Market Size –
The password based authentication market size has grown exponentially in recent years. It will grow from $4.57 billion in 2023 to $5.56 billion in 2024 at a compound annual growth rate (CAGR) of 21.8%. The growth in the historic period can be attributed to increasing internet usage, the growth of e-commerce, rising cybersecurity threats, regulatory compliance requirements, and increasing mobile device usage.
The password based authentication market size is expected to see exponential growth in the next few years. It will grow to $12.30 billion in 2028 at a compound annual growth rate (CAGR) of 21.9%. The growth in the forecast period can be attributed to increasing cyberattacks and data breaches, a rise in multi-factor authentication adoption, expanding digital transformation initiatives, increasing awareness of cybersecurity, and government regulations on data protection. Major trends in the forecast period include a rise in AI-driven authentication systems, integration with blockchain technology, the development of quantum-resistant algorithms, the expanding use of single-sign-on (SSO) solutions, and a focus on adaptive authentication mechanisms.
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Scope Of Password Based Authentication Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Password Based Authentication Market Overview
Market Drivers –
The high volume of online transactions is expected to propel the growth of the password based authentication market going forward. Online transactions refer to any type of transaction that takes place over the internet. A rise in online transactions refers to the increasing frequency and volume of financial activities conducted electronically over the internet. Online transactions use password-based authentication to verify users’ identities and secure access to their accounts and sensitive information, thereby preventing unauthorized access and fraudulent activity. For instance, in October 2023, according to the Canadian Payment Methods and Trends Report 2023 by Payments Canada, a Canada-based payments association, in 2022, the value of online transactions through electronic payments rose by 11% to reach 1,118 million from 1,007 million in 2021. Therefore, the high volume of online transactions is driving growth in the password-based authentication market.
Market Trends –
Major companies operating in the password-based authentication market are focusing on developing innovative solutions, such as multi-factor authentication solutions, to enhance user security and convenience. Multi-factor authentication solutions refer to security systems that require users to verify their identity through two or more authentication methods. For instance, in July 2024, Cybernexa, an India-based cybersecurity solutions provider, launched CyLock SSPR, an advanced active directory password self-service portal, aiming to transform password management. It addresses the increasing demand for effective and secure password control in a dynamic digital environment. The portal ensures adherence to organizational password policies, such as requirements for length, complexity, and history, guiding users to generate strong passwords that can withstand brute force attacks and unauthorized access attempts. Additionally, it offers capabilities for compliance reporting.
The password based authentication market covered in this report is segmented –
1) By Type: Fingerprint Recognition, Iris Recognition, Palm Print Recognition, Face Recognition, Vein Recognition, Signature Recognition, Voice Recognition, Other Types
2) By Offering: Hardware, Software
3) By Functionality Type: Contact, Noncontact, Combined
4) By End-User: Government, Military And Defense, Healthcare, Banking And Finance, Consumer Electronics, Travel And Immigration, Security, Automotive, Other End-Users
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Regional Insights –
North America was the largest region in the password based authentication market in 2023. Asia-Pacific is expected to be the fastest-growing region in the market going forward. The regions covered in the password based authentication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the password based authentication market are Google LLC, Microsoft Corporation, International Business Machines Corporation, Fujitsu Limited, NEC Corporation, Thales Group, Twilio Inc., HID Global Corporation, Okta Inc., Entrust Corporation, Rippling Inc., secunet Security Networks AG, Duo Security Inc., M2SYS Technology LLC, Yubico Inc., LastPass LLC, Cognitec Systems GmbH, Aware Inc., Stytch Inc., SUPREMA Inc., Precise Biometrics AB, Cybernexa
Table of Contents
1. Executive Summary
2. Password Based Authentication Market Report Structure
3. Password Based Authentication Market Trends And Strategies
4. Password Based Authentication Market – Macro Economic Scenario
5. Password Based Authentication Market Size And Growth
…..
27. Password Based Authentication Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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