Passwordless Authentication Market: Current Analysis and Forecast (2022-2028)
Emphasis on Component (Hardware, Software, and Services); Mobility (Portable and Fixed); Authentication (Single-Factor Authentication and Multi-Factor Authentication); End Use Industry (Banking and Financial Services, Information and Communication Technology, Healthcare, Government, and Others); and Region/Country
The global Passwordless Authentication Market is expected to grow at a growth rate of around 20% during the forecast period. Passwordless authentication uses something other than a password to verify the identity of a software user. The most common passwordless authentication methods include a user’s secondary ownership of her device or account or user-specific biometrics such as face or fingerprint. For both the firm and its consumers, passwordless authentication delivers a more seamless experience than conventional username and password authentication. This not only saves money but, in some circumstances, may even improve sales. Moreover, factors such as the need to reduce IT costs and the boost in the use of biometric authentication and two-factor authentication are also contributing to the growth of the market. For instance, according to Cisco Systems Inc., the adoption of two-factor authentication has increased significantly over the past two years, with 79% of respondents using it in 2021 compared to 53% in 2019 and 28% in 2017.
Some of the major players operating in the market include HID Global Corporation, NEC Corporation, Thales Group, Microsoft Corporation, Entrust Corp., Cisco Systems Inc., IBM Corporation, Fujitsu Limited, Okta Inc., and Signicat AS are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst component, hardware segment to witness robust CAGR during the forecast period”
Based on component, the market is classified into hardware, software, and services. The hardware segment catered to a significant share of the passwordless authentication market in 2020 owing to the digital transformation of businesses, which has increased the usage of passwordless authentication devices, such as fingerprint scanners, retina scanners, iris scanners, facial recognition, voice recognition, hand and fingerprint geometry, and vein geometry scanners, etc.
“Amongst mobility, the portable segment to hold a significant share in the market in 2020”
Based on mobility, the market is divided into portable and fixed. The portable segment is anticipated to witness significant growth during the forecasted period. Mobile authentication solutions use one or more biometric modalities for authentication or identification and are flexible to deploy using tablets, smartphones, other types of handhelds, wearable technology, and IoT devices. In addition, mobile authenticators do not require as large an installation as fixed authenticators, making them easier to port.
“North America captured a significant share of the market in 2020”
North America captured a notable share of the market in 2020. This high share is due to the many benefits passwordless authentication offers, including better user experience, improved security, and lower total cost of ownership. Moreover, increasing investment in developed countries such as the United States, Canada, and Mexico for the implementation of passwordless authentication technology is a key factor contributing to the market growth. Further on, the rising adoption of technologies such as the internet of things (IoT) and artificial intelligence and a rising number of smart city projects, and growing investments in smart cities are also driving the growth of the market in the region. For instance, according to the White House Presidential Innovation Fellow project, local governments in the United States will invest approximately USD 41 Tn over the next 20 years to upgrade their infrastructure and take advantage of the IoT.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global passwordless authentication market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Passwordless Authentication Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global passwordless authentication market were the three major steps undertaken to create and analyze the adoption of passwordless authentication in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global passwordless authentication market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the passwordless authentication market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the passwordless authentication market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as a component, mobility, authentication, and end-use industry. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the passwordless authentication market. Further, we conducted factor analysis using dependent and independent variables such as component, mobility, authentication, and end-use industry of the passwordless authentication market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the passwordless authentication market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global passwordless authentication market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the passwordless authentication market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global passwordless authentication market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global passwordless authentication market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the component, mobility, authentication, and end-use industry in the global passwordless authentication market.
The main objective of the Global Passwordless Authentication Market Study
The current & future market trends of the global passwordless authentication market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the passwordless authentication market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the component, mobility, authentication, and end-use industry
- Define and analysis of the regulatory framework for the passwordless authentication industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the passwordless authentication market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the passwordless authentication market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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