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Rising Online Transactions Propel Growth In Password Based Authentication Market: Strategic Insights Driving Password Based Authentication Market Momentum in 2025
Password Based Authentication
Password Based Authentication Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent years, the market size of password-based authentication has seen a considerable expansion. The market is anticipated to soar from $5.56 billion in 2024 to $6.74 billion in 2025, with a compound annual growth rate (CAGR) of 21.2%. This significant growth throughout the historic period is associated with escalating internet utilization, augmenting e-commerce, increasing cybersecurity menaces, regulatory compliance stipulations, and the rise in mobile device usage.
Password Based Authentication Market Size Forecast: What's the Projected Valuation by 2029?
Anticipated to experience significant growth in the forthcoming years, the password based authentication market is projected to expand to a value of $14.2 billion by 2029. This implies a compelling compound annual growth rate (CAGR) of 20.5%. This marked growth within the forecast timeframe is attributed to a surge in cyberattacks and data breaches, the adoption of multi-factor authentication, the extension of digital transformation strategies, increased cybersecurity awareness, and stringent data protection laws imposed by governments. Key trends predicted for this forecast period encompass the growth of AI-driven authentication mechanisms, the incorporation of blockchain technology, the creation of quantum-resistant methodologies, the widespread use of single-sign-on (SSO) solutions, and a heightened focus on adaptive authentication techniques.
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What Are the Drivers Transforming the Password Based Authentication Market?
The surge in online transactions is anticipated to fuel the expansion of the password-based authentication market in the future. Any kind of transaction conducted over the internet is referred to as an online transaction. The escalation in online transactions denotes the growing frequency and capacity of fiscal activities electronically carried out over the web. To validate users' identities and safeguard their accounts and confidential data, online transactions employ password-based authentication, which helps to avoid unauthorized entry and deceptive operation. For example, the Canadian Payment Methods and Trends Report 2023 by Payments Canada, a Canadian payments association, noted in October 2023 that in 2022, the worth of online transactions via electronic payments climbed 11%, reaching 1,118 million from 1,007 million in 2021. As a result, the password-based authentication market is benefiting from the surge in online transactions.
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What Long-Term Trends Will Define the Future of the Password Based Authentication Market?
Leading firms in the password-based authentication market are concentrating on the creation of cutting-edge solutions, such as multi-factor authentication solutions, to increase both the security and convenience of users. Multi-factor authentication refers to security systems where users must confirm their identity through more than one verification method. For instance, in July 2024, Indian cybersecurity solutions provider Cybernexa launched CyLock SSPR, a sophisticated active directory password self-service platform aimed at revolutionizing password management. This platform responds to the growing need for efficient yet secure password management in a rapidly evolving digital space. The platform guarantees compliance with corporate password rules, including length, complexity, and history requirements, and guides users in creating robust passwords that can resist brute force attacks and unauthorized entry attempts. Additionally, CyLock SSPR provides compliance reporting features.
Which Segments in the Password Based Authentication Market Offer the Most Profit Potential?
The password based authenticationmarket covered in this report is segmented -
1) By Type: Fingerprint Recognition, Iris Recognition, Palm Print Recognition, Face Recognition, Vein Recognition, Signature Recognition, Voice Recognition, Other Types
2) By Offering: Hardware, Software
3) By Functionality Type: Contact, Noncontact, Combined
4) By End-User: Government, Military And Defense, Healthcare, Banking And Finance, Consumer Electronics, Travel And Immigration, Security, Automotive, Other End-Users
Subsegments:
1) By Fingerprint Recognition: Optical Fingerprint Scanners, Capacitive Fingerprint Scanners, Ultrasonic Fingerprint Scanners
2) By Iris Recognition: Near-Infrared Iris Scanners, Multi-Spectral Iris Scanners
3) By Palm Print Recognition: 2D Palm Print Scanners, 3D Palm Print Scanners
4) By Face Recognition: 2D Face Recognition Systems, 3D Face Recognition Systems, Infrared Face Recognition Systems
5) By Vein Recognition: Finger Vein Recognition, Palm Vein Recognition
6) By Signature Recognition: Dynamic Signature Recognition, Static Signature Recognition
7) By Voice Recognition: Speaker Verification Systems, Speech-to-Text Systems
8) By Other Types: Keystroke Dynamics, Behavioral Biometrics
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Which Firms Dominate the Password Based Authentication Market by Market Share and Revenue in 2025?
Major companies operating in the password based authentication market are Google LLC, Microsoft Corporation, International Business Machines Corporation, Fujitsu Limited, NEC Corporation, Thales Group, Twilio Inc., HID Global Corporation, Okta Inc., Entrust Corporation, Rippling Inc., secunet Security Networks AG, Duo Security Inc., M2SYS Technology LLC, Yubico Inc., LastPass LLC, Cognitec Systems GmbH, Aware Inc., Stytch Inc., SUPREMA Inc., Precise Biometrics AB, Cybernexa
Which Regions Offer the Highest Growth Potential in the Password Based Authentication Market?
North America was the largest region in the password based authentication market in 2024. Asia-Pacific is expected to be the fastest-growing region in the market going forward. The regions covered in the password based authentication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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