SAN FRANCISCO, Dec. 22, 2022 /PRNewswire/ -- The global passwordless authentication market size is expected to reach USD 55.70 billion by 2030, growing at promising 18.2% CAGR, according to a new report by Grand View Research, Inc. Passwordless authentication is a security procedure that uses unique biological traits of a person to validate their authenticity.
Key Industry Insights & Findings from the report:
- Growing investments in developed countries such as the U.S., Canada, Germany, France, and the U.K. for implementing passwordless authentication technology is a crucial factor driving the growth.
- Fingerprint recognition and facial recognition provide various benefits. The increased security, accountability, convenience, and their non-transferable nature are crucial drivers for the growth.
- The surge in e-commerce and internet banking, as well as legislations by various authorities such as central banks mandates large organizations to utilize robust authentication mechanisms to authenticate customers.
- Multi-factor authentication protects clients from phishing attempts and fraudulent purchases and secures transactions.
Read 117-page market research report, "Passwordless Authentication Market Size, Share & Trends Analysis Report By Component, By Product Type (Facial Recognition, Fingerprint, Iris), By Authentication Type, By Portability, By End-user, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Passwordless Authentication Market Growth & Trends
The increasing adoption of smartphones and other electronic gadgets is a crucial element driving the biometric authentication market forward. According to a July 2022 Oxford Economics and Samsung study, up to 85% of small and midsize enterprises allow all or most of their staff to use mobile devices for work. Personal laptops and smartphones used by employees might expose a small firm to the dangers of unauthorized access to proprietary data, files, and systems. Such solutions remain the need of the hour and growing focus of many companies around the world.
For instance, in September 2022, AaDya Security, a cyber-security firm, announced the availability of passwordless authentication for Judy, the first all-in-one cybersecurity solution for SMEs. The new security feature protects how small business employees access company resources, mainly when they operate remotely and on mobile phones and personal laptops.
The growing requirement for an additional layer of protection beyond passwords fuels the growth of the passwordless authentication industry. To authenticate identities, fingerprint sensors and smartcards are utilized, and these security points allow for a seamless experience and data flow across locations. Most businesses are using voice biometric authentication in their workplaces for their personnel.
Reduced fraud exposure and lower authentication costs often drive organizations to implement voice biometric technology in their facilities. For instance, in July 2022, Turant Inc., a voice biometric AI firm, launched its cutting-edge AI solution in India. The company seeks to eliminate OTP-related fraud in transactions across use cases across business/industry domains, including e-commerce deliveries, by making it available in all Indian languages and roughly 20,000 dialects.
Furthermore, due to the increasing number of incidences of data theft around the world, passwordless authentication has gained popularity. Data theft issues in devices such as computers, cellphones, and tablets have increased the requirement for protection beyond passwords. fingerprint sensors and facial recognition are ways modern gadgets can be secured to prevent data theft.
For instance, in August 2022, ForgeRock, an international identity and access management software business, established strategic cooperation with Israeli software company Secret Double Octopus. ForgeRock will use SDO technology to provide employees, contractors, and vendors with a unified multi-factor secure experience. ForgeRock Enterprise Connect, the new solution, connects effortlessly with any ForgeRock deployment option, allowing organizations to gain increased security for databases, workstations, VPNs, and servers.
Passwordless Authentication Market Segmentation
Grand View Research has segmented the global passwordless authentication market based on component, product type, authentication type, portability, end-user, and region:
Passwordless Authentication Market - Component Outlook (Revenue, USD Million, 2017 - 2030)
Passwordless Authentication Market - Product Type Outlook (Revenue, USD Million, 2017 - 2030)
- Fingerprint Authentication
- Palm Recognition
- Iris Recognition
- Face Recognition
- Voice Recognition
- Smart Card
Passwordless Authentication Market - Type Outlook (Revenue, USD Million, 2017 - 2030)
- Single-factor Authentication
- Multi-factor Authentication
Passwordless Authentication Market - Portability Outlook (Revenue, USD Million, 2017 - 2030)
Passwordless Authentication Market - End-user Outlook (Revenue, USD Million, 2017 - 2030)
- IT & Telecom
- Transportation & Logistics
- Aerospace & Defense
Passwordless Authentication Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Asia Pacific
- Central & South America
- Middle East and Africa (MEA)
List of Key Players in the Passwordless Authentication Market
- ASSA ABLOY
- DERMALOG Identification Systems GmbH
- East Shore Technology, LLC
- HID Global Corporation
- M2SYS Technology
- NEC Corporation
Check out more related studies published by Grand View Research:
- Facial Recognition Market - The global facial recognition market size is expected to reach USD 12.11 billion by 2028 according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 15.4% from 2021 to 2028. Facial recognition is a contactless biometric solution that is a critical factor contributing the market growth.
- Multi-factor Authentication Market - The global multi-factor authentication (MFA) market size is expected to reach USD 17.76 billion by 2025, according to a new study by Grand View Research, Inc., experiencing a CAGR of 15.07% during the forecast period. Increasing implementation of BYOD and cloud-based services across enterprises, along with the growing security regulations and mandates, is benefiting market growth.
- 3D Secure Payment Authentication Market - The global 3D secure payment authentication market size is expected to reach USD 2.76 billion by 2030, growing at a CAGR of 12.2% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The rising demand for e-commerce has augmented the use of Card Not Present (CNP) transactions. As a result of such an increase in CNP transactions, the growth in CNP fraud transactions has been observed over the past few years.
Browse through Grand View Research's Next Generation Technologies Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.