Passwordless Authentication Market worth $21.2 billion by 2027 - Exclusive Report by MarketsandMarkets™

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Nov 11, 2022, 08:30 ET

CHICAGO, Nov. 11, 2022 /PRNewswire/ -- The Global Passwordless Authentication Market is projected to reach USD 6.6 billion in 2022 and is projected to reach USD 21.2 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 26.2% between 2022 and 2027, according to a new report by MarketsandMarkets™. Some factors driving the market growth include a reduction in the total cost of ownership, strengthening security along with a reduction in cyberattacks, and better user experience.

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By offering, services segment to grow with the highest CAGR during the forecast period

The Passwordless Authentication Market is segmented into hardware, software, and services based on the offering. The services segment has the highest CAGR owing to many businesses using cloud-based technologies to improve their security operations. The rising usage of mobile devices and the need for advanced security is also helping the services segment to grow. Furthermore, these services enable biometric identification and authentication, and they do so without incurring the expense of a database, network, or storage system. Therefