Passwordless Authentication Market Size Worth $78.92 Billion By 2032 | CAGR: 18.7%

Passwordless Authentication Market Size Worth $78.92 Billion By 2032 | CAGR: 18.7%

The global passwordless authentication market size is expected to reach USD 78.92 billion by 2032, according to a new study by Polaris Market Research. The report “Passwordless Authentication Market Share, Size, Trends, Industry Analysis Report, By Offering (Hardware, Software, and Services); By Authentication Type; By Motility; By End-Use; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Presently, many organizations are using conventional authentication security systems that requires simple password to access the services and portals, which might contain many sophisticated information like personal and financial data, that means these conventional alphanumeric password systems can be easily nullified to trespass the security systems. Thus, to tackle this kind of issues key market players are highly implementing on the development and innovation of more secure and advanced authentication systems, which in turn creating high demand and growth opportunities for the global market.

For instance, 1Password, introduced its latest passwordless authentication for Chrome, Firefox, Brave, & Edge, mainly designed to help the users automatically save, store, & auto-fill logins with a wide range of 3rd party providers. The newly developed extension will reduce the risk of credential theft by allowing users to login without using password and simplify the sign-in experience.

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Right now, only few firms and business organizations are using AI to verify identity, but AI will soon play a very crucial role for variety of businesses across applications that are more serious about their security systems access. In the coming years, we are going to see a tremendous rise in the adoption of AI or machine learning-based authentication technologies and also behavior metric authentication, which would further impact the overall market growth and open new opportunities.

Passwordless Authentication Market Report Highlights

  • Hardware segment accounted for largest market share in 2022, which is mainly driven by high adoption of advanced hardware authentication solutions among large enterprises
  • Multi-factor authentication segment is expected to grow at fastest CAGR over the projected period on account of extensive rise in the number of online theft and breaches
  • Fixed segment held the highest market revenue share in 2022 owing to its large utilization across industrial sector and in businesses to efficiently operate attendance systems and its easy availability in both developed and developing regions
  • Government and enforcement segment dominated the global market in 2022, due to rapidly growing investments in R&D and widespread use of digital programs for variety of government activities
  • Asia Pacific region is expected to emerge fastest at a CAGR throughout the forecast period, owing to significant adoption of several advanced authentication technologies in the region
  • The global key market players include Microsoft Corporation, Duo Security, Secret Double Octopus, Beyond Identity, and HID Global Corporation

Polaris Market Research has segmented the passwordless authentication market report based on offering, authentication type, mobility, end-use, and region:

Passwordless Authentication, Offering Outlook (Revenue - USD Billion, 2019 - 2032)

  • Hardware
  • Software
  • Services

Passwordless Authentication, Authentication Type Outlook (Revenue - USD Billion, 2019 - 2032)

  • Single-factor Authentication
  • Multi-factor Authentication

Passwordless Authentication, Mobility Outlook (Revenue - USD Billion, 2019 - 2032)

  • Mobile
  • Fixed

Passwordless Authentication, End-Use Outlook (Revenue - USD Billion, 2019 - 2032)

  • BFSI
  • IT and ITeS
  • Government and Enforcement
  • Manufacturing
  • Healthcare
  • Retail and Consumer Electronics
  • Travel and Hospitality
  • Others

Passwordless Authentication, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

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  • Regional analysis
  • Segmentation analysis
  • Industry outlook
  • Competitive landscape
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