Passwordless Authentication Market Growing with 12.2% CAGR Reach USD 40.2 Billion by 2031

Allied Market Research published a new report, titled, "Passwordless Authentication Market Growing with 12.2% CAGR Reach USD 40.2 Billion by 2031." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

Passwordless authentication operates as a form of multi-factor authentication, requiring users to validate their identity without relying on passwords. This method leverages unique biological traits to confirm authenticity, significantly easing the burden on users who often struggle to remember multiple passwords for various accounts. By eliminating passwords, users no longer need to create or recall unique passwords for each account, nor do they have to enter them repeatedly during logins. As a result, passwordless authentication has become increasingly prevalent on devices equipped with biometric sensors and facial recognition technologies, marking its readiness for widespread adoption across desktops and servers.

Passwordless Authentication Market," was valued at $12.80 billion in 2021 and is projected to reach $40.2 billion by 2031, experiencing a compound annual growth rate (CAGR) of 12.2% from 2022 to 2031.

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The global passwordless authentication market research is segmented into type, authentication type, industry vertical, and regions. Based on type, the market is bifurcated into authentication using face recognition (selfie authentication), challenge-response authentication mechanism (CRAM), fingerprint/thumbprint authentication, and others. By authentication type, the market is categorized into single-factor and multi-factor. Based on the industry vertical the market is segmented into aerospace & defence, BFSI, government & law enforcement, healthcare, IT & telecom, retail, transportation & logistics, and others.

The COVID-19 pandemic has positively influenced the growth of the passwordless authentication market, as the demand for technologies like artificial intelligence (AI) and the Internet of Things (IoT) in electronic devices-such as smartphones and tablets-has surged. Moreover, the rise in data theft incidents has heightened the popularity of passwordless solutions. To mitigate data theft risks, existing devices can now be secured using passwordless methods like fingerprint sensors and facial recognition. Consequently, the adoption of passwordless authentication methods increased during the pandemic.

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By Type: In 2021, the "others" segment was the highest revenue contributor, demonstrating a robust CAGR of 10%. The challenge-response authentication mechanism (CARM) segment is expected to reach $9 billion by 2031 during the forecast period.

By Authentication Type: The multi-factor authentication segment is anticipated to dominate the passwordless authentication industry throughout the forecast period, while single-factor authentication segments are expected to witness the fastest-growing CAGRs during the same timeframe.

Regional Insights: North America leads in passwordless authentication market growth, but significant growth rates are anticipated in Asia-Pacific and Europe during the forecast period.

Key players profiled in the report include Google LLC, Microsoft Corporation, IBM Corporation, NEC Corporation, Thales Group, Okta, Fujitsu Limited, Cognitec Systems GmbH, HID Global Corporation, and Secret Double Octopus (SDO).

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Key Industry Developments:

● In September 2021, Microsoft announced enhancements to its Azure Active Directory, allowing users to sign in without passwords. This initiative is part of Microsoft's broader strategy to promote secure and user-friendly authentication methods.

● In March 2022 The FIDO Alliance, which promotes passwordless authentication standards, expanded its membership to include more companies from various sectors. This growth underscores the increasing collaboration among industry leaders to drive the adoption of passwordless technologies globally.

● In March 2021: Okta completed its acquisition of Auth0. This acquisition aims to strengthen Okta's position in the passwordless authentication market by
providing more comprehensive solutions for developers and enterprises.

● In April 2023, Yubico launched the YubiKey 5C NFC, a passwordless authentication device that supports multiple protocols, including FIDO2 and WebAuthn. This product aims to provide users with a secure and convenient method for accessing services without passwords.

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