Global Passwordless Authentication Market Size to Reach USD 68.50 Billion in 2032 | Emergen Research
Increasing need for innovative user convenience is a major factor driving for passwordless authentication market revenue growth
Vancouver, Aug. 31, 2023 (GLOBE NEWSWIRE) — The latest analysis conducted by Emergen Research anticipates that the global market for passwordless authentication will expand significantly, reaching a substantial value of USD 68.50 Billion by 2032. This growth trajectory is underpinned by a consistent revenue Compound Annual Growth Rate (CAGR) of 26.3% throughout the forecast period. The driving force behind this upward trend is the escalating demand for enhanced user convenience through innovative means.
Traditional password-centric authentication methods often lead to the utilization of weak passwords or the practice of recycling passwords across multiple accounts. These behaviors stem from the inherent strain that conventional password-based systems place on users. Managing multiple passwords becomes unwieldy and memorization becomes problematic, with employees frequently encountering challenges when attempting to modify forgotten passwords.
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In contrast, passwordless authentication solutions present a streamlined login process that prioritizes user-friendliness and minimizes obstacles for users. By eliminating the need for users to generate and retain passwords, these solutions simplify the authentication process. Instead, individuals can verify their identity through alternative methods such as email, phone, or biometric techniques. This shift in approach is a key driver behind the notable revenue growth within the market.
Nonetheless, the market’s revenue growth is being restrained due to the significant upfront investment required for initial deployment. The implementation of passwordless authentication necessitates a comprehensive strategy that encompasses the introduction of novel software and, in certain scenarios, hardware components. Additionally, there’s a prerequisite for employee training to ensure the smooth assimilation of these new authentication methods.
The execution of a well-structured project and change management strategy is imperative before embarking on the implementation of passwordless authentication. This preparatory phase, however, demands a considerable amount of time, which could otherwise be allocated to strategic or operational activities of the business. Furthermore, when hardware installations are involved, organizations are faced with the obligation of procuring devices, tokens, and cards for each employee. Contingency plans for replacements in cases of loss or damage must also be factored in.
While opting for software-based solutions might present a more cost-effective approach, it’s vital to account for unforeseen expenses that might arise during software administration, migration, and ongoing maintenance. These latent costs should also be taken into consideration, as they contribute to tempering the potential growth of market revenue.
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Scope of Research
|Market Size in 2022||USD 6.60 Billion|
|Revenue Forecast To 2032||USD 68.50 Billion|
|Base Year for Estimation||2022|
|Quantitative Units||Revenue in USD Billion and CAGR in % from 2023 to 2032|
|Report Coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments Covered||Offering, authentication method, type, organization size, end-use, and region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Country Scope||U.S., Canada, Mexico, Germany, U.K., France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, and Rest of Middle East & Africa|
|Key Companies Profiled||HID Global Corporation, NEC Corporation, Microsoft, Fujitsu, Okta, Duo, Thales, Beyond Identity, Entrust Corporation, Ping Identity.|
|Customization Scope||10 hours of free customization and expert consultation|
Major Companies and Competitive Landscape
The global passwordless authentication market is fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective database security. Some major players included in the global passwordless authentication market report are:
- HID Global Corporation
- NEC Corporation
- Beyond Identity
- Entrust Corporation
- Ping Identity
On 14 July 2023, GitHub released the public beta of passkey authentication on GitHub.com, giving developers more options for authenticating on the site. Passkeys combine convenience of use with robust, phishing-resistant authentication, bringing individuals one step closer to the ideal of a password-free future. Passkeys on GitHub.com need user verification, which means they count as both something users are or know (thumbprint, face, or PIN knowledge) and something users have (physical security key or a device). GitHub does not require a user’s password to verify that the user is signing in owing to the robustness of authentication. The autofill mechanism in the user’s browser can automatically indicate that the user is using the passkey to sign in, right from the login page owing to enhanced browser compatibility.
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Some Key Highlights From the Report
- On 14 July 2023, GitHub released a public beta of passkey authentication on GitHub.com, giving developers more options for authenticating on the site. Passkeys combine convenience of use with robust, phishing-resistant authentication, bringing individuals one step closer to an ideal of a password-free future. Passkeys on GitHub.com need user verification, which means they count as both something users are or know (thumbprint, face, or PIN knowledge) and something users have (physical security key or a device). GitHub does not require a user’s password to verify that the user is signing in owing to the robustness of authentication. The autofill mechanism in the user’s browser can automatically indicate that the user is using the passkey to sign in, right from the login page owing to enhanced browser compatibility.
- The biometric authentication segment is expected to account for largest revenue share in the global passwordless authentication market over the forecast period. Compared to passwords, biometric authentication offers more security. Unauthorized access is complicated by the unique nature of biometric traits such as fingerprints, face recognition, and iris scans. Each person has almost unique physical characteristics. Without using a password, biometric authentication technique makes use of these distinctive bodily traits to confirm a person’s identification. Less than one in a trillion of two faces having identical physical characteristics demonstrates the extraordinary efficacy of biometrics which is causing a rising adoption of biometrics driving revenue growth of this segment.
- The large enterprise segment is expected to register a significantly fast revenue growth rate in the global passwordless authentication market over the forecast period. Large organizations are often targets of cyberattacks because they handle a significant quantity of sensitive data. Implementing passwordless authentication reduces risks associated with password-related threats including phishing, credential stuffing, and password reuse, especially when used in conjunction with Multi-Factor Authentication (MFA). In comparison to standard password authentication, passwordless authentication offers major companies a more secure cybersecurity strategy by lowering the incidences of data and identity theft brought on by unauthorized access. Passwordless authentication successfully tackles password security problems by removing dependency on user passwords. Furthermore, the management of password storage and compliance with password-related regulatory obligations are freed up for large organizations when passwords are not used.
Browse the complete Global Passwordless Authentication Market Research Report – Industry Analysis, Size, Share, Growth, Trends @ https://www.emergenresearch.com/industry-report/passwordless-authentication-market
For the purpose of this report, Emergen Research has segmented the global passwordless authentication market on the basis of offering, authentication method, type, organization size, end-use, and region:
- Offering Outlook (Revenue, USD Billion; 2019–2032)
- Authentication Method Outlook (Revenue, USD Billion; 2019–2032)
- Biometric Authentication
- Token-Based Authentication
- Token-Based Authentication
- Email or SMS-Based Authentication
- Type Outlook (Revenue, USD Billion; 2019–2032)
- Single-factor authentication
- Multi-factor authentication
- Organization Size Outlook (Revenue, USD Billion; 2019–2032)
- Large Enterprises
- Small and Medium-sized Enterprises
- End-Use Outlook (Revenue, USD Billion; 2019–2032)
- Banking, Financial Services, and Insurance (BFSI)
- IT and Telecommunications
- Government and Defense
- Energy and utilities
- Regional Outlook (Revenue, USD Billion, 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
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