DUBLIN--(BUSINESS WIRE)--The "Global Passwordless Authentication Market by Offering (Hardware, Software, and Services), Motility (Fixed/Rack Mounted, and Mobile/Portable), Authentication Type (Single-factor, Multi-factor), End-Use Industry and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global passwordless authentication market size is estimated to be USD 6.6 billion in 2022 and is projected to reach USD 21.2 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 26.2% during the forecast period.
Some factors driving market expansion include a lower overall cost of ownership, robust security with fewer breaches, and enhanced user experiences. However, the higher cost of deployment and reluctance to move from a traditional password-based approach to passwordless authentication solutions are expected to hinder market growth.
By motility, fixed/rack mounted to grow at higher CAGR during the forecast period
The passwordless authentication industry has been segmented into two segments based on motility: fixed/rack mounted and mobile/portable. Fixed/rack mounted devices can be deployed at a single location to authenticate a large number of users. A tamper-resistant hardware device that is fixed or rack-mounted may incorporate smart cards and sensors. To validate user identification, these devices rely on physical attributes, such as a fingerprint, face patterns, or iris or retinal patterns. Such devices are improving the user experience by automating and supporting identity management on the user side. Thus, Fixed/Rack Mounted is anticipated to grow at the highest CAGR during the forecast period.
By end-use industry, BFSI industry accounts for the largest market size during the forecast period
Among the industries embracing biometrics technology, banking and finance confront key security concerns, such as fraud and hacking. The BFSI industry is witnessing a rise in the frequency of bank employee frauds and customer queries about changing passwords to access their accounts, generating demand for biometric solutions. This technology is gaining popularity due to its dependability, precision, and low cost. Passwordless authentication technologies provide financial institutions with a competitive edge as clients continue to seek greater fraud and identity theft protection. Thus, the BFSI industry is opting for passwordless authentication solutions, generating a larger market share.
By offering, the hardware segment to grow at the largest market size during the forecast period
The hardware offering of the passwordless authentication market includes security identifying and authentication devices, including cameras, scanners, and readers. Such machines employ automated techniques of authenticating or identifying an individual based on a physiological or behavioral attribute of a human being. The high-end security provided by these hardware devices along with enhanced user experience is the primary reason for their popularity and hence is gaining the highest market share.
Market Dynamics
Drivers
- Need to Reduce IT Costs
- Need to Strengthen Security and Reduce Attack Vectors
- Increasing Demand for Better User Experience
Restraints
- High Initial Deployment Cost
Opportunities
- Boost in Use of Biometric Authentication Systems
- Growing Adoption of Adaptive Authentication
Challenges
- Security Limitations and Weaknesses
- Reluctance of People to Shift from Traditional Password-based Authentication
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Passwordless Authentication Market, by Type
7 Passwordless Authentication Market, by Offering
8 Passwordless Authentication Market, by Authentication Type
9 Passwordless Authentication Market, by Motility
10 Passwordless Authentication Market, by End-use Industry
11 Passwordless Authentication Market, by Region
12 Competitive Landscape
13 Company Profiles
14 Adjacent Markets
15 Appendix
Companies Mentioned
- Authentiq
- Behaviosec
- Beyond Identity
- Cidaas
- Duo Security
- Empowerid
- Entrust
- Fujitsu
- Hid Global
- Hypr
- IBM
- Idee
- Identite
- Keyless
- Kosmos
- Lastpass
- Logmeonce
- Microsoft
- Nec
- Okta
- Onelogin
- Ping Identity
- Prove
- Pureid
- Secret Double Octopus
- Signicat
- Stytch
- Thales
- Trusona
- Ubisecure
- Veridium
- Yubico
For more information about this report visit https://www.researchandmarkets.com/r/l5ye5o
