Dublin, July 11, 2024 (GLOBE NEWSWIRE) -- The "Passwordless Authentication Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The passwordless authentication market size has grown rapidly in recent years. It will grow from $17.13 billion in 2023 to $20.07 billion in 2024 at a compound annual growth rate (CAGR) of 17.2%. The historical growth can be attributed to factors including heightened cybersecurity threats and data breaches, the widespread use of mobile devices, regulatory compliance obligations, increased adoption of cloud computing, and greater awareness of best practices in password management.
The passwordless authentication market size is expected to see rapid growth in the next few years. It will grow to $38.3 billion in 2028 at a compound annual growth rate (CAGR) of 17.5%. The anticipated growth in the forecast period is expected to be driven by an increased emphasis on user experience and convenience, a transition towards zero-trust security architectures, a growing demand for robust authentication methods, the widespread integration of passwordless authentication, and heightened regulatory focus on data protection.
Key trends in the forecast period include the adoption of multi-factor authentication (MFA) solutions, the implementation of behavioral biometrics, the use of continuous authentication technologies, and the development of innovative authentication solutions.
Growing concerns regarding data security are poised to drive the expansion of the passwordless authentication market in the foreseeable future. Data security encompasses safeguarding digital information throughout its lifecycle to prevent unauthorized access, corruption, or theft. Heightened connectivity, the increasing complexity of IT systems, and sophisticated hacking techniques contribute to the mounting concern for data security. Passwordless authentication addresses these concerns by replacing traditional password-based methods with more secure authentication factors such as biometrics, hardware tokens, or cryptographic keys, thereby enhancing authentication and minimizing the risk of unauthorized access to sensitive data. For instance, as reported by the Federal Bureau of Investigation (FBI) in March 2024, cybercrime complaints received by the FBI from the public reached 880,418 in 2023, indicating a 10% increase from the previous year. Additionally, global cyberattacks saw a 38% surge in 2022 compared to 2021, according to Check Point Software Technologies Ltd. Therefore, the escalating concerns about data security are propelling the growth of the passwordless authentication market.
Key players in the passwordless authentication market are introducing innovative solutions to capitalize on market opportunities. One such solution is secret location authentication services, which utilize a user's physical location as a means of verifying their identity, thus eliminating the need for complex passwords. For example, in April 2024, Center Identity, a US-based cybersecurity company, unveiled its Patented Secret Location Authentication, enabling users to authenticate via a chosen map location. This method utilizes geolocation data to confirm the user's presence in a specific, pre-defined location, leveraging artificial intelligence to ensure robust security standards and offering an easy recovery mechanism. Unlike hardware-dependent solutions, secret location authentication is cost-effective and requires no additional devices, optimizing productivity while fortifying businesses with stringent security measures and simplified access management.
In January 2023, Bitwarden, a US-based open-source password management service company, acquired Passwordless.dev, a Sweden-based startup specializing in passwordless authentication, for an undisclosed amount. This acquisition underscores Bitwarden's commitment to enhancing its support for passwordless authentication, enabling developers to seamlessly integrate biometric sign-in technologies such as Touch ID, Face ID, and Windows Hello into their applications.
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.
Report Scope
Markets Covered:
- by Type: Fingerprint Authentication; Palm Recognition; Iris Recognition; Face Recognition; Voice Recognition; Smart Card
- by Component: Hardware; Software; Services
- by Authentication Type: Single-factor Authentication; Multi-factor Authentication
- by Portability: Fixed; Mobile
- by End-user: IT and Telecom; Retail; Transportation and Logistics; Aerospace and Defense; BFSI; Healthcare; Government
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $20.07 Billion |
| Forecasted Market Value (USD) by 2028 | $38.3 Billion |
| Compound Annual Growth Rate | 17.5% |
| Regions Covered | Global |
Companies Profiled:
- Microsoft
- IBM
- Fujitsu
- NEC
- Thales Group
- Okta Inc.
- HID Global Corporation
- Entrust Corporation
- LogMeIn Inc.
- Ping Identity Corporation
- Duo Security LLC
- Signicat AS
- Prove Identity Inc.
- OneLogin Inc.
- Beyond Identity Inc.
- Stytch Inc.
- Trusona Inc.
- HYPR Corp.
- Ubisecure Limited
- Secret Double Octopus Ltd.
- EmpowerID
- Veridium Ltd.
- IDEE
- Yubico AB
- LogMeOnce
For more information about this report visit https://www.researchandmarkets.com/r/6oethe
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
