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, 2023 - 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
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)
Passwordless Authentication, Authentication Type Outlook (Revenue - USD Billion, 2019 - 2032)
Passwordless Authentication, Mobility Outlook (Revenue - USD Billion, 2019 - 2032)
Passwordless Authentication, End-Use Outlook (Revenue - USD Billion, 2019 - 2032)
Passwordless Authentication, Regional Outlook (Revenue - USD Billion, 2019 - 2032)