Passwordless Authentication Market: Current Analysis and Forecast (2022-2028)

The global Passwordless Authentication Market is expected to grow at a growth rate of around 20% during the forecast period. Passwordless authentication uses something other than a password to verify the identity of a software user. The most common passwordless authentication methods include a user's secondary ownership of her device or account or user-specific biometrics such as face or fingerprint. For both the firm and its consumers, passwordless authentication delivers a more seamless experience than conventional username and password authentication. This not only saves money but, in some circumstances, may even improve sales. Moreover, factors such as the need to reduce IT costs and the boost in the use of biometric authentication and two-factor authentication are also contributing to the growth of the market. For instance, according to Cisco Systems Inc., the adoption of two-factor authentication has increased significantly over the past two years, with 79% of respondents using it in 2021 compared to 53% in 2019 and 28% in 2017.

Some of the major players operating in the market include: HID Global Corporation, NEC Corporation, Thales Group, Microsoft Corporation, Entrust Corp., Cisco Systems Inc., IBM Corporation, Fujitsu Limited, Okta Inc., and Signicat AS are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report:

"Amongst component, hardware segment to witness robust CAGR during the forecast period"

Based on component, the market is classified into hardware, software, and services. The hardware segment catered to a significant share of the passwordless authentication market in 2020 owing to the digital transformation of businesses, which has increased the usage of passwordless authentication devices, such as fingerprint scanners, retina scanners, iris scanners, facial recognition, voice recognition, hand and fingerprint geometry, and vein geometry scanners, etc.

"Amongst mobility, the portable segment to hold a significant share in the market in 2020"

Based on mobility, the market is divided into portable and fixed. The portable segment is anticipated to witness significant growth during the forecasted period. Mobile authentication solutions use one or more biometric modalities for authentication or identification and are flexible to deploy using tablets, smartphones, other types of handhelds, wearable technology, and IoT devices. In addition, mobile authenticators do not require as large an installation as fixed authenticators, making them easier to port.

"North America captured a significant share of the market in 2020"

North America captured a notable share of the market in 2020. This high share is due to the many benefits passwordless authentication offers, including better user experience, improved security, and lower total cost of ownership. Moreover, increasing investment in developed countries such as the United States, Canada, and Mexico for the implementation of passwordless authentication technology is a key factor contributing to the market growth. Further on, the rising adoption of technologies such as the internet of things (IoT) and artificial intelligence and a rising number of smart city projects, and growing investments in smart cities are also driving the growth of the market in the region. For instance, according to the White House Presidential Innovation Fellow project, local governments in the United States will invest approximately USD 41 Tn over the next 20 years to upgrade their infrastructure and take advantage of the IoT.

Reasons to buy this report:

The study includes market sizing and forecasting analysis validated by authenticated key industry experts.

The report presents a quick review of overall industry performance at one glance.

The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.

Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

The study comprehensively covers the market across different segments.

Deep dive regional level analysis of the industry.

Customization Options:

The global passwordless authentication market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

The global Passwordless Authentication Market is expected to grow at a growth rate of around 20% during the forecast period. Passwordless authentication uses something other than a password to verify the identity of a software user. The most common passwordless authentication methods include a user's secondary ownership of her device or account or user-specific biometrics such as face or fingerprint. For both the firm and its consumers, passwordless authentication delivers a more seamless experience than conventional username and password authentication. This not only saves money but, in some circumstances, may even improve sales. Moreover, factors such as the need to reduce IT costs and the boost in the use of biometric authentication and two-factor authentication are also contributing to the growth of the market. For instance, according to Cisco Systems Inc., the adoption of two-factor authentication has increased significantly over the past two years, with 79% of respondents using it in 2021 compared to 53% in 2019 and 28% in 2017.

Some of the major players operating in the market include: HID Global Corporation, NEC Corporation, Thales Group, Microsoft Corporation, Entrust Corp., Cisco Systems Inc., IBM Corporation, Fujitsu Limited, Okta Inc., and Signicat AS are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report:

"Amongst component, hardware segment to witness robust CAGR during the forecast period"

Based on component, the market is classified into hardware, software, and services. The hardware segment catered to a significant share of the passwordless authentication market in 2020 owing to the digital transformation of businesses, which has increased the usage of passwordless authentication devices, such as fingerprint scanners, retina scanners, iris scanners, facial recognition, voice recognition, hand and fingerprint geometry, and vein geometry scanners, etc.

"Amongst mobility, the portable segment to hold a significant share in the market in 2020"

Based on mobility, the market is divided into portable and fixed. The portable segment is anticipated to witness significant growth during the forecasted period. Mobile authentication solutions use one or more biometric modalities for authentication or identification and are flexible to deploy using tablets, smartphones, other types of handhelds, wearable technology, and IoT devices. In addition, mobile authenticators do not require as large an installation as fixed authenticators, making them easier to port.

"North America captured a significant share of the market in 2020"

North America captured a notable share of the market in 2020. This high share is due to the many benefits passwordless authentication offers, including better user experience, improved security, and lower total cost of ownership. Moreover, increasing investment in developed countries such as the United States, Canada, and Mexico for the implementation of passwordless authentication technology is a key factor contributing to the market growth. Further on, the rising adoption of technologies such as the internet of things (IoT) and artificial intelligence and a rising number of smart city projects, and growing investments in smart cities are also driving the growth of the market in the region. For instance, according to the White House Presidential Innovation Fellow project, local governments in the United States will invest approximately USD 41 Tn over the next 20 years to upgrade their infrastructure and take advantage of the IoT.

Reasons to buy this report:

The study includes market sizing and forecasting analysis validated by authenticated key industry experts.

The report presents a quick review of overall industry performance at one glance.

The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.

Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

The study comprehensively covers the market across different segments.

Deep dive regional level analysis of the industry.

Customization Options:

The global passwordless authentication market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.