Due to the increasing usage of biometric authentication, the market for passwordless authentication is anticipated to grow over the forecast period of 2024–2028.
According to TechSci Research report, “Passwordless Authentication Market- Global Industry Size, Share, Trends, Opportunity, and Forecast,2018–2028F”, the Global Passwordless Authentication Market is anticipated to register robust growth during the forecast period, 2024-2028. Password-less authentication is a security technique using personal identification numbers, security tokens, and a person’s distinctive biological characteristics like voice analysis, iris recognition, fingerprint recognition, face recognition, and others. Because of improved security and the ease of having access to data from anywhere, password-less authentication techniques are becoming more and more popular.
By moving verification to the device rather than sending credentials via an internet connection, passwordless technology changes the fundamental security architecture. Although passwordless solutions are more advanced, traditional multi-factor authentication (MFA) still provides security and convenience to the authentication process. It’s common for businesses to try to combine supply chain security, which is crucial for B2B financial infrastructure, with user experience and worker access security.
Due to the increase in data theft incidents occurring all over the world, passwordless authentication has become more popular. Due to data theft concerns in devices like computers, cellphones, and tablets, among others, the requirement for security goes beyond passwords. Modern devices may be protected in a number of ways to reduce difficulties with data theft, including fingerprint sensors and face recognition. The use of face and fingerprint recognition is common in consumer electronics like smartphones and tablets.
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Global Passwordless Authentication Market is segmented by type, motility, end-user industry, authentication type, by regional distribution and competitive landscape. Based on Type, the market is segmented into Fingerprint Authentication, Iris Recognition and Palm Print Recognition market. Fingerprint Authentication segment is anticipated to be the largest segment attributed to growing population. Small and large businesses are employing this method because fingerprint authentication software offers easier, quicker, and more accurate authentication. Furthermore, it converts fingerprint details into digital code and records high-contrast fingerprint images. The fingerprint sensor can be easily integrated into many gadgets and is functional, quick, dependable, and reasonably priced. As a result, it has uses in several global industries, including banking, financial services, insurance, consumer electronics, defense, travel and immigration, government and law enforcement, healthcare, and consumer electronics.
Based on Motility, the market is segmented into Fixed and Mobile. Based on End-user Industry, the market is segmented into BFSI, Aerospace & Defense, Healthcare, Retail, Food Delivery, IT & Telecom, Government, and Others.
Mobile and portable devices rely on passwordless solutions like face recognition and fingerprint scanners to authenticate a user’s identity. These gadgets are becoming increasingly popular because they are portable and give users flexibility.
By dominating the market in 2022, the North American passwordless authentication industry is expected to rule the worldwide scene. Due to rising industry rivalry, North America is likely to see considerable growth over the forecast period and is currently leading the world market in terms of revenue contributions to the passwordless authentication market.
Key market players in the Global Passwordless authentication Market include:
- NEC Corporation
- Microsoft Corporation
- HID Global Corporation
- M2SYS Technology
- Safran
- DERMALOG Identification Systems GmbH
- Fujitsu
- East Shore Technologies, Inc
- Thales Group
- Crossmatch Technologies
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“The demand for passwordless authentication is anticipated to grow in the forecast period, owning to the usage growth of machine learning and artificial intelligence.To continually authenticate users in business contexts, leading players in the worldwide passwordless authentication market are trying to install the platform as a component of an end-to-end access management solution or to connect with any industry-standard identity provider. Enterprises are concentrating on providing authentication and SSO across apps, devices, and objects by leveraging automated risk-based behavioral modeling driven by AI and machine learning to validate users’ claimed identities. This is a critical business opportunity, which in turn supports the growth of the global market for passwordless authentication systems,” said, Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Segmented By Type (Fingerprint Authentication, Palm Print Recognition, Iris Recognition, Face Recognition market, Smart Card, Voice Analysis, and Others), , By Motility (Fixed, Tablet), By End-user Industry (BFSI, Aerospace & Defense, Healthcare, Retail, Food Delivery, Insurance Services, Government, Others), By Region, Competition has evaluated the future growth potential of Global Passwordless Authentication Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Password less Authentication Market.
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