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Dublin, May 15, 2023 (GLOBE NEWSWIRE) — The “Passwordless Authentication Market By Type, By Authentication Type, By Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2031” report has been added to ResearchAndMarkets.com’s offering.
According to this report the passwordless authentication market was valued at $12.80 billion in 2021 and is estimated to reach $40.2 billion by 2031, growing at a CAGR of 12.2% from 2022 to 2031.
Key Market Players
- Cognitec Systems GmbH
- Fujitsu Limited
- Google LLC (Alphabet)
- HID Global Corporation
- IBM Corporation
- Microsoft Corporation
- NEC CORPORATION
- Thales Group
- Secret Double Octopus (SDO)
Passwordless authentication is a type of verification system that allows a user to access a computer system without having to enter (or remember) a password or any other kind of secret knowledge. Users are typically required to provide a public identifier (such as their username, phone number, or email address) before completing the authentication process by supplying a secure form of identification, such as a registered device or token.
Key factors driving the growth of the passwordless authentication market include an increase in penetration of consumer electronic devices, growing advancement in technologies such as the internet of things (IoT) and artificial intelligence, and rising awareness of the application of passwordless authentication in the banking sector.
In addition, modern technology, including the internet of things (IoT) and artificial intelligence in gadgets like smartphones and tablets, among other things, is fueling the development of passwordless authentication systems. The need for passwordless authentication systems is increasing as more businesses implement smart card and fingerprint authentication at their offices.
Furthermore, banking institutions are implementing passwordless authentication systems since it is a particularly weak point, particularly as cloud services spread and the possibility of using stolen or weak passwords increases. The usage of passwordless authentication in the financial sector is therefore expanding quickly.
Businesses use facial recognition, speech analysis, and iris recognition to validate and authenticate their workers. Passwordless authentication is, therefore, being widely adopted by businesses and financial institutions, which is fueling the market’s expansion.
The market also offers growth opportunities to the key players in the market. The demand for the passwordless authentication market is increasing due to increasing awareness regarding passwordless authentication among end users. The growth of passwordless authentication is further accelerated by the ongoing pandemic. During the COVID-19 outbreak, the end-user industries were adopting passwordless authentication tools further boosting the market growth.
Furthermore, passwordless authentication acts as a protection against password lists and phishing as passwordless authentication requires the user to reveal both public and private keys, which are very difficult for hackers to gain access to. In addition, it also a secure and seamless user experience. Passwordless authentication allows employees and customers to access services without the need to memorize long, complex passwords.
For instance, in December 2022, Bitwarden let its users store their login credentials, bank card details, secure notes, and other files and folders in its secure web vault. It is also possible to access the vault using any browser from anywhere, normally using an email ID associated with Bitwarden and a master password. It also introduced a new passwordless login system, where it is possible to authenticate web vault sign-in requests through the mobile app. Such instances have helped the growth of the passwordless authentication market.
|No. of Pages||208|
|Forecast Period||2021 – 2031|
|Estimated Market Value (USD) in 2021||$12.8 billion|
|Forecasted Market Value (USD) by 2031||$40.22 billion|
|Compound Annual Growth Rate||12.1%|
Key Market Segments
- Fingerprint or Thumbprint Authentication
- Authentication Using Face Recognition
- Challenge Response Authentication Mechanism
By Authentication Type
- Single Factor
- Multi Factor
By Industry Vertical
- Aerospace and Defence
- Government and Law Enforcement
- IT and Telecom
- Transportation and Logistics
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
Key Market Insights
- By authentication type, the single-factor segment was the highest revenue contributor to the market, and is to reach $30 billion by 2031. However, the single-factor segment is estimated to be the fastest-growing segment with a CAGR of 8% during the forecast period.
- By Industry Vertical, the government & law enforcement segment dominated the global market and is estimated to reach $7.5 billion by 2031. However, the transportation & logistics segment is expected to be the fastest-growing segment during the passwordless authentication market forecast.
- Based on region, North America was the highest revenue contributor, accounting for $6 billion in 2021, and is estimated to reach $20 billion by 2031.
For more information about this report visit https://www.researchandmarkets.com/r/aklv6g
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Censys Introduces the Ground Truth for Internet Intelligence – The Censys Internet Map
Powering Censys’ Internet Intelligence Platform, the Internet Map provides critical insights to identify, understand and mitigate threats
ANN ARBOR, Mich., Sept. 26, 2023 /PRNewswire/ — Today, Censys, the leading Internet Intelligence Platform for threat hunting and exposure management, announced the Censys Internet Map. As the data foundation that powers the Censys Internet Intelligence Platform, the Censys Internet Map provides users with the most comprehensive, up-to-date collection of global internet infrastructure to empower security and intelligence teams.
In today’s threat landscape, enterprises cannot rely on “good enough” data to defend their organization. Security teams require comprehensive and accurate data to serve as the center for their security solutions – external attack surface management, vulnerability management, zero-trust, and threat detection, investigation, and response – all rely on exposure management data to protect organizations.
