Global Passwordless Authentication Market Report and Forecast 2024-2032

Global Passwordless Authentication Market Outlook

The global passwordless authentication market size reached a value of approximately USD 16.59 billion in 2023. The market is further expected to grow at a CAGR of 15.20% between 2024 and 2032, reaching a value of USD 59.28 billion by 2032.

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Key Trends in the Market

Passwordless authentication refers to refers to an authentication method that allows a user to gain access to an IT system or an application without entering a password. Other forms of evidence such as proximity badge, fingerprints, and hardware token codes are used for identifying the individual and granting access.

• The growing adoption of biometric authentication, such as fingerprint authentication or iris recognition, is a key passwordless authentication market trend propelling the growth of the market. This method of authentication provides a high level of security and is therefore being adopted by various sectors such as e-commerce, healthcare, and finance, among others.

• The increasing frequency of cyberattacks and data breaches has fuelled the utilisation of multi-factor authentication and is bolstering the passwordless authentication market growth. Furthermore, multi-factor authentication is becoming more affordable and user friendly, increasing its utilisation by e-commerce and SaaS industries.

Market Analysis

On the basis of component, the market is divided into hardware, software, and services. Based on product type, the market is segregated into fingerprint authentication, iris recognition, face recognition, voice recognition, and smart card, among others. On the basis of authentication type, the market is classified into single-factor and multi-factor. Based on portability, the market is bifurcated into fixed and mobile. By end-user, the market is segmented into aerospace and defence, BFSI, government and law enforcement, healthcare, IT and telecom, retail, and transportation and logistics, among others. Based on region, the market is categorised into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global passwordless authentication market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• HID Global Corporation

• Microsoft Corporation

• Google LLC

• IBM Corporation

• Fujitsu Limited

• NEC Corporation

• Okta, Inc

• Thales Group

• Cisco Systems, Inc.

• Secret Double Octopus

• Beyond Identity,Inc

• Others

Global Passwordless Authentication Market Share by End-User

By end-user, BFSI is projected to witness significant growth in the market for passwordless authentication in the upcoming years. Passwordless authentication remove the necessity of remembering difficult passwords and make the process convenient for customers. Furthermore, it offers advanced security and protects sensitive customer information and financial information. Passwordless authentication also eliminates the risks associated with password authentication, such as weak passwords and utilisation of same password across multiple channels.

Global Passwordless Authentication Market Share by Region

North America is anticipated to account for a significant share of the market for passwordless authentication over the forecast period, supported by the strong presence of various key players in the region. The high level of digital adoption, increasing risk of cybercrimes, and presence of advanced cybersecurity infrastructure are propelling the growth of the market in the region. Additionally, growing demand for passwordless authentication from countries such as Canada and the United States is also aiding the expansion of the market in North America.

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Competitive Landscape

Microsoft Corporation is a software development company that was founded in 1975 and is headquartered in Washington, United States. The company specialises in educational software, virtual reality, and artificial intelligence, among others.

Google LLC is a multinational company that focuses on search engine technology, artificial intelligence, quantum computing, and online advertising, among others, it was established in 1998 and is based in California, United States.

IBM Corporation is an IT services and IT consulting company that was founded in 1911 and is headquartered in New York in the United States. They specialise in IT infrastructure and technology support, among others.

Other market players include HID Global Corporation, Fujitsu Limited, NEC Corporation, Okta, Inc, Thales Group, Cisco Systems, Inc., Secret Double Octopus, and Beyond Identity,Inc, among others.

Key Highlights of the Report