The passwordless authentication global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Passwordless Authentication Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size – The passwordless authentication market size has grown rapidly in recent years. It will grow from $17.13 billion in 2023 to $20.07 billion in 2024 at a compound annual growth rate (CAGR) of 17.2%. The growth in the historic period can be attributed to increased cybersecurity threats and data breaches, proliferation of mobile devices, regulatory compliance requirements, increased adoption of cloud computing, and incresed awareness of password management best practices.
The passwordless authentication market size is expected to see rapid growth in the next few years. It will grow to $38.30 billion in 2028 at a compound annual growth rate (CAGR) of 17.5%. The growth in the forecast period can be attributed to heightened focus on user experience and convenience, shift towards zero-trust security architectures, rising demand for stronger authentication methods, growing integration of passwordless authentication, and increasing regulatory emphasis on data protection. Major trends in the forecast period include multi-factor authentication (MFA) solutions, behavioral biometrics, continuous authentication technologies, and innovative solutions.
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The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –The growing concerns about data security are expected to propel the growth of the passwordless authentication market going forward. Data security refers to the process of protecting digital information at every stage of its lifecycle to prevent corruption, theft, or unauthorized access. There is growing concern for data security due to several factors, including heightened connectivity, the growing complexity of IT systems, and sophisticated hacking techniques. Passwordless authentication strengthens data security by replacing traditional password-based methods with more secure factors, including biometrics, hardware tokens, or cryptographic keys, thereby enhancing authentication and minimizing the risk of unauthorized access to sensitive data. For instance, in March 2024, according to the Federal Bureau of Investigation (FBI), a US-based law enforcement agency, there were 880,418 cybercrime complaints received by the FBI from the public in 2023, marking a 10% rise from the previous year’s figure. Furthermore, in January 2023, according to Check Point Software Technologies Ltd., an Israel-based provider of cyber security solutions, global cyberattacks saw a 38% increase in 2022 compared to 2021. Therefore, growing concerns about data security are driving the growth of the passwordless authentication market.
Market Trends – Major companies operating in the passwordless authentication market are providing innovative solutions, such as secret location authentication services, to maximize their profits in the market. Secret location authentication services refer to a method of passwordless authentication that relies on a user’s physical location as a means of verifying their identity. For instance, in April 2024, Center Identity, a US-based cybersecurity company, launched its Patented Secret Location Authentication, a method where users authenticate via a chosen map location, eliminating complex passwords. Instead of requiring traditional passwords or authentication tokens, secret location authentication uses geolocation data to confirm that the user is in a specific, predetermined location. Additionally, it leverages artificial intelligence, ensuring that hints for selected secret locations meet robust cybersecurity standards and offering users an easy recovery mechanism. This cost-effective method requires no additional devices, unlike hardware-dependent solutions. This will help Center Identity optimize productivity while safeguarding businesses with stringent security measures and simplified access management.
The passwordless authentication market covered in this report is segmented –
1) By Type: Fingerprint Authentication, Palm Recognition, Iris Recognition, Face Recognition, Voice Recognition, Smart Card
2) By Component: Hardware, Software, Services
3) By Authentication Type: Single-factor Authentication, Multi-factor Authentication
4) By Portability: Fixed, Mobile
5) By End-user: IT And Telecom, Retail, Transportation And Logistics, Aerospace And Defense, BFSI, Healthcare, Government
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Regional Insights – North America was the largest region in the passwordless authentication market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the passwordless authentication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies – Major companies operating in the passwordless authentication market are Microsoft Corporation, International Business Machines Corporation (IBM), Fujitsu Limited, NEC Corporation, Thales Group, Okta Inc., HID Global Corporation, Entrust Corporation, LogMeIn Inc., Ping Identity Corporation, Duo Security LLC, Signicat AS, Prove Identity Inc., OneLogin Inc., Beyond Identity Inc., Stytch Inc., Trusona Inc., HYPR Corp., Ubisecure Limited, Secret Double Octopus Ltd., EmpowerID LLC, Veridium Ltd., IDEE GmbH, Yubico AB, LogMeOnce LLC
Table of Contents
1. Executive Summary
2. Passwordless Authentication Market Report Structure
3. Passwordless Authentication Market Trends And Strategies
4. Passwordless Authentication Market – Macro Economic Scenario
5. Passwordless Authentication Market Size And Growth
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27. Passwordless Authentication Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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