Passwordless Authentication Market is to Surpass USD 55.89 Billion by 2030 Owing to Technology Advancements…

Passwordless Authentication Market Size, Share & Segmentation By Component (Hardware, Software, Services), By Portability (Fixed, Mobile), By Product Type (Fingerprint Authentication, Palm Recognition, Iris Recognition, Face Recognition, Voice Recognition, Smart Card, Others), By Authentication Type (Single-Factor Authentication, Multi-Factor Authentication), By End-User (IT & Telecom, Retail, Transportation & Logistics, Aerospace & Defence, BFSI, Healthcare, Government, Others), By Region And Global Forecast 2023-2030
Based on SNS Insider’s research, a key factor in driving the passwordless authentication market forward is the growing adoption of mobile phones and electronics. Up to 85% of small and medium sized enterprises allow all or the majority of their employees to access mobile devices for work, based on a study done in July 2022 by Oxford Economics and Samsung.
Market Size –
The SNS Insider report indicates that the Passwordless Authentication Market was valued at USD 14.75 billion in 2022, and is expected to reach market size of USD 55.89 billion by 2030, with a compound annual growth rate (CAGR) of 18.12% expected over the forecast period from 2023 to 2030.
Major players:
The Full Study is Readily Available | Download the Sample Pages of this Report@ www.snsinsider.com/sample-request/3087
Market Report Scope –
A comprehensive analysis of the passwordless authentication market has been included in this report. A company overview, financial performance, product portfolio, and strategies of the key players in the passwordless authentication industry are included in the competitive analysis in the report.
The main drivers of the passwordless authentication market, the challenges facing participants and growth prospects at global level are some of the major points covered in this report.
Market Growth Factors –
Businesses are focused on improving their user experience in order to gain an edge, given that a reduction of logon friction may make it easier for customers to choose one provider over another. It’s not feasible to create and remember a few passwords in one go.
Moreover, it’s often difficult to change a forgotten password. As a result, users typically use the least complicated passwords available.
They have the same password for each tool or application they use, which is only slightly changed when prompted to change it once a month.
Segmentation Analysis –
To authenticate the identity of a user, mobile and portable devices rely on passwordless solutions such as face recognition or fingerprint scanner. They are becoming popular because they’re easy to use all over the place and make it possible for users to be flexible.
For example, Incognia’s zerofactor authentication technology, which uses GPS, WiFi, Bluetooth, and device signals to identify trustworthy individuals and detect irregularities. During the forecast period, the segment gained a significant market share in the field of passwordless authentication due to the advantages of mobile portable devices.
Passwordless authentication technologies, such as face recognition and biometric payment systems, are being used in retail and consumer electronics. The burden of complex, hard to remember passwords is relieved for users with passwordless authentication services.
Due to the built in biometric authentication device, customers can enter their fingerprints or face when registering. In the case of passwordless authentication solutions, customers will never have to resort to tedious reset procedures in order to regain access to their accounts as a result of passwordless authentication.
By Component
By Portability
By Product Type
By Authentication Type
By End-user
Key Regional Development –
North America dominates the global passwordless authentication market with a large number of vendors, such as HID Global, Duo Security, Okta, Ping Identity, Microsoft, IBM, and OneLogin, resulting in the adoption of passwordless solutions in the region. The main growth drivers for passwordless authentication in the region are increasing investments in North American countries and rising incidences of identity theft and credential compromise.
The increasing initiatives undertaken by various organisations, the European market is projected to account for a significant revenue share in the worldwide passwordless authentication market during the forecast period. In particular, on 22 September 2022, the United Kingdom National Cyber Security Centre released new guidelines to help businesses in using passwordless authentication methods like biometrics or FIDO2 systems.
Key Takeaway from Passwordless Authentication Market Study –
There are a number of advantages to fingerprint recognition and facial recognition. A key driver of growth is the increased security, accountability, convenience and their non transferable nature.
Large organisations are required to use strong authentication mechanisms for customers as a result of the increase in online shopping and Internet banking, combined with legislation from different authorities such as central banks.
Multi-factor authentication protects clients from phishing attempts and fraudulent purchases and secures transactions.
Enquiry @ www.snsinsider.com/enquiry/3087
Recent Development Related to Passwordless Authentication Market –
In November 2022, Microsoft announced the launch of passwordless authentication for Azure AD on both iOS and android through YubiKey hardware security keys, created by Yubico. Users will be able to issue certificates with hardware security keys that allow them to authenticate easily on mobile devices using this new solution.
In October 2022, prove has introduced a new authentication solution, Prove Auth, a next generation authentication solution for omnichannel authentication and passwordless authentication. It allows businesses to reduce reliance on passwords, as well as the timely passcodes and user authentication across all channels such as mobile phones or desktops.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Passwordless Authentication Market Segmentation, By Component
8.1 Hardware
8.2 Software
8.3 Services
9. Passwordless Authentication Market Segmentation, By Portability
9.1 Fixed
9.2 Mobile
10. Passwordless Authentication Market Segmentation, By Product Type Device
10.1 Fingerprint Authentication
10.2 Palm Recognition
10.3 Iris Recognition
10.4 Face Recognition
10.5 Voice Recognition
10.6 Smart Card
10.7 Others
11. Passwordless Authentication Market Segmentation, By Authentication Type
11.1 Single-factor Authentication
11.2 Multi-factor Authentication
12. Passwordless Authentication Market Segmentation, By End-user
12.1 IT & Telecom
12.2 Retail
12.3 Transportation & Logistics
12.4 Aerospace & Defense
12.5 BFSI
12.6 Healthcare
12.7 Government
12.8 Others
13. Regional Analysis
Read More…!
Premium Research Report@ www.snsinsider.com/checkout/3087
For more information: