Author: Vikas Kumar
14 January 2023
The Passwordless Authentication Market is expected to grow at a strong CAGR of around 20% owing to the higher security with minimal cyber-attacks and improved user experience. 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.
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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.
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.
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For a better understanding of the market adoption of the passwordless authentication industry, the market is analyzed based on its worldwide presence in the countries such as North America (The United States, Canada, and the Rest of North America), Europe (Germany, The United Kingdom, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. 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.
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
Global Passwordless Authentication Market Segmentation
Market Insight, by Component
Market Insights, by Mobility
Market Insights, by Authentication
Market Insights, by End-Use Industry
Market Insight, by Region
Top Company Profiles
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