Passwordless Authentication Market Growing Trends and Technology Forecast 2021-2030
Passwordless authentication is a security process which relies on few unique biological characteristics of an individual in order to verify his/her authenticity. It is a method of authenticating user’s identity without the use of passwords. Passwordless authentication comes with several benefits such as improved user experience, better security, and reduction in total cost of ownership.In order to get confirmation, both samples (human and machine) of the biometric data should match.
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Top Companies: Fujitsu Ltd., Thales Group, NEC Corporation, Cognitec Systems and EyeVerify Inc.
Market Dynamics and Trends
Growing penetration of smartphones and other consumer electronic devices is a major factor contributing to the growth of the biometric authentication market. In addition, growing need for an additional layer of security beyond passwords is another factor augmenting the growth of passwordless authentication market.
Moreover, rapid adoption of technologies such as artificial intelligence and internet of things (IoT) in devices such as smartphones and tablets among others is another key factor responsible for the growth of the passwordless authentication market. Fingerprint sensors and smartcards are used to verify identities, and these security points allow for a seamless experience and makes way for a smooth flow of data between points. Most organizations have adopted the use of fingerprint authentication and smartcards in their offices, for their employees. Employees make use of either smart cards or biometric authentication to enter/exit the office premises. Few organizations make use of facial recognition, iris recognition, and voice analysis to authenticate its employees. In addition to this, passwordless authentication has gained prominence due to the rising cases of data theft issues across the globe. The need for security, beyond passwords have increased due to data theft issues in devices such as laptops, smartphones, and tablets among others. Fingerprint sensors, facial recognition are some of the ways modern devices can be secured in order to mitigate data theft issues.
Fingerprint recognition and facial recognition are widely implemented in consumer electronic devices such as smartphones and tablets. Fingerprint recognition, and facial recognition offers several benefits such as heightened security, accountability, ease of use and its non-transferable nature.
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Market Segmentations and Scope of the Study:
The global market for passwordless authentication is segmented on the basis of type, into fingerprint recognition, palm print recognition, iris recognition, face recognition, voice analysis and smart card among others. Based on component, the market for passwordless authentication is segmented into hardware and software. Based on authentication type, the market for passwordless authentication market is segmented into single-factor authentication and multi-factor authentication. Based on motility, the passwordless authentication market is segmented into fixed and mobile. Further, based on end-use industry, the passwordless authentication market is segmented into BFSI, consumer electronics, logistics, public sector, aerospace & defense, healthcare and retail among others. Moreover, based on end-use industry, the passwordless authentication market is segmented on the basis of region into North America, Europe, Asia Pacific, and Rest of the World.
North America and Europe led the global market for passwordless authentication and is likely to display similar trends in the coming years. Growing investments in the developed nations such as the U.S., Canada, Germany, France, and U.K. among others for the adoption of passwordless authentication technology is a key factor augmenting the growth of the market. Further, growing concerns over data security in these countries has led to the growth of the passwordless authentication market in these countries.
Asia Pacific is expected to display the fastest growth during the forecast period, with China, Japan and India leading the growth of the market. Growing penetration of smartphones and tablets in this region along with technologies such as fingerprint recognition, facial recognition is a major factor supporting the growth of the passwordless authentication market in these countries.
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