Overview and Scope
Passwordless authentication refers to an authentication method that enables users to access applications or IT systems without entering a password or answering security questions. This technology is often used with multi-factor authentication (MFA) and single sign-on solutions to enhance the user experience, strengthen security measures, and streamline IT operations by minimizing expenses and complexities.
Sizing and Forecast
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 growth in the historic period can be attributed to increased cybersecurity threats and data breaches, proliferation of mobile devices, regulatory compliance requirements, increased adoption of cloud computing, and incresed awareness of password management best practices.
The passwordless authentication market size is expected to see rapid growth in the next few years. It will grow to $38.30 billion in 2028 at a compound annual growth rate (CAGR) of 17.5%. The growth in the forecast period can be attributed to heightened focus on user experience and convenience, shift towards zero-trust security architectures, rising demand for stronger authentication methods, growing integration of passwordless authentication, and increasing regulatory emphasis on data protection. Major trends in the forecast period include multi-factor authentication (MFA) solutions, behavioral biometrics, continuous authentication technologies, and innovative solutions.
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Segmentation & Regional Insights
The passwordless authentication market covered in this report is segmented –
1) By Type: Fingerprint Authentication, Palm Recognition, Iris Recognition, Face Recognition, Voice Recognition, Smart Card
2) By Component: Hardware, Software, Services
3) By Authentication Type: Single-factor Authentication, Multi-factor Authentication
4) By Portability: Fixed, Mobile
5) By End-user: IT And Telecom, Retail, Transportation And Logistics, Aerospace And Defense, BFSI, Healthcare, Government
North America was the largest region in the passwordless authentication market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the passwordless authentication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing concerns about data security are expected to propel the growth of the passwordless authentication market going forward. Data security refers to the process of protecting digital information at every stage of its lifecycle to prevent corruption, theft, or unauthorized access. There is growing concern for data security due to several factors, including heightened connectivity, the growing complexity of IT systems, and sophisticated hacking techniques. Passwordless authentication strengthens data security by replacing traditional password-based methods with more secure factors, including biometrics, hardware tokens, or cryptographic keys, thereby enhancing authentication and minimizing the risk of unauthorized access to sensitive data. For instance, in March 2024, according to the Federal Bureau of Investigation (FBI), a US-based law enforcement agency, there were 880,418 cybercrime complaints received by the FBI from the public in 2023, marking a 10% rise from the previous year’s figure. Furthermore, in January 2023, according to Check Point Software Technologies Ltd., an Israel-based provider of cyber security solutions, global cyberattacks saw a 38% increase in 2022 compared to 2021. Therefore, growing concerns about data security are driving the growth of the passwordless authentication market.
Key Industry Players
Major companies operating in the passwordless authentication market are Microsoft Corporation, International Business Machines Corporation (IBM), Fujitsu Limited, NEC Corporation, 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 LLC, Veridium Ltd., IDEE GmbH, Yubico AB, LogMeOnce LLC
The passwordless authentication market report table of contents includes:
1. Executive Summary
- Passwordless Authentication Market Characteristics
- Passwordless Authentication Market Trends And Strategies
- Passwordless Authentication Market – Macro Economic Scenario
- Global Passwordless Authentication Market Size and Growth
.
- Global Passwordless Authentication Market Competitive Benchmarking
- Global Passwordless Authentication Market Competitive Dashboard
- Key Mergers And Acquisitions In The Passwordless Authentication Market
- Passwordless Authentication Market Future Outlook and Potential Analysis
- Appendix
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