Passwordless Authentication Market is Likely To Touch USD 55.70 Billion By 2030: Grand View Research Inc.

 Passwordless Authentication Market Growth & Trends

The global passwordless authentication market size is expected to reach USD 55.70 billion by 2030, growing at promising 18.2% CAGR, according to a new report by Grand View Research, Inc. Passwordless authentication is a security procedure that uses unique biological traits of a person to validate their authenticity. The increasing adoption of smartphones and other electronic gadgets is a crucial element driving the biometric authentication market forward.

According to a July 2022 Oxford Economics and Samsung study, up to 85% of small and midsize enterprises allow all or most of their staff to use mobile devices for work. Personal laptops and smartphones used by employees might expose a small firm to the dangers of unauthorized access to proprietary data, files, and systems. Such solutions remain the need of the hour and growing focus of many companies around the world.

For instance, in September 2022, AaDya Security, a cyber-security firm, announced the availability of passwordless authentication for Judy, the first all-in-one cybersecurity solution for SMEs. The new security feature protects how small business employees access company resources, mainly when they operate remotely and on mobile phones and personal laptops.

Passwordless Authentication Market Report Scope

Report Attribute	Details
Market size value in 2022	USD 14.62 billion
Revenue forecast in 2030	USD 55.70 billion
Growth Rate	CAGR of 18.2% from 2022 to 2030
Base year for estimation	2021
Historical data	2017 - 2020
Forecast period	2022 - 2030

 

The growing requirement for an additional layer of protection beyond passwords fuels the growth of the passwordless authentication industry. To authenticate identities, fingerprint sensors and smartcards are utilized, and these security points allow for a seamless experience and data flow across locations. Most businesses are using voice biometric authentication in their workplaces for their personnel.

Reduced fraud exposure and lower authentication costs often drive organizations to implement voice biometric technology in their facilities. For instance, in July 2022, Turant Inc., a voice biometric AI firm, launched its cutting-edge AI solution in India. The company seeks to eliminate OTP-related fraud in transactions across use cases across business/industry domains, including e-commerce deliveries, by making it available in all Indian languages and roughly 20,000 dialects.

Furthermore, due to the increasing number of incidences of data theft around the world, passwordless authentication has gained popularity. Data theft issues in devices such as computers, cellphones, and tablets have increased the requirement for protection beyond passwords. fingerprint sensors and facial recognition are ways modern gadgets can be secured to prevent data theft.

For instance, in August 2022, ForgeRock, an international identity and access management software business, established strategic cooperation with Israeli software company Secret Double Octopus. ForgeRock will use SDO technology to provide employees, contractors, and vendors with a unified multi-factor secure experience. ForgeRock Enterprise Connect, the new solution, connects effortlessly with any ForgeRock deployment option, allowing organizations to gain increased security for databases, workstations, VPNs, and servers.

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Passwordless Authentication Market Report Highlights

• Growing investments in developed countries such as the U.S., Canada, Germany, France, and the U.K. for implementing passwordless authentication technology is a crucial factor driving the growth
• Fingerprint recognition and facial recognition provide various benefits. The increased security, accountability, convenience, and their non-transferable nature are crucial drivers for the growth
• The surge in e-commerceand internet banking, as well as legislations by various authorities such as central banks mandates large organizations to utilize robust authentication mechanisms to authenticate customers
• Multi-factor authentication protects clients from phishing attempts and fraudulent purchases and secures transactions

Access Press Release@ https://www.grandviewresearch.com/press-release/global-passwordless-authentication-market

Passwordless Authentication Market Segmentation

Grand View Research has segmented the global passwordless authentication market based on component, product type, authentication type, portability, end-user, and region:

Passwordless Authentication Component Outlook (Revenue, USD Million, 2017 - 2030)

• Hardware
• Software
• Services

Passwordless Authentication Product Type Outlook (Revenue, USD Million, 2017 - 2030)

• Fingerprint Authentication
• Palm Recognition
• Iris Recognition
• Face Recognition
• Voice Recognition
• Smart Card
• Others

Passwordless Authentication Type Outlook (Revenue, USD Million, 2017 - 2030)

• Single-factor Authentication
• Multi-factor Authentication

Passwordless Authentication Portability Outlook (Revenue, USD Million, 2017 - 2030)

• Fixed
• Mobile

Passwordless Authentication End-user Outlook (Revenue, USD Million, 2017 - 2030)

• IT & Telecom
• Retail
• Transportation & Logistics
• Aerospace & Defense
• BFSI
• Healthcare
• Government
• Others

Passwordless Authentication Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
  • US.
  • Canada
  • Mexico
• Europe
  • UK.
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
• Central & South America
  • Brazil
• Middle East and Africa (MEA)

List of Key Players in the Passwordless Authentication Market

• ASSA ABLOY
• DERMALOG Identification Systems GmbH
• East Shore Technology, LLC
• Fujitsu
• HID Global Corporation
• M2SYS Technology
• Microsoft
• NEC Corporation
• Safran
• Thales

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.