Passwordless Authentication Market–Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Type (Fingerprint Authentication, Palm Print Recognition, Iris Recognition, Face Recognition market, Smart Card, Voice Analysis, and Others), By Authentication Type (Single-factor Authentication, Multi-factor Authentication), By End-user Industry (BFSI, Aerospace & Defense, He
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: ICT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationPasswordless Authentication Market–Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Type (Fingerprint Authentication, Palm Print Recognition, Iris Recognition, Face Recognition market, Smart Card, Voice Analysis, and Others), By Authentication Type (Single-factor Authentication, Multi-factor Authentication), By End-user Industry (BFSI, Aerospace & Defense, He
The Global Passwordless Authentication Market
Another factor boosting the market for Passwordless Authentication is the growing requirement for security measures beyond passwords. In addition, the quick uptake of technologies like artificial intelligence (AI) and the internet of things (IoT) in products like smartphones and tablets, among others, is a significant driver of the Passwordless Authentication market's expansion. Identity verification is done via fingerprint sensors and smartcards, and these security points enable a seamless user experience and a smooth transfer of data across locations.
Rising Usage of Multi-Factor Authentication
In the upcoming years, it is projected that multi-factor authentication will experience a significant increase. Greater identity theft and breaches, increased IoT device use, and stricter government laws are all factors in the segment's rise. Organizations worldwide are employing more stringent identity verification procedures to safeguard sensitive data stored there against fraud. Such theft and fraud occurrences function as a warning for companies to adopt multi-factor authentication tools and services. For example, the Advanced Software Products Group announced the release of React MFA, a new multi-factor authentication (MFA) product, in September 2022. Re-ACT MFA serves as a secondary authentication source, authenticating end users and authorizing access to data while protecting resources and reducing their susceptibility to attack. Hence, the companies offering these services now have a stronger market position resulting in greater demand for Passwordless Authentication driving market growth.
Passwordless Authentication Market Trend
The market for biometric authentication is expanding significantly due to the increasing use of smartphones and other consumer electronics. The market for Passwordless Authentication is also expanding because of the increased need for security measures other than passwords. Another important element driving the expansion of the Passwordless Authentication market is the quick uptake of technologies like artificial intelligence and the internet of things (IoT) in devices like smartphones and tablets, among others. Identity confirmation is done using smartcards and fingerprint sensors, which provide a seamless user experience and allow for a smooth transfer of data across locations. Additionally, Passwordless Authentication has become more popular due to the global increase in data theft incidents. Due to data theft concerns in devices like computers, cellphones, and tablets, the requirement for security goes beyond passwords. Modern computers may be protected in various ways to reduce the risk of data theft, such as fingerprint sensors and face recognition. The majority of businesses now utilize staff smartcards and fingerprint verification in their workplaces. To enter and depart the office building, employees utilize smart cards or biometric authentication. Only a small number of companies utilize speech analysis, iris recognition, and face recognition to identify their staff. Additionally, the popularity of Passwordless Authentication has grown because of the global increase in incidents of data theft. Due to problems with data theft on devices like computers, cellphones, and tablets, among others, the demand for security has grown beyond the use of passwords.
The rapid adoption of technologies such as artificial intelligence and the internet of things (IoT) in devices such as smartphones and tablets, among others, is another key factor responsible for the growth of the global password- less authentication market
Reticence to abandon the old-fashioned password-based authentication method
For many firms, a lack of familiarity with the new system is the biggest obstacle to switching from a password-based system. Over time, people have become accustomed to using passwords, particularly those that are easy to remember. Organizations believe that switching to a new password-free platform will reduce user satisfaction and interfere with productivity. Furthermore, putting Passwordless Authentication into practice takes a lot of work. It demands understanding new technologies, setting up new devices, configuring biometric authentication factors, and systematically deploying new authentication factors throughout each login session. The transition to Passwordless Authentication needs assistance. Passwordless Authentication is more practical for individuals who are used to password-based authentication.
Global
Market players
Recent Development
HID Global launched a new product called Omnikey Secure Element in March 2022. Applications like locker management and electric car charging are supported by the Omnikey Secure Element's secure access identification and authentication capabilities. For further data protection, it offers multi-layer security that goes beyond card technology. Additionally, Apple Wallet now supports credential technologies like employee badges and mobile IDs.
NEC launched a new product called Account Based Ticketing System in March 2022. (ABT). With help from Electric Railway and LECIP Corporation, NEC will create an Account Based Ticketing (ABT) system for commuters in the Hiroshima area.
| Attribute | Details |
| Base Year | 2022 |
| Historic Data | 2018 – 2021 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Million and CAGR for 2018-2022 and 2023-2028 |
| Report coverage | Revenue forecast, company share, growth factors, and trends |
| Segments covered | · By Type · By Authentication Type · By End-user Industry |
| Regional scope | North America; Asia-Pacific; Europe; South America; Middle East & Africa |
| Country scope | United States; Canada; Mexico; China; Indian; Japan; South Korea; Australia; Singapore; Malaysia; Germany; United Kingdom; France; Russia, Spain; Belgium; Italy; Brazil; Colombia; Argentina; Peru; Chile; Africa, Saudi Arabia; South Africa; UAE; Israel; Turkey |
| Key companies profiled | |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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