Pune, April 13, 2023 (GLOBE NEWSWIRE) -- Maximize Market Research, a global IT & Telecommunication market research firm, has published competitive intelligence and market research report on the “Passwordless Authentication Market“. The Passwordless Authentication market size was valued at USD 6.5 Bn in 2022. The total Passwordless Authentication Market revenue is expected to grow at a CAGR of 26.3 percent from 2023 to 2029, reaching USD 23 Bn during the forecast period.
| Market Size in 2022 | USD 6.5 Bn |
| Market Size in 2029 | USD 23 Bn |
| CAGR | 26.3 percent (2023-2029) |
| Forecast Period | 2023-2029 |
| Base Year | 2022 |
| Number of Pages | 255 |
| No. of Tables | 126 |
| No. of Charts and Figures | 117 |
| Segment Covered | By Component, Type, Authentication type, End-user and Portability |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Passwordless Authentication Market Scope and Research Methodology
The objective of the report is to present a comprehensive analysis of the Passwordless Authentication Market. The Passwordless Authentication Market is segmented by Component, Type, Authentication type, End-user, and Portability. The report on the Passwordless Authentication market is an investor guide that provides a comprehensive analysis of the competitive benchmarking of major market players in the Passwordless Authentication industry by services, revenue, financial status, portfolio, growth strategies, and geographical presence.
Major Service providers in the Passwordless Authentication Industry are listed by region, total market revenue, financial status, and advancements in the market adopted by the market players, and mergers & acquisitions. Data for analysis from the Passwordless Authentication Market report is collected by both primary and secondary research methods.
The report is a detailed analysis of the Passwordless Authentication Market by country, regional and global presence. By collecting historical data pertaining to the industry, current and future trends in the Passwordless Authentication Market are presented in the report along with growth rate and market size over the forecast period. The report includes micro-level Market dominance by region to gain a macro-level understanding of the Passwordless Authentication Market.
Passwordless Authentication Market Overview
Signing into the service without using a password is known as Passwordless Authentication. It is done with security tokens, OTPs, or biometrics. Passwordless authentication is more secure than using a password for signing in. The most common passwordless authentication is the use of certificates or asymmetric keys. The access is automatically generated with the user access to an application or system.
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Rise in awareness in the banking sector and advancement in technology to boost the Passwordless Authentication Market growth
Fingerprint sensors and smartcards are used for the smooth flow between points and for a seamless experience. Increasing applications of fingerprint recognition in consumer electronics is expected to influence the Passwordless authentication market growth. 90 percent of passwords are reused and 80 percent are weak, which is the reason why the banking sector are implementing a Passwordless authentication additional layer for security purpose. Advancements in technology such as the Internet of things and artificial intelligence for the authentication of password in the banking sector is contributing for market growth. Demand for cyber security and the adoption of shift in authentication processes is expected to drive the Passwordless authentication market growth.
The adoption of cloud-based services with greater flexibility and scalability for the conjunction of additional layer security is expected to influence the market growth. Mobile devices are playing a vital role in performing passwordless authentication, which is more convenient option for the mobile user.
Restraints in the Passwordless authentication market
Rise in cyber-attacks and increased cost of deployment is expected to restrain the Passwordless authentication market. Hardware and software installation are covered in purchasing devices and tokens for each employee. Work from home and remote working culture is gaining popularity and is resulting in cyber-attacks targeting organizations and their customers.
Passwordless Authentication benefits
- Better User Experience
- Reduced IT Time and Costs
- Stronger Security Posture
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North American region to dominate the passwordless authentication market over the forecast period
North American region is expected to hold the largest passwordless authentication market share over the forecast period. High adoption of advanced technologies such as cloud computing, Internet of things, and mobile devices is expected to fuel the regional market growth. Research and development activities in the region including USA and Canada is contributing for the passwordless authentication market growth.
The European region is expected to dominate the passwordless authentication market over the forecast period. General Data Protection Regulation (GDPR) in the region for stronger security is providing an opportunity for market growth.
Demand for secure and convenient authentication methods in the Asia Pacific region is expected to boost market growth over the forecast period.
Passwordless Authentication market Segmentation
By Component:
- Hardware
- Software
- Services
By Type:
- Fingerprint Authentication
- Palm Recognition
- Iris Recognition
- Face Recognition
- Voice Recognition
- Smart Card
By Authentication Type:
- Single-factor Authentication
- Multi-factor Authentication
Based on the authentication type, the Multifactor authentication segment is expected to hold the largest passwordless authentication market share over the forecast period. Multifactor authentication offers biometric authentication solutions including fingerprint scanning and iris scanner.
By End-user:
- IT & Telecom
- Retail
- Transportation & Logistics
- Aerospace & Defense
- BFSI
- Healthcare
- Government
Based on End-user, the IT & Telecom sector is expected to hold the Passwordless Authentication market share over the forecast period. Digital evolution in the electronic gadgets is expected to boost the end-user segment growth over the forecast period.
By Portability:
- Fixed
- Mobile
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Passwordless Authentication market Key Players Include
- Fujitsu
- NEC Corporation
- M2SYS Technology
- Microsoft
- HID Global Corporation
- Okta
- HID Global
- Duo Security
- Cisco
- IBM
- Log Me Once
- Trusona
- PureID
- Keyless
- Identite
- 1 Kosmos
- Ubisecure
- Signicat
- Stytch
- Hypr
- Secret Double Octopus
Key questions answered in the Passwordless Authentication Market are:
- What is Passwordless Authentication?
- What was the Passwordless Authentication market size in 2021?
- What is the expected Passwordless Authentication market size by 2029?
- What is the growth rate of the Passwordless Authentication Market?
- Which are the factors expected to drive the Passwordless Authentication market growth?
- Which factors are expected to restrain the Passwordless Authentication market growth?
- Which segment dominated the Passwordless Authentication market growth?
- What is the demand pattern for the Passwordless Authentication market?
- Which region held the largest share in the Passwordless Authentication market?
- Who are the key players in the Passwordless Authentication market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by Component, Type, Authentication type, End-user, and Portability
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
Maximize Market Research is leading Information Technology and Telecommunication research firm, has also published the following reports:
Password Management Market: The total market size is expected to reach USD 5.07 Bn by 2029 with a CAGR of 19.40 percent during the forecast period. Increased integration of biometric sensors in security-based and mobility-based applications is expected to boost market growth.
Biometric Technologies Market: The total market size was valued at USD 37.57 Bn in 2021 and the total revenue is expected to grow at 14.1 percent through 2022 to 2029, reaching USD 107.92 Bn. Rising concern over Security in Private and Government sectors is expected to boost market growth.
Risk-based Authentication Market: The total market was worth USD 2.93 Bn in 2022 and total revenue is expected to grow at a rate of 15 percent CAGR from 2023 to 2029, reaching USD 7.80 Bn by 2029. The telecommunications and technology industry's rapid growth is expected to boost market growth.
User Authentication Solutions Market: The total market size is expected to reach USD 60.63 Bn by 2029, at a CAGR of 15.8 percent during the forecast period. Increased integration of biometric sensors in security-based and mobility-based applications is expected to drive market growth.
Advanced Authentication Market: The total market size is expected to reach USD 34.28 Bn by 2029, at a CAGR of 13.4 percent during the forecast period. Rising number of cybercrimes and security breaches across the world is expected to boost market growth.
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