According to SPER Market Research, the Passwordless Authentication Market is estimated to reach USD 78.73 billion by 2032 with a CAGR of 18.42%. A security method known as passwordless authentication makes use of distinctive biological traits such as voice analysis, iris recognition, fingerprint recognition, face recognition, and others, as well as personal identity numbers, security tokens, and other techniques. Passwordless authentication methods are still growing more and more popular because of increased security and the simplicity of accessing data from anywhere. Passwordless technology alters the underlying security architecture by relocating verification to the device rather than providing credentials via an online connection. The authentication process is still secure and convenient with traditional multi-factor authentication (MFA), notwithstanding the advancement of passwordless solutions. Businesses frequently attempt to strike a balance between user experience and labour access security while maintaining supply chain security, which is essential for B2B financial infrastructure. The growing use of smartphones and other consumer electronics is a key factor driving the biometric authentication market.
Passwordless Authentication Market Overview (2022-2032)
- Forecast CAGR (2022-2032): 18.42%
- Forecast Market Size (2032): 78.73 billion
The increasing demand for security methods other than passwords is another element driving the market for passwordless authentication. Consumer electronics like smartphones and tablets frequently employ facial and fingerprint recognition. Numerous benefits exist for both facial and fingerprint recognition, including improved security, dependability, usability, and non-transferability.
Impact of COVID-19 on the Passwordless Authentication Market
The epidemic has enhanced digital business and increased demand for board members with a working knowledge of the internet. Businesses all throughout the world saw an increase in cybersecurity assaults during the COVID-19 epidemic, including password leaks, credential compromises, phishing, and ransomware. Due to the disruption caused by COVID-19, firms must implement cutting-edge security solutions like passwordless authentication to streamline their corporate governance and transparency, workplace health and safety, data privacy, supply chain, and working capital. This has accelerated the transition to digitalization. Because of the changing dangers and threats, companies and individuals are switching from password-based authentication to passwordless solutions like biometrics, iris scanning, facial recognition, and fingerprint scanning. Passwordless authentication is one security option that is becoming more popular, and this trend is anticipated to continue being strong. Due to the increase in data theft incidents occurring all over the world, passwordless authentication has become more popular. Due to data theft issues in devices like laptops, cellphones, and tablets, among others, the requirement for security goes beyond passwords. Modern devices can be secured in a number of ways to reduce difficulties with data theft, including fingerprint sensors and facial recognition.
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Passwordless Authentication Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Product Type:
- Fingerprint Authentication
- Palm Recognition
- Iris Recognition
- Face Recognition
- Voice Recognition
- Smart Card
By Authentication Type:
- Single-factor Authentication
- Multi-factor Authentication
By End User:
- Aerospace & Defence
- Consumer Electronics
- IT & Telecom
- Public Sector
- North America
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market’s historic and forecast market growth by geography.
Passwordless Authentication Market Key Players:
The Passwordless Authentication Market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as: Accu-Time Systems Inc., Assa Abloy, Authentiq, Beyond Identity, Crossmatch Technologies, Dermalog Identification Systems Gmbh, Duo Security, East Shore Technologies, Inc. , Entrust, EyeVerify, Inc., Fujitsu, HID Global Corporation, M2SYS Technology, Microsoft, NEC Corporation, Okta, Safran, Secret Double Octopus, Thales Group, Ubisecure, Veridium.
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