Innovating Security: The Passwordless Authentication Market Dynamics and Forecasts

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.

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 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.

Request Sample Report at: https://www.alliedmarketresearch.com/request-sample/A47286

In addition, they do not need to key them in each time they log on. 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.

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. Several alternative passwordless authentication methods 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.

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.

For Report Customization: https://www.alliedmarketresearch.com/request-for-customization/A47286

The COVID-19 outbreak had positively impacted the growth of the passwordless authentication market, due to the increasing application of various technologies such as artificial intelligence (AI) and the internet of things (IoT) in electronic devices like smartphones, tablets, and other smart devices. In addition, since cases of data theft have increased globally, passwordless authentication has grown in popularity. Therefore, to lower the danger of data theft, existing devices can be secured utilizing passwordless authentication methods like fingerprint sensors and facial recognition. As a result, the need for passwordless authentication rose during the COVID -19 pandemic.

Region-wise, North America held a significant global passwordless authentication market share, due to the region's increasing demand for enhanced end-user services, U.S. and Canada currently dominate the regional market for North America. The main drivers of the growth of the passwordless authentication market in this region are the rapid advancements in increased penetration of consumer electronic devices, growing advancement in technologies such as the internet of things (IoT) and artificial intelligence, and rising awareness of the application of passwordless authentication in the banking sector. Moreover, rapid urbanization and increasing demand for passwordless authentication in mobile applications due to the rise of data security concerns are the primary factors that drive the growth of the passwordless authentication market in Asia-Pacific, North America, Europe, and LAMEA.

Access the full summary at: https://www.alliedmarketresearch.com/passwordless-authentication-market-A47286

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. For instance, in January 2022, HID Global and Citrix enables a passwordless way to work and provide passwordless future solutions that support a better authentication experience for Citrix Workspace users without sacrificing security. HID Crescendo can form the foundation of a complete multi-factor authentication ecosystem that not only enhances the security of the Citrix environment but also the overall security posture of an organization. Such collaborations helped the passwordless authentication market to grow during the pandemic period.

Technologies for password-free authentication offer both improved usability and increased security. Tools for password authentication can't be replicated, which stops fraud from happening in many digital and on-premises activities. Password-free verification methods let users avoid having to recall several passwords or keep them in a database for later use. Employees can become less concerned about their information and work more efficiently. The passwordless authentication market has a strong multifactor strategy that has overcome the difficulties of the modern work-from-home environment and its accompanying security worries.

Buy Now & Get Exclusive Report at: https://www.alliedmarketresearch.com/passwordless-authentication-market/purchase-options

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 legislation 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.

Thanks for reading this article; you can also get individual chapter-wise sections or region-wise report versions like North America, Europe, or Asia.

If you have special requirements, please tell us, and we will offer you the report as per your requirements.

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.

Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll-Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn Twitter

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, researchers, and students at universities. With reports on more than 60,000 niche markets with data comprising 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients' requirements is complemented with analyst support and customization requests.

This release was published on openPR.