Passwordless Authentication Market Growth Statistics & Future Prospects by 2031

According to a new report published by Allied Market Research, titled, "Passwordless Authentication Market," The passwordless authentication market was valued at $12.80 billion in 2021 and is estimated to reach $40.2 billion by 2031, growing at a CAGR of 12.2% from 2022 to 2031.

Alternative security systems have taken the spotlight as organizations across the globe have started understanding the security dangers of relying on easily stolen and shared passwords. There are several alternative passwordless authentication methods that do not involve passwords such as a hardware token (an object the user has that verifies their identity) or biometric methods or devices such as a physical feature belonging to a user, like their thumbprint.

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Passwordless authentication is a type of multi-factor authentication in which users must prove their identity without the use of passwords as a factor. The security process of passwordless authentication relies on a few unique biological characteristics of an individual in order to verify authenticity. By eliminating passwords from the equation, users are relieved of the burden of creating and remembering individual passwords for each of their accounts.

In addition, they do not need to key them in each time they log on. It is obvious that passwordless authentication is ready for prime time, whether on desktops or servers, as it is now extremely widespread on many devices that use biometrics and face recognition.

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According to passwordless authentication market research, the others segment was the highest revenue contributor to the market, with $4.5 billion in 2021, with a CAGR of 10%. The challenge-response authentication mechanism (CRAM) segment is estimated to reach $9.5 billion by 2031, at a significant CAGR, during the forecast period.

By type, in 2021, the other segment was the highest revenue contributor to the market, with a 10% impressive CAGR. However, the CARM segment is estimated to reach $9 billion by 2031, during the forecast period.

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By authentication type, the multi-factor segment is estimated to dominate the Passwordless Authentication Industry, during the forecast period. However, single-factor segments are expected to witness the fastest-growing CAGRs, respectively, during the forecast period respectively.

Region-wise, the passwordless authentication market growth was dominated by North America. However, Asia-Pacific and Europe are expected to witness a significant growth rate during the forecasted period.

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KEY FINDINGS OF THE STUDY:

• This study comprises an analytical depiction of the passwordless authentication market size along with the current trends and future estimations to depict the imminent investment pockets.

• The overall passwordless authentication market analysis is determined to understand the profitable trends to gain a stronger foothold.

• The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.

• The current passwordless authentication market forecast is quantitatively analyzed from 2021 to 2031 to benchmark financial competency.

• Porter's five forces analysis illustrates the potency of the buyers and suppliers in the passwordless authentication Industry.

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Key players profiled in the report include A Google LLC, Microsoft Corporation, IBM Corporation, NEC Corporation, Thales Group, Okta, Fujitsu Limited, Cognitec Systems GmbH, HID Global Corporation, and Secret Double Octopus (SDO). Market players have adopted various strategies, such as product launches, collaboration & partnership, joint ventures, and acquisition to expand their foothold in the Passwordless Authentication Market.

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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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