Passwordless authentication refers to a method of logging into an application or service without having to enter a password. Instead, users can use biometric authentication, one-time codes sent to their phone or email, or security keys to gain access. The market for passwordless authentication solutions is growing rapidly as consumers and businesses seek more secure and convenient ways of accessing their accounts and data. Some of the key players in the market include Microsoft, Google, Apple, Amazon, and many startups that specialize in biometric authentication and security solutions.
In 2022, it is anticipated that the global market for passwordless authentication would be worth US$13,450.4 million. Passwordless authentication, which often asks users to establish their identity without utilising passwords as a factor, is a sort of multi-factor authentication.
Sometimes a username is still needed for authentication. A few distinct biological traits of an individual are used by the passwordless authentication security method to confirm authenticity. The development of passwordless authentication solutions is being fueled by important considerations like better security and simple ways to access data from anywhere. The entire market for passwordless authentication is anticipated to reach about US$ 55,679.4 million by 2032, growing at a CAGR of 15.3% between 2022 and 2032.
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What is Driving Demand for Passwordless Authentication?
There is an increase in penetration of smartphones and other consumer electronic devices, demanding for access to end-user accounts and logins. Growing adoption of passwordless authentication for an additional layer of security beyond passwords is another factor driving the growth of passwordless authentication market.
Further, advanced technologies such as internet of things (IoT) and artificial intelligence in devices such as smartphones and tablets among others are factors, driving the growth of passwordless authentication solutions. There are companies, who are adopting the use of fingerprint authentication and smartcards in their offices, which is further propelling the sales of passwordless authentication systems.
Security points like fingerprint sensors and smartcards are making a way for a smooth flow of data between point and allowing for a seamless experience. Enterprises are making use of facial recognition, voice analysis and iris recognition to authenticate and verify its employees. Furthermore, the global rise in applications of fingerprint recognition and facial recognition in consumer electronics is expected to propel the passwordless authentication demand.
Rise in Applications of Passwordless Authentication in Banking Sector
There are roughly 80% of hacking-related breaches because of weak and reused passwords. More than 90% users reuse passwords across work and personal accounts. This is the reason, why banking industry is moving towards implementation of passwordless authentication for an additional layer of security of their customer’s accounts.
Human errors are always referred as a security hole, which cannot be fixed by IT team. There are several ways that IT can minimize the risk, pro security professional are heavily focusing on the same. The particularly weak link is authentication, so authentication system in banking sector are adopting, especially as cloud services multiply and there is an increase in danger from weak or stolen passwords.
Thus, rise in applications of passwordless authentication in banking sector is augmenting the growth of passwordless authentication solutions globally.
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Key Segments Covered in the Passwordless Authentication Industry Analysis
By Solution:
- Passwordless Authentication Software
- Services
- Professional Services
- Managed Services
By Authentication Type:
- Single-factor Authentication
- Multi-factor Authentication
By End-use Industry:
- BFSI
- Consumer Electronics
- Logistics
- Government
- Aerospace & Defense
- Healthcare
- Retail
- Others
By Region:
- North America Passwordless Authentication Market
- Latin America Passwordless Authentication Market
- Europe Passwordless Authentication Market
- East Asia Passwordless Authentication Market
- South Asia Passwordless Authentication Market
- Oceania Passwordless Authentication Market
- MEA Passwordless Authentication Market
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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