PUBLISHER: Allied Market Research | PRODUCT CODE: 1239588
PUBLISHER: Allied Market Research | PRODUCT CODE: 1239588
The passwordless authentication market was valued at $12.8 billion in 2021, and is projected to reach $40.22 billion by 2031, registering a CAGR of 12.22% from 2022 to 2031. A user can access an application or IT system using passwordless authentication, which eliminates the need for users to input passwords or provides answers to security questions. The user instead offers another type of proof, such as a fingerprint, proximity badge, or hardware token code. Passwordless authentication is frequently used with multi-factor authentication (MFA) and single sign-on (SSO) technologies to enhance user experience, boost security, and simplify and lower the cost of IT operations.
The market for passwordless authentication is anticipated to expand significantly throughout the projected period due to the developments in technologies like the internet of things (IoT) and artificial intelligence. In addition, the market has grown as a result of increased consumer electronics device penetration and surge in awareness of the use of passwordless authentication in the banking industry. However, the main issue limiting market development is the rise in expense of deploying passwordless authentications. The expansion of the passwordless authentication market, on the other hand, is anticipated to be fueled by the rise in demand for cybersecurity and the adoption of new authentication methods to improve customer experience.
The passwordless authentication market research is segmented into type, authentication type, industry vertical, and region. Based on type, the market is divided into authentication using face recognition (selfie authentication), challenge-response authentication mechanism (CRAM), fingerprint/thumbprint authentication, and others. By authentication type, the market is categorized into single-factor and multi factor. Based on the industry vertical the market is segmented into aerospace & defence, BFSI, government & law enforcement, healthcare, IT & telecom, retail, transportation & logistics, and others. Region-wise, the passwordless authentication market trends are analyzed across North America (U.S. and Canada), Europe (Germany, Italy, France, Spain, UK, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). North America, specifically the U.S. and Canada, remains a significant participant in the global passwordless authentication industry. Key players operating in the market are: Cognitec Systems GmbH, Fujitsu Limited, Google LLC, HID Global Corporation, IBM Corporation, Microsoft Corporation, NEC Corporation, Okta, Secret Double Octopus (SDO) and Thales Group.
The report includes the analysis of the regional as well as global passwordless authentication market trends, key players, market segments, application areas, and market growth strategies.