Emerging Trends to Drive Passwordless Authentication Market Growth at 16.1% CAGR Through 2029

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What Will the Passwordless Authentication Industry Market Size Be by 2025?
There has been a significant increase in the size of the passwordless authentication market in recent years. It is projected to expand from $20.07 billion in 2024 to $23.55 billion in 2025, reflecting a compound annual growth rate (CAGR) of 17.3%. The expansion in the historical period can be explained by a rise in cyber security risks and data breaches, the spread of mobile devices, regulatory compliance necessities, a surge in cloud computing adoption, and heightened awareness about proper password management strategies.

What's the Long-Term Growth Forecast for the Passwordless Authentication Market Size Through 2029?
In the upcoming years, the size of the passwordless authentication market is predicted to expand swiftly, reaching a value of $42.81 billion by 2029 with a compound annual growth rate (CAGR) of 16.1%. The projected rise during this period can be attributed to an increased emphasis on user convenience and experience, the transition to zero-trust security structures, a surge in stronger authentication method demands, expanded integration of passwordless authentication, and a higher regulatory focus on data protection. Prominent trends expected during the forecast period encompass multi-factor authentication (MFA) solutions, behavioural biometrics, constant authentication technologies, and novel solutions.

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What Are the Key Growth Drivers Fueling the Passwordless Authentication Market Expansion?
Drivers such as an increasing concern regarding data security are anticipated to boost the expansion of the passwordless authentication market in the future. Data security is defined as the protection of digital data throughout its entire lifespan to protect against unauthorized access, theft, or data corruption. The emerging worry for data security is due to numerous reasons, including the enhanced connectivity, the increasing complexity of IT systems, and the advancement in hacking methodologies. Passwordless authentication amplifies data security by eliminating conventional password-related methods and introducing more secure factors, such as cryptographic keys, biometrics, or hardware tokens. These help amplify the authentication process and lower the chances of unauthorized access to sensitive information. For instance, in May 2024, the Information Commissioner's Office (ICO), a UK-based body that governs data protection and privacy laws ensuring lawful and transparent information handling practices, reported that between 2022 and 2023, cyber-related incidents composed 25.9% of all reported personal data breaches to the ICO, a figure that rose to 32.5% over the past 12 months. It regularly updates its website with breach statistics, emphasizing the continual increase in data security threats. Thus, due to the escalating concerns about data security, the passwordless authentication market is experiencing substantial growth.

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What Are the Key Trends Driving Passwordless Authentication Market Growth?
Leading organizations involved in the passwordless authentication industry are introducing cutting-edge solutions like secret location authentication services to boost their market earnings. The concept of secret location authentication services refers to a type of passwordless verification that utilizes a user's geographical whereabouts to confirm their identity. For example, Center Identity, a U.S.-based cybersecurity firm, introduced its Patented Secret Location Authentication in April 2024. This is an authentication process where users verify themselves via a selected map location, ruling out the need for intricate passwords. Instead of traditional passwords or security tokens, secret location authentication employs geolocation information to verify that the user is in a particular, pre-set location. Moreover, it integrates artificial intelligence, ensuring the clues for selected clandestine locations adhere to strict cybersecurity regulations and provide users with a simple recovery process. This economical method does not hinge on additional devices, unlike hardware-dependent methods. Through this approach, Center Identity is poised to enhance efficiency while protecting businesses with rigorous security protocols and streamlined access control.

How Is the Passwordless Authentication Market Segmented?
The passwordless authenticationmarket covered in this report is segmented -

1) By Type: Fingerprint Authentication, Palm Recognition, Iris Recognition, Face Recognition, Voice Recognition, Smart Card
2) By Component: Hardware, Software, Services
3) By Authentication Type: Single-factor Authentication, Multi-factor Authentication
4) By Portability: Fixed, Mobile
5) By End-user: IT And Telecom, Retail, Transportation And Logistics, Aerospace And Defense, BFSI, Healare, Government

Subsegments:
1) By Fingerprint Authentication: Optical Fingerprint Scanners, Capacitive Fingerprint Scanners, Ultrasonic Fingerprint Scanners, Thermal Fingerprint Scanners
2) By Palm Recognition: Palm Vein Recognition, Palm Print Recognition, 3D Palm Recognition
3) By Iris Recognition: Near Infrared Iris Scanning, Multimodal Iris Recognition, Mobile Iris Recognition
4) By Face Recognition: 2D Face Recognition, 3D Face Recognition, Infrared Face Recognition, Thermal Face Recognition, Facial Landmark Detection
5) By Voice Recognition: Speaker Verification, Speech-To-Text Biometrics, Voiceprint Recognition, Biometric Authentication Via Voice Assistants
6) By Smart Card: RFID Smart Cards, Smart Card With Biometrics, Contactless Smart Cards, Multi-Factor Authentication Smart Cards

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Which Companies Are Leading the Charge in Passwordless Authentication Market Innovation?
Major companies operating in the passwordless authentication market are 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

Which Regions Are Leading the Global Passwordless Authentication Market in Revenue?
North America was the largest region in the passwordless authentication market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the passwordless authentication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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