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Passwordless Authentication Market Trends, Top Companies, Share, Growth And Forecast 2033
Passwordless Authentication Market Trends
According to The Business Research Company's, The passwordless authentication market size has grown rapidly in recent years. It will grow from $17.13 billion in 2023 to $20.07 billion in 2024 at a compound annual growth rate (CAGR) of 17.2%. The growth in the historic period can be attributed to increased cybersecurity threats and data breaches, proliferation of mobile devices, regulatory compliance requirements, increased adoption of cloud computing, and incresed awareness of password management best practices.
The passwordless authentication market size is expected to see rapid growth in the next few years. It will grow to $38.30 billion in 2028 at a compound annual growth rate (CAGR) of 17.5%. The growth in the forecast period can be attributed to heightened focus on user experience and convenience, shift towards zero-trust security architectures, rising demand for stronger authentication methods, growing integration of passwordless authentication, and increasing regulatory emphasis on data protection. Major trends in the forecast period include multi-factor authentication (MFA) solutions, behavioral biometrics, continuous authentication technologies, and innovative solutions.
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Market Drivers and Trends:
The growing concerns about data security are expected to propel the growth of the passwordless authentication market going forward. Data security refers to the process of protecting digital information at every stage of its lifecycle to prevent corruption, theft, or unauthorized access. There is growing concern for data security due to several factors, including heightened connectivity, the growing complexity of IT systems, and sophisticated hacking techniques. Passwordless authentication strengthens data security by replacing traditional password-based methods with more secure factors, including biometrics, hardware tokens, or cryptographic keys, thereby enhancing authentication and minimizing the risk of unauthorized access to sensitive data. For instance, in March 2024, according to the Federal Bureau of Investigation (FBI), a US-based law enforcement agency, there were 880,418 cybercrime complaints received by the FBI from the public in 2023, marking a 10% rise from the previous year's figure. Furthermore, in January 2023, according to Check Point Software Technologies Ltd., an Israel-based provider of cyber security solutions, global cyberattacks saw a 38% increase in 2022 compared to 2021. Therefore, growing concerns about data security are driving the growth of the passwordless authentication market.
Major companies operating in the passwordless authentication market are providing innovative solutions, such as secret location authentication services, to maximize their profits in the market. Secret location authentication services refer to a method of passwordless authentication that relies on a user's physical location as a means of verifying their identity. For instance, in April 2024, Center Identity, a US-based cybersecurity company, launched its Patented Secret Location Authentication, a method where users authenticate via a chosen map location, eliminating complex passwords. Instead of requiring traditional passwords or authentication tokens, secret location authentication uses geolocation data to confirm that the user is in a specific, predetermined location. Additionally, it leverages artificial intelligence, ensuring that hints for selected secret locations meet robust cybersecurity standards and offering users an easy recovery mechanism. This cost-effective method requires no additional devices, unlike hardware-dependent solutions. This will help Center Identity optimize productivity while safeguarding businesses with stringent security measures and simplified access management.
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Major Key Players of the Market:
Microsoft Corporation, International Business Machines Corporation (IBM), Fujitsu Limited, NEC Corporation, Thales Group, Okta Inc., HID Global Corporation, Entrust Corporation, LogMeIn Inc., Ping Identity Corporation, Duo Security LLC, Signicat AS, Prove Identity Inc., OneLogin Inc., Beyond Identity Inc., Stytch Inc., Trusona Inc., HYPR Corp., Ubisecure Limited, Secret Double Octopus Ltd., EmpowerID LLC, Veridium Ltd., IDEE GmbH, Yubico AB, LogMeOnce LLC
Passwordless Authentication Market 2024 Key Insights:
• The passwordless authentication market size is expected to see rapid growth in the next few years. It will grow to $38.30 billion in 2028 at a compound annual growth rate (CAGR) of 17.5%.
• Focus On Data Security Is Driving The Growth Of The Passwordless Authentication Market
• Innovative Solutions To Address The Inefficiencies And Vulnerabilities
• North America was the largest region in the passwordless authentication market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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