The Passwordless Authentication Market size was valued at USD 8.33 Billion in 2023 and is expected to grow to USD 54.27 Billion By 2031 and grow at a CAGR of 26.4% over the forecast period of 2024-2031.
The Passwordless Authentication market is experiencing rapid growth as businesses and organizations seek more secure and user-friendly methods to protect sensitive information. Traditional password-based systems are increasingly seen as vulnerable to breaches and cyberattacks, prompting a shift towards advanced authentication technologies. This market includes solutions such as biometrics, hardware tokens, and mobile-based authentication, which eliminate the need for traditional passwords by using unique physical or behavioral characteristics of users. The growing adoption of these technologies across various sectors, including banking, healthcare, and e-commerce, is driven by the need for enhanced security and streamlined user experiences.
Emerging trends in the Passwordless Authentication market highlight the integration of artificial intelligence and machine learning to further bolster security measures. These technologies enable continuous and adaptive authentication, where systems can dynamically assess the legitimacy of a user based on patterns and behaviors. Moreover, the increasing prevalence of remote work and the proliferation of Internet of Things (IoT) devices are contributing to the demand for robust, passwordless solutions. Companies are investing heavily in research and development to create innovative and scalable authentication methods that cater to a wide range of applications, ensuring the market's growth and evolution in the coming years.
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Covid 19 impact analysis:
The latest report is the most recent study that offers coverage of the Passwordless Authentication industry that has been facing the brunt of the adverse economic impact of the COVID-19 outbreak since the beginning of this year. The global health crisis has affected nearly every aspect of the business vertical and led to massive disruptions to the global Passwordless Authentication market demand and supply chains. Researchers draw predictions for the market scenario in the post-COVID era. The report, additionally, assesses the present market situation and estimates its future outcomes, keeping in mind the impact of the pandemic on the global economic landscape.
Major companies profiled in the market report include
NEC Corporation, HID Global Corporation, Fujitsu, East Shore Technology, LLC, M2SYS Technology, Microsoft, Secret Double Octopus, Thales, Beyond Identity, Safran, DERMALOG Identification Systems GmbH, ASSA ABLOY, EmpowerID, OneLogin, IDEE, and others..
Research objectives:
The latest research report has been formulated using industry-verified data. It provides a detailed understanding of the leading manufacturers and suppliers engaged in this market, their pricing analysis, product offerings, gross revenue, sales network & distribution channels, profit margins, and financial standing. The report’s insightful data is intended to enlighten the readers interested in this business sector about the lucrative growth opportunities in the Passwordless Authentication market.
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It has segmented the global Passwordless Authentication market
By Component
- Hardware
- Software
- Services
By Portability
- Fixed
- Mobile
By Product Type
- Fingerprint Authentication
- Palm Recognition
- Iris Recognition
- Face Recognition
- Voice Recognition
- Smart Card
- Others
By Authentication Type
- Single-factor Authentication
- Multi-factor Authentication
By End-user
- IT & Telecom
- Retail
- Transportation & Logistics
- Aerospace & Defence
- BFSI
- Healthcare
- Government
- Others
Key Objectives of the Global Passwordless Authentication Market Report:
- The report conducts a comparative assessment of the leading market players participating in the global Passwordless Authentication
- The report marks the notable developments that have recently taken place in the Passwordless Authentication industry
- It details on the strategic initiatives undertaken by the market competitors for business expansion.
- It closely examines the micro- and macro-economic growth indicators, as well as the essential elements of the Passwordless Authentication market value chain.
- The repot further jots down the major growth prospects for the emerging market players in the leading regions of the market
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