Unlocking the Future: Exploring the Booming Global Passwordless Authentication Market; states TNR, The Niche Research

Global Passwordless Authentication Market Recorded Revenue Worth US$ 43.2 Bn in 2034, Anticipated to Experience CAGR of 12.8% during 2024 – 2034

WILMINGTON, DELAWARE, UNITED STATES, May 22, 2024 /EINPresswire.com/ -- Passwordless authentication refers to the process of verifying a user's identity without requiring them to input a traditional password. Instead of relying solely on passwords, which can be vulnerable to various security threats such as phishing attacks, credential theft, and brute-force attacks, passwordless authentication methods utilize alternative authentication factors such as biometric data, cryptographic keys, or device-bound tokens. Organizations are increasingly prioritizing cybersecurity measures to protect sensitive data and mitigate risks. Password-based authentication methods are prone to vulnerabilities, leading to a growing demand for more secure alternatives such as passwordless authentication. Passwordless authentication solutions leverage advanced technologies such as biometrics, cryptographic keys, and hardware tokens to verify user identities. These technologies offer enhanced security and usability compared to traditional password-based methods, driving demand among organizations seeking to modernize their authentication strategies and adopt innovative security technologies.

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Global Passwordless Authentication Market: Key Drivers

Security Concerns: Traditional password-based authentication methods are prone to vulnerabilities such as phishing attacks, credential theft, and brute-force attacks. Passwordless authentication solutions offer enhanced security by leveraging alternative authentication factors such as biometric data, cryptographic keys, or device-bound tokens. As organizations prioritize cybersecurity measures to protect sensitive data and mitigate risks, the demand for passwordless authentication solutions grows.

Integration with Modern Technologies: Passwordless authentication solutions leverage advanced technologies such as biometrics, cryptographic keys, and hardware tokens to verify user identities. These technologies offer enhanced security and usability compared to traditional password-based methods, driving demand among organizations seeking to modernize their authentication strategies and adopt innovative security technologies. As organizations embrace digital transformation and integrate passwordless authentication solutions into their IT ecosystems, the demand for these solutions grows.

By Authentication Type, is projected as the fastest growing segment in the Passwordless Authentication Market in the upcoming Years?

Multi-factor authentication (MFA) is projected as the fastest growing segment in the Passwordless Authentication Market. Multi-factor authentication (MFA) and passwordless authentication are both authentication methods aimed at enhancing security, but they have different approaches. MFA requires users to provide multiple forms of verification, such as a password combined with a biometric scan or a one-time code sent to their mobile device. On the other hand, passwordless authentication eliminates the need for passwords altogether, relying instead on alternative authentication factors such as biometric data, cryptographic keys, or device-bound tokens. Users expect authentication processes to be convenient, intuitive, and frictionless. Traditional password-based authentication methods can be cumbersome and error-prone, leading to user frustration and security risks. MFA and passwordless authentication solutions provide a more seamless user experience by eliminating the need for passwords or simplifying the authentication process with alternative factors such as biometrics or device tokens. As organizations prioritize usability and user experience, the demand for MFA and passwordless authentication grows.

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Based on the Mobility, which is the Fastest Growing Segment in the Passwordless Authentication Market During the Forecast Period?

Fixed segment is projected as the fastest growing application across the forecasted period. Fixed Passwordless Authentication refers to a method of authentication where users are not required to enter a traditional password to access their accounts. Instead, other factors such as biometrics, tokens, or device verification are utilized for authentication. This approach enhances security and user experience by reducing the reliance on easily compromised passwords. Passwords are often cumbersome to remember and prone to being forgotten or mistyped, leading to frustration for users. Fixed Passwordless Authentication devices streamline the authentication process by eliminating the need for users to input passwords, making login procedures faster, easier, and more convenient. As remote work and mobile computing become increasingly prevalent, there's a need for authentication methods that are not tied to specific devices or physical locations. Fixed Passwordless Authentication devices enable secure access to systems and applications from anywhere, using factors such as biometrics or cryptographic keys stored on mobile devices.

Based on the end user, which is the Fastest Growing Segment in the Passwordless Authentication Market During the Forecast Period?

Retail and Consumer electronics are projected as the fastest growing segment share. Retailers deal with sensitive customer data, including payment information and personal details, making them prime targets for cyber-attacks and fraud. Fixed Passwordless Authentication provides a more secure alternative to traditional password-based authentication, reducing the risk of account takeover, identity theft, and fraudulent transactions. The retail industry is subject to various regulatory requirements, such as PCI DSS (Payment Card Industry Data Security Standard), which mandate strong authentication measures to protect customer data and prevent unauthorized access. Fixed Passwordless Authentication helps retailers comply with these regulations by implementing robust security controls and authentication mechanisms. Security breaches and data leaks can have severe repercussions on a retailer's brand reputation and customer trust. By adopting Fixed Passwordless Authentication, retailers demonstrate a commitment to protecting customer privacy and security, which can enhance brand trust and loyalty.

Based on Region Segment, Which Region is projected as the fastest growing region in the Passwordless Authentication Market in 2023?

Asia-Pacific region is projected as the fastest growing region in the Passwordless Authentication market. The Asia-Pacific region has a large and rapidly growing population of mobile device users. Passwordless Authentication methods that leverage biometrics (such as fingerprint or facial recognition) or mobile device authentication (such as push notifications or QR code scans) align well with the mobile-first preferences of consumers in the region. This demographic trend drives demand for authentication solutions that are optimized for mobile platforms and offer a seamless user experience. Many countries in the Asia-Pacific region are experiencing rapid digital transformation across various sectors, including finance, e-commerce, healthcare, and government services. Passwordless Authentication is increasingly recognized as a key enabler of digital transformation initiatives, allowing organizations to enhance security, streamline user experiences, and support the transition to online and mobile channels.

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Competitive Landscape: Some of the players operating in the global passwordless authentication market are:

o Beyond Identity
o DUO Security
o Entrust
o Fujitsu
o HID Global
o IBM
o Microsoft
o NEC
o OKTA
o OneLogin
o Thales
o Veridium
o Other Industry Participants

Global Passwordless Authentication Market

By Offering
• Hardware
• Software
• Services

By Authentication Type
• Single-factor authentication
• Multi-factor authentication

By Mobility
• Mobile/ Portable
• Fixed

By Technology
• Fingerprint or Thumbprint Authentication
• Authentication Using Face Recognition
• Challenge Response Authentication Mechanism
• Others

By End Use Industry
• Healthcare
• Banking, financial services and insurance (BFSI)
• IT and Telecom
• Retail and Consumer Electronics
• Government
• Manufacturing
• Transportation and Logistics
• Others

By Region
• North America (U.S., Canada, Mexico, Rest of North America)
• Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
• Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
• Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
• Latin America (Brazil, Argentina, Rest of Latin America)

Jay Reynolds
The Niche Research
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