Passwordless Authentication Market Report and Forecast 2023-2028

According to the report, the global passwordless authentication market reached a value of approximately USD 12.5 billion in 2022. Aided by the increasing need for robust cybersecurity solutions and a growing adoption of digitalisation in various industries, the market is projected to further grow at a CAGR of 15.20% between 2023 and 2028 to reach a value of USD 29.21 billion by 2028.

Passwordless authentication refers to security systems that allow users to verify their identities without the need for remembering complex passwords. This method usually employs biometrics, security tokens, or magic links sent via email to authenticate the user's identity, promoting a secure and user-friendly way of managing digital identities.

The primary driver of the global passwordless authentication market growth is the escalating demand for robust cybersecurity solutions. With a marked increase in cyber threats and data breaches, businesses are adopting passwordless authentication to protect sensitive data and maintain the integrity of their digital ecosystems. Passwordless authentication's ability to eliminate the vulnerabilities associated with password-based security systems, such as phishing and brute force attacks, plays a critical role in its rising popularity.

Moreover, digital transformation initiatives across industries such as banking, healthcare, and retail are also boosting the passwordless authentication market expansion. The rise of mobile banking, telemedicine, and e-commerce has necessitated secure user authentication solutions, amplifying the demand for passwordless technologies.

On the other hand, the upsurge in the usage of personal devices for work, often referred to as Bring Your Own Device (BYOD), has also fuelled the passwordless authentication market demand. These technologies provide a secure and user-friendly solution for employees to access corporate resources, enhancing both security and productivity.

The increasing regulatory emphasis on data protection and privacy is also contributing to the passwordless authentication market development. Strict regulations like GDPR in Europe and CCPA in California necessitate the adoption of advanced security measures, making passwordless authentication an increasingly prevalent choice for many organisations. In addition, passwordless authentication methods, such as biometric verification, are gaining significant traction in industries where high security is paramount, such as government institutions and the military.

Market Segmentation

The market can be divided based on component, product type, authentication type, portability, end-user, and region.

Market Breakup by Component

• Hardware
• Software
• Services

Market Breakup by Product Type

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

Market Breakup by Authentication Type

• Single-Factor
• Multi-Factor

Market Breakup by Portability

• Fixed
• Mobile

Market Breakup by End-User

• Aerospace and Defence
• BFSI
• Government and Law Enforcement
• Healthcare
• IT and Telecom
• Retail
• Transportation and Logistics
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global passwordless authentication companies.

Some of the major key players explored in the report are as follows:

• 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

About the Analyst

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The analyst always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.