NEWARK, Del, Nov. 03, 2022 (GLOBE NEWSWIRE) — The global password-less authentication market is projected to grow at a robust pace with a phenomenal CAGR of about 15.3% between 2022 and 2032. The global market is expected to be valued at around US$ 13,450.4 Million in 2022 and exceed a valuation of about US$ 55,679.4 Million by 2032. Password-less authentication is known as a type of multi-factor authentication, which expects the users to provide their identity without using passwords as a factor. According to historical estimation, the global password-less authentication market witnessed significant growth registering a CAGR of around 11.4% from 2016 to 2021.
The security process of password-less authentication depends upon a few unique biological characteristics of an individual in order to verify authenticity. There are major factors like improved security and convenient ways of accessing data from anywhere, driving the growth of password-less authentication systems.
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Over recent years, there has been an increase in the penetration of smartphones and several other consumer electronic devices, demanding access to end-user accounts and logins. The rising adoption of password-less authentication for an additional layer of security beyond passwords is another factor driving the growth of the password-less authentication market.
Technological advancements such as the internet of things (IoT) and artificial intelligence in devices such as smartphones and tablets among others are factors driving the growth of password-less authentication solutions. Several companies are nowadays adopting the use of fingerprint authentication and smartcards in their offices which is anticipated to further bolster sales in the global password-less authentication market by 2032.
- Security points such as fingerprint sensors and smartcards are paving the way for a smooth flow of data between points that allow for a seamless experience. Enterprises are utilizing facial recognition, voice analysis, and iris recognition to authenticate and verify their employees. In addition to that, the global surge in the adoption of fingerprint recognition and facial recognition within consumer electronics is yet another factor expected to propel the password-less authentication demand over the projection period.
- As per the reports, there are around 80% of hacking-related breaches because of weak and reused passwords. More than 90% of users reuse passwords throughout their work and personal accounts. Due to these reasons, the banking industry is moving towards the implementation of password-less authentication for an additional layer of security for their customer’s accounts.
- Human errors are known as security holes that are unable to get fixed by the IT team. But there are multiple ways through which the IT team can minimize the risk, hence, the pro-security professionals are heavily focusing on the same. The weak link is authentication which is why the authentication systems in the banking sector are adopting, especially as cloud services multiply and there is an increase in danger from weak or stolen passwords. Therefore, the surge in applications of password-less authentication within the banking sector is augmenting the growth of password-less authentication solutions globally.
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Prominent players in the global password-less authentication market is working on deploying the platform as part of an end-to-end access management solution or to integrate with any industry-standard identity provider to continuously authenticate users in enterprise environments. Crucial key market enterprises are focusing on enabling to deliver authentication and SSO across applications, devices, and things, by using automated risk-based behavioral modeling powered by AI and machine learning to authenticate users’ claimed identities.
More Insights into the Password-less Authentication Market
The North American password-less authentication market is anticipated to dominate the global landscape by accounting for around 38.2% of the total market share in 2022. North America is dominating the global market as it contributes the leading shares to the password-less authentication market on the basis of revenue and is expected to register significant growth over a forecast period due to the increasing market competition.
The U.S. comprises the majority of key vendors which offer a wide range of authentication solutions. This is considered a propelling factor for the global password-less authentication market. All the vital end-use industries including healthcare, banking, retail, logistics, consumer electronics, and others are moving towards the adoption of password-less authentication. There is an increase in the adoption of password-less authentication technology in the country and there is a good number of research projects going on.
The European region is expected to account for a total market share of around 21.2% owing to the extensive research and studies which have taken place in the European market over the years.
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Key Segments Covered in the Passwordless Authentication Industry Analysis
- Passwordless Authentication Software
- Professional Services
- Managed Services
By Authentication Type:
- Single-factor Authentication
- Multi-factor Authentication
By End-use Industry:
- Consumer Electronics
- Aerospace & Defense
- North America Passwordless Authentication Market
- Latin America Passwordless Authentication Market
- Europe Passwordless Authentication Market
- East Asia Passwordless Authentication Market
- South Asia Passwordless Authentication Market
- Oceania Passwordless Authentication Market
- MEA Passwordless Authentication Market
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
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