The Censys Internet Map offers the fastest discovery and best coverage of internet hosts and services. Through comprehensive scans of the top 100+ ports and proprietary ML-based discovery of services across 65k ports, it reduces false positives by 70%, improving security teams’ ability to successfully map and defend. With the most complete and up-to-date index of hosts and services on the internet, the Censys Internet Map provides users with the three C’s: Coverage, Context and Connections, which are imperative to an organization’s security posture.
“The organizations we work with face growing challenges that make security insights and threat intelligence critically important to delivering on their mission,” commented Mike Riordan, CEO of RavenTek. “Through the powerful capabilities of Censys solutions powered by their Internet Map, our clients are better able to stay ahead of emerging risks, proactively defend their organization, and quickly make data-informed decisions.”
With the widest depth of internet scanning coverage available, the Censys Internet Map scans 45x more services than competitors. This coverage is enriched with detailed context to identify host types, understand how assets are connected and configured, empowering security teams and threat hunters to identify patterns and trends.
“Censys is the only vendor providing this level of detailed visibility and running daily scans to help organizations eliminate false positives and stale data,” said Zakir Durumeric, Co-Founder and Chief Scientist at Censys. “Our intelligence provides threat analysts and security teams with more details to conduct investigations, understand, and block threats – ultimately reducing the risk and impact of a breach. We’re proud that our industry-leading data provides the most complete and up-to-date index of the internet, and are excited to expand this offering for even more users this year.”
To learn more about the Censys Internet Map and its approach to intelligence data and visibility, visit: https://censys.com/internet-map/.
About CensysCensys, Inc.™ is the leading Internet Intelligence Platform for Threat Hunting and Exposure Management. Founded in 2017 in Ann Arbor, Michigan, Censys gives organizations the world’s most comprehensive real-time view of global networks and devices. Customers like Google, Cisco, Microsoft, Samsung, Swiss Armed Forces, the U.S. Department of Homeland Security, Cybersecurity & Infrastructure Security Agency, and over 51% of the Fortune 500 rely on the company’s Exposure Management solution for a real-time, contextualized view into their internet and cloud assets. At Censys, you can be yourself. We like it that way. Diversity fuels our mission, and we are committed to inclusion across race, gender, age and identity. To learn more, visit censys.com and follow Censys on Twitter.
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Onfido Featured as a Market Leader in Liminal’s Link Index Report for Account Opening in Financial Services
SAN FRANCISCO, Sept. 26, 2023 /PRNewswire/ — Onfido, the global automated identity verification provider, has been recognized as a market leader in Liminal’s highly anticipated Link™Index Report for Account Opening in Financial Services.
The Link Index analyzed over 150 companies claiming to solve Account Opening (AO) in Financial Services and found that only 32 total vendors (21% of the market) have the necessary product capabilities to satisfy buyer demands. Of these 32 companies, Liminal positioned Onfido as a leading vendor alongside partners Experian and TransUnion (p.11), acknowledged for delivering comprehensive solutions in compliance and fraud prevention for account opening. The report also highlighted that 20% of buyers are actively looking to switch to a better AO vendor.
Download the full report and sign up for the webinar with Liminal examining the latest developments in account openings for financial services.
Fraud prevention and compliance are top of mind for buyers when weighing new solutions. By the end of 2023, it is estimated that $2.2B will be lost to AO fraud from synthetic identities, and with increasing regulation, AML fines are only set to increase from their high of $5B issued last year.*
Onfido was acknowledged as a leader on Liminal’s matrix, scored by Market Presence and Product Execution. Onfido achieved a positive global market presence score of 4.3/5 and a product execution score of 72%, closest to TransUnion, an Onfido partner. Onfido was also noted as a leader in the AO space by 44.9% of respondents and was a recognized brand by over half of buyers, solidifying Onfido as a top company in both these categories. And thanks to its dedicated customer success team, Onfido’s customer satisfaction score was 60.4%, making it a top ten vendor in this category.
“The financial services sector is undergoing a transformative shift in account opening practices, necessitating robust security measures that seamlessly integrate with user experience while adhering to rigorous regulatory requirements,” said Travis Jarae, founder and CEO at Liminal. “Onfido’s Real Identity Platform addresses these challenges, ensuring a streamlined “Know Your Customer” (KYC) and Anti-Money Laundering (AML) compliance process during customer onboarding, while ensuring best-in-class fraud prevention.”
The Onfido Real Identity Platform is designed to secure trust between organizations and their customers throughout the customer lifecycle journey. It automatically verifies a customer’s identity using a smart combination of award-winning document and biometric verification, trusted data sources, and passive fraud signals. Hailed by companies like Adyen, EE (BT), Bunq, DocuSign, Revolut and Remitly, Onfido helps global companies reduce friction and accelerate onboarding for customers with purpose-built features and its Smart Capture SDK, while providing companies the flexibility and freedom to scale with Onfido Studio, the no-code mission control for identity verification.
“Our recognition in Liminal’s Link Index Report underscores Onfido’s commitment to transforming the financial services landscape,” said Mike Tuchen, CEO of Onfido. “Our identity platform empowers financial institutions to more easily navigate complex regulations on a global and regional level while stopping fraudsters and ensuring the best possible user experience.”
