Global Passwordless Authentication Market Size By Offering (Hardware, Software, Services), By Authentication Type (Single Factor Authentication, Multi-Factor Authentication), By Vertical (Aerospace And Defense, BFSI), By Geographic Scope And Forecast

Passwordless Authentication Market Size And Forecast

Passwordless Authentication Market size was valued at USD 6.6 Billion in 2022 and is projected to reach USD 42.5 Billion By 2030, growing at a CAGR of 26.2% from 2024 to 2030.

Let's face it, we all want things to be easy! That's why, thanks to the global desire for seamless user experiences, plus the ever-present worry of cyber threats and data breaches, passwordless authentication has really taken off recently. Biometric options like fingerprint and face recognition? They're booming because they're practical and secure. Big tech companies are jumping on board too, creating their own passwordless solutions and baking them right into their platforms. And to top it off, we're seeing regulations and standards pop up to help things along. All this means we're seeing more and more passwordless tech in everything from our personal apps to big business systems because everyone wants a smoother, less frustrating way to log in. As tech keeps evolving and data security remains a top priority, expect this market to keep growing!

Global Passwordless Authentication Market Definition

The development, use, and adoption of authentication techniques that do not require conventional passwords are collectively referred to as the “Global Passwordless Authentication Market.” Passwordless authentication makes use of alternate mechanisms like biometrics, hardware tokens, push notifications on mobile devices, or other safe ways to verify users. By minimizing password weaknesses including password reuse, weak passwords, and phishing attack vulnerability, it seeks to offer a more secure and user-friendly login experience.

The passwordless authentication market? It's buzzing with activity! Think tech giants, cybersecurity gurus, biometric solution makers, authentication platform innovators, and good old service providers. Big names like Microsoft, Google, and Apple are really pushing things forward, crafting their own cool solutions and baking them right into their platforms and operating systems. Plus, stuff like GDPR and PSD2 are nudging organizations to ditch passwords for better data security and to stay compliant. So, passwordless authentication is popping up everywhere – finance, healthcare, e-commerce, even government. We're seeing serious progress in biometric authentication techniques, authentication protocols, and those secure hardware tokens.

So, what's driving the growth of the passwordless authentication market? Well, a few big things are happening. For starters, all those cyberattacks and data breaches are really showing how weak regular passwords can be, pushing companies to find stronger ways to protect themselves. Then there's the fact that people are tired of dealing with tons of complicated passwords – nobody wants to remember them all! Passwordless solutions are becoming a hit because they offer a much smoother, easier experience. And finally, tech is catching up! Advancements in things like biometrics and sensors in our phones are making it simpler than ever to use passwordless authentication in all sorts of apps.

Global Passwordless Authentication Market Overview

Forget passwords? You're not alone! The market for passwordless authentication has exploded lately. We're talking about ditching those easily-hacked passwords and using things like hardware tokens or your own fingerprint to prove it's really you. What's driving all this? Well, everyone wants better security, and they want it to be easy. Big tech companies, government rules, and cool new biometric tech are all playing a huge role in shaping this market. From finance to healthcare to e-commerce, everyone's jumping on board with passwordless to kill off password-related headaches and give users a safer, simpler way to log in.

Okay, so what's driving the passwordless revolution? Well, first off, cyber threats and data breaches are getting nastier and more common, showing us just how weak passwords really are. This is pushing businesses to find something, anything, more secure. Secondly, people are just plain tired of passwords! We want a smooth experience, something that doesn't involve remembering a million different logins. That's where passwordless comes in. And let's not forget how much better biometrics have gotten – things like fingerprint and facial recognition are making passwordless authentication easier and more accessible than ever. Finally, let's not forget the rules! Regulatory bodies and industry standards are really pushing companies to adopt better authentication methods, like passwordless, to protect our data and meet GDPR and similar compliance requirements.

Okay, so passwordless authentication is getting super popular worldwide, but it's not all smooth sailing. One big headache is the huge amount of work needed to actually get it working! Think updating all your old systems and making sure everything plays nicely with the new ways of logging in. That's a time-suck and can be pretty pricey for companies. Plus, some people are still a bit unsure – are these new methods really safe and reliable? We need to show them they can trust it before passwordless really takes off. And to top it all off, different countries and even different companies have their own rules about how you prove who you are and how you protect data, which can make navigating the legal stuff a real challenge.

The world of passwordless authentication is buzzing with potential! As everyone from big corporations to everyday users gets serious about cybersecurity and demands a better online experience, there's a huge need for authentication that's both safe and easy to use. Think about the exciting new ways we're verifying ourselves these days – biometrics, MFA, even those cool secure hardware tokens. This is a playground for tech companies and developers to create the next generation of passwordless tech. Plus, the potential in the business world is massive! Imagine companies using passwordless logins to protect sensitive information and systems – a game-changer for enterprise security. And let's not forget emerging areas like the IoT (Internet of Things) and all those connected devices we're seeing everywhere. They all need secure ways to authenticate, offering tons of room for innovation and market expansion.

