Dublin, May 15, 2023 (GLOBE NEWSWIRE) -- The "Passwordless Authentication Market By Type, By Authentication Type, By Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to this report the passwordless authentication market was valued at $12.80 billion in 2021 and is estimated to reach $40.2 billion by 2031, growing at a CAGR of 12.2% from 2022 to 2031.
Key Market Players
- Cognitec Systems GmbH
- Fujitsu Limited
- Google LLC (Alphabet)
- HID Global Corporation
- IBM Corporation
- Microsoft Corporation
- NEC CORPORATION
- Okta
- Thales Group
- Secret Double Octopus (SDO)
Passwordless authentication is a type of verification system that allows a user to access a computer system without having to enter (or remember) a password or any other kind of secret knowledge. Users are typically required to provide a public identifier (such as their username, phone number, or email address) before completing the authentication process by supplying a secure form of identification, such as a registered device or token.
Key factors driving the growth of the passwordless authentication market include an increase in penetration of consumer electronic devices, growing advancement in technologies such as the internet of things (IoT) and artificial intelligence, and rising awareness of the application of passwordless authentication in the banking sector.
In addition, modern technology, including the internet of things (IoT) and artificial intelligence in gadgets like smartphones and tablets, among other things, is fueling the development of passwordless authentication systems. The need for passwordless authentication systems is increasing as more businesses implement smart card and fingerprint authentication at their offices.
Furthermore, banking institutions are implementing passwordless authentication systems since it is a particularly weak point, particularly as cloud services spread and the possibility of using stolen or weak passwords increases. The usage of passwordless authentication in the financial sector is therefore expanding quickly.
Businesses use facial recognition, speech analysis, and iris recognition to validate and authenticate their workers. Passwordless authentication is, therefore, being widely adopted by businesses and financial institutions, which is fueling the market's expansion.
The market also offers growth opportunities to the key players in the market. The demand for the passwordless authentication market is increasing due to increasing awareness regarding passwordless authentication among end users. The growth of passwordless authentication is further accelerated by the ongoing pandemic. During the COVID-19 outbreak, the end-user industries were adopting passwordless authentication tools further boosting the market growth.
Furthermore, passwordless authentication acts as a protection against password lists and phishing as passwordless authentication requires the user to reveal both public and private keys, which are very difficult for hackers to gain access to. In addition, it also a secure and seamless user experience. Passwordless authentication allows employees and customers to access services without the need to memorize long, complex passwords.
For instance, in December 2022, Bitwarden let its users store their login credentials, bank card details, secure notes, and other files and folders in its secure web vault. It is also possible to access the vault using any browser from anywhere, normally using an email ID associated with Bitwarden and a master password. It also introduced a new passwordless login system, where it is possible to authenticate web vault sign-in requests through the mobile app. Such instances have helped the growth of the passwordless authentication market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 208 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $12.8 billion |
| Forecasted Market Value (USD) by 2031 | $40.22 billion |
| Compound Annual Growth Rate | 12.1% |
| Regions Covered | Global |
Key Market Segments
By Type
- Fingerprint or Thumbprint Authentication
- Authentication Using Face Recognition
- Challenge Response Authentication Mechanism
By Authentication Type
- Single Factor
- Multi Factor
By Industry Vertical
- Aerospace and Defence
- BFSI
- Government and Law Enforcement
- Healthcare
- IT and Telecom
- Retail
- Transportation and Logistics
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- Italy
- France
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Insights
- By authentication type, the single-factor segment was the highest revenue contributor to the market, and is to reach $30 billion by 2031. However, the single-factor segment is estimated to be the fastest-growing segment with a CAGR of 8% during the forecast period.
- By Industry Vertical, the government & law enforcement segment dominated the global market and is estimated to reach $7.5 billion by 2031. However, the transportation & logistics segment is expected to be the fastest-growing segment during the passwordless authentication market forecast.
- Based on region, North America was the highest revenue contributor, accounting for $6 billion in 2021, and is estimated to reach $20 billion by 2031.
For more information about this report visit https://www.researchandmarkets.com/r/aklv6g
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