This news comes on the heels of other market recognition from Frost & Sullivan, awarding Onfido 2023 Fraud Detection and Prevention Company of the Year, picking up 7 leader badges in G2’s 2023 Fall Reports, as well as a Strong Performer in Forrester’s Q4 2022 Wave for Identity Verification Solutions.
About Onfido Onfido makes digital identity simple. The company makes it easy for people to access services by digitally verifying them using its Real Identity Platform. The platform allows businesses to tailor verification methods to individual user and market needs in a no-code, orchestration layer – combining the right mix of document and biometric verifications, trusted data sources, and passive fraud signals to meet their risk, friction and regulatory requirements. Partnering with over 1,100 businesses globally, Onfido helps millions of people access services every day – from billion-dollar institutions to hyper growth start-ups.www.onfido.comwww.linkedin.com/company/onfido/www.twitter.com/onfido
About LiminalLiminal is a market intelligence and strategic advisory firm serving digital identity, fintech, cybersecurity solution providers, and the private equity and venture capital community. Since 2016, Liminal has provided strategy and analytical services that support executive decision-making at all product or business lifecycle stages. We advise some of the world’s most prominent and innovative business leaders, investors, and government officials on building, buying, and investing in the next generation of digital identity solutions and technologies. Learn more at www.liminal.co and follow news and updates from Liminal on LinkedIn or subscribe to their weekly newsletter.
*Financial Times, “Global anti-money laundering fines surge 50%”
Media contact: [email protected]
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Infosys collaborates with Microsoft to accelerate and democratize industry-wide adoption of generative AI
Both companies will help enterprises take an AI-first approach to scale next-generation AI solutions to improve operational efficiencies, drive revenue growth, and enable business transformation
BENGALURU, India, Sept. 26, 2023 /PRNewswire/ — Infosys (NSE: INFY), (BSE: INFY), (NYSE: INFY), a global leader in next-generation digital services and consulting, today announced that it is collaborating with Microsoft to jointly develop industry leading solutions that leverage Infosys Topaz, Azure OpenAI Service and Azure Cognitive Services. Both organizations are bringing together their respective artificial intelligence (AI) capabilities to enhance enterprise functions with AI-enabled solutions across multiple industries. The integrated solutions will accelerate rapid democratization of data and intelligence that will help businesses increase productivity and drive new revenue growth.
Generative AI has opened new avenues of AI applications and key enterprise functions across industries, and Infosys is providing services, frameworks, solutions, and platforms in multiple application areas, such as semantic search, document summarization, contact center transformation, AI-augmented software development lifecycle (SDLC) and marketing content creation. For example, Infosys helped a leading financial services company implement an AI-based solution to generate document summaries and provide a semantic search capability using generative AI. This resulted in automated organization of documents, which significantly reduced efforts and improved productivity of their financial advisors.
Through the collaboration with Microsoft, Infosys Topaz is using Azure OpenAI Service and Azure Cognitive Services to augment its capabilities, in order to help enterprise customers transition from digital to AI solutions. The integrated solutions will boost customers’ operational efficiency, decrease turn-around-time, future-proof investments, and open new business models.
Balakrishna D. R. (Bali), Executive Vice President and Global Head – AI and Automation, Application Development & Maintenance, Infosys, said, “Infosys Topaz is empowering businesses with improved operational efficiencies and reduced time-to-market for launching new products and services. It converges the power of Infosys Cobalt and data analytics to AI-power business and deliver cognitive solutions and intuitive experiences that revitalize growth. Through our strategic collaboration with Microsoft, we will continue to lead the generative AI revolution, helping businesses amplify human potential and navigate their next towards becoming AI-first enterprises.”
Nicole Dezen, Chief Partner Officer, Microsoft Corp, said, “We’re pleased to expand our collaboration with Infosys to deliver innovative solutions, utilizing Azure OpenAI Service and Azure Cognitive Services, that will help customers develop new business models, and realize new revenue streams. By harnessing the power of generative AI, Infosys will help customers accelerate growth and innovation.”
Infosys is a global leader in next-generation digital services and consulting. Over 300,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. We enable clients in more than 56 countries to navigate their digital transformation. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, as they navigate their digital transformation powered by cloud and AI. We enable them with an AI-first core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace.
Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next.
Certain statements in this release concerning our future growth prospects, or our future financial or operating performance are forward-looking statements intended to qualify for the ‘safe harbor’ under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, our ability to attract and retain personnel, our transition to hybrid work model, economic uncertainties, technological innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, and our corporate actions including acquisitions. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2023. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.
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- Censys Introduces the Ground Truth for Internet Intelligence – The Censys Internet Map
- Onfido Featured as a Market Leader in Liminal’s Link Index Report for Account Opening in Financial Services
- Infosys collaborates with Microsoft to accelerate and democratize industry-wide adoption of generative AI
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Fraud Detection and Prevention Market size worth USD 146.54 Billion, Globally, by 2030 at 16.98% CAGR: Verified Market Research®