless authentication market share.
Looking forward, the market is set to continue its growth trajectory. Innovations in technology, particularly in AI and machine learning, are expected to improve the accuracy and reliability of biometric systems. The market will also benefit from increased awareness and education about cybersecurity risks and password vulnerabilities.
Passwordless Authentication Market Segmentation
The market can be divided based on component, product type, authentication type, portability, end-user, and region.
Market Breakup by Component
- Hardware
- Software
- Services
Market Breakup by Product Type
- Fingerprint Authentication
- Iris Recognition
- Face Recognition
- Voice Recognition
- Smart Card
- Others
Market Breakup by Authentication Type
- Single-Factor
- Multi-Factor
Market Breakup by Portability
- Fixed
- Mobile
Market Breakup by End-User
- Aerospace and Defence
- BFSI
- Government and Law Enforcement
- Healthcare
- IT and Telecom
- Retail
- Transportation and Logistics
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global passwordless authentication market. Some of the major players explored in the report by Expert Market Research are as follows:
- HID Global Corporation
- Microsoft Corporation
- Google LLC
- IBM Corporation
- Fujitsu Limited
- NEC Corporation
- Okta, Inc
- Thales Group
- Cisco Systems, Inc.
- Secret Double Octopus
- Beyond Identity,Inc
- Others
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