Global Passwordless Authentication Market

Passwordless Authentication Market Size, Share, Growth Analysis, By Component(Hardware, Software and Services), By Product Type(Fingerprint Authentication, Palm Recognition), By Authentication Type(Single-factor Authentication, and Multi-factor Authentication), By Portability(Fixed and Mobile), By End-user(IT & Telecom, Retail) - Industry Forecast 2024-2031

Report ID: SQMIG45B2039 | Region: Global | Published Date: April, 2024
Pages: 197 | Tables: 149 | Figures: 76

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Passwordless Authentication Market size was valued at around USD 14.36 Billion in 2022 and is expected to rise from USD 16.11 billion in 2023 to reach a value of USD 40.47 Billion by 2031, at a CAGR of 12.20% during the forecast period (2024–2031).

The passwordless authentication market is generally fragmented, with different combinations, as well as new and medium-sized businesses, accounting for a significant market share of the overall market. To minimize data breaches, businesses are investing heavily in research and development to launch improved technology in passwordless authentication. To ensure long-term viability in this market, these companies often use tactical mergers and acquisitions, joint ventures and partnerships, and expansions. 'ASSA ABLOY', 'DERMALOG Identification Systems GmbH', 'East Shore Technology, LLC', 'Fujitsu', 'HID Corporation', 'M2SYS Technology', 'Microsoft ', 'NEC Corporation ', 'Safran', 'Thales', 'NEC Corporation', 'Accu-Time Systems Inc.', 'EyeVerify, Inc.', 'Crossmatch Technologies', 'East Shore Technologies, Inc', 'Broadcom Inc. (CA Technologies)', 'Dell Technologies Inc.', 'Others.'

In order to gain a competitive edge, businesses are working on improving user experiences because a reduction in login friction may convince customers to choose one provider over another: To generate and remember multiple passwords at once is impossible. A forgotten password is frequently difficult to alter, too. Users regularly choose passwords that are easier for them to remember as a result.

Human physical characteristics, such as fingerprinting, the retina, iris, palm, speech, and voice, among others, are used in biometrics to assess and authenticate people. The non-repudiation, non-transferable, and non-identifiable feature of this authentication method, which offers a high level of security against fraud, is one of its main advantages and has led to its wide adoption.

North America dominated the market in 2021, bringing in more than 39% of revenue. Passwordless authentication technology can improve user experience and security while also lowering total cost of ownership and increasing investment in developed nations like the United States, Canada, and Mexico. These benefits serve as major market expansion drivers. Growing data security concerns in these countries have also led to the expansion of passwordless authentication. The region's increasing use of technologies like artificial intelligence (AI) and the internet of things (IoT)is also helping the market's growth.

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