Global Passwordless Authentication Market Segmentation Analysis

The Global Passwordless Authentication Market is Segmented on the basis of Offering, Authentication Type, Vertical, and Geography.

 Passwordless Authentication Market, By Offering

• Hardware
• Software
• Services

When we're talking about Passwordless Authentication, the market's broken down into a few key areasHardware, Software, and Services. Software is a big player here, often grabbing a large chunk of the market. These software companies are giving us platforms, SDKs, and APIs, so businesses can actually use passwordless authentication. They're really the backbone of these systems, making it all work smoothly behind the scenes. But let's not forget hardware! This includes things like hardware tokens, biometric sensors—all the gadgets we need for secure authentication. You need these things to grab your fingerprint or create those secure codes. And with more smartphones and devices needing biometric sensors, the hardware side is becoming more and more important.

Passwordless Authentication Market, By Authentication Type

• Single Factor Authentication
• Multi-Factor Authentication

When it comes to how we log in—authentication type—the market’s split into two main campsSingle Factor Authentication and Multi-Factor Authentication. And guess what? Multi-Factor Authentication (MFA) is the big cheese, holding the largest piece of the pie in the Global Passwordless Authentication Market. Think of MFA as using multiple keys to unlock a door – it uses things like biometrics, those little hardware tokens, or even just a quick alert to your phone to make sure it's really you. It's way more secure than Single Factor Authentication, which usually just relies on one thing, like a password. With everyone so worried about cybersecurity these days and needing stronger ways to prove who we are, MFA has really taken off. Companies across all sorts of industries, from finance to healthcare and even online shopping, are putting MFA solutions in place to ditch those risky passwords and beef up their security. Plus, a lot of rules and regulations out there either require or strongly suggest using multi-factor authentication, so it's becoming the new normal.

Passwordless Authentication Market, By Vertical

• Aerospace & Defense
• BFSI
• IT and Telecom
• Healthcare
• Government & Law Enforcement
• Retail & Consumer Electronics
• Transportation & Logistics
• Others

Based on Vertical, The market is segmented into Aerospace & Defense, BFSI, IT and Telecom, Healthcare, Government & Law Enforcement, Retail & Consumer Electronics, Transportation & Logistics, and Others. The retail and consumer electronics industry owns a sizeable share of the Global Passwordless Authentication Market. Businesses engaged in retail, e-commerce, and the sale of consumer electronics gadgets are included in this segment. The need for secure authentication solutions to safeguard client accounts, personal information, and payment information has been acknowledged by the retail and consumer electronics industries.

Retailers are implementing passwordless authentication techniques to improve security and stop fraudulent activity in response to the growing popularity of online shopping and digital transactions. The retail and consumer electronics industries also place a strong emphasis on giving customers a seamless and easy-to-use experience. Passwordless authentication streamlines the authentication process and increases user satisfaction by removing the need for users to remember and manage complicated passwords.

Passwordless Authentication Market, By Geography

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

Okay, so when we look at different regions, the Global Passwordless Authentication Market breaks down into North America, Europe, Asia Pacific, and everywhere else. And guess what? North America takes the biggest slice of the global pie. It's really leading the way, thanks to its tech-savvy population and being at the forefront of digital innovation. Plus, you've got major tech companies based in North America that are really pushing and developing these passwordless authentication methods. Add to that a robust cybersecurity environment and tough data privacy laws, and you can see why passwordless authentication is taking off there.

Key Players

The “Global Passwordless Authentication Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are HID Global, Stytch, Duo Security, Microsoft, Signicat, Fujitsu, Trusona, Okta, Yubico, Thales, Authentiq, Beyond Identity, Veridium, Entrust, OneLogin, Ping Identity, EmpowerlD, IBM, Secret Double Octopus, LogMeOnce, LastPass, IDEE, Prove, HYPR, Cisco.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In April 2023, Fast IDentity Online 2.0 (FIDO2) and PKI/CBA are combined into a single authenticator in the new SafeNet eToken Fusion series, which was introduced by Thales, a renowned provider of security and technology globally. The new tokens from Thales are made to shield users of Microsoft Azure Active Directory (Azure AD) against account breaches and to boost security for access to web and cloud apps. With the help of the SafeNet eToken Fusion Series, businesses may use passwordless authentication techniques that are resistant to phishing attacks, enhancing the security of enterprise resources used on any device.
• In March 2021, Passwordless authentication by Duo from Cisco enables users to safely log into cloud applications without using passwords by using security keys or platform biometrics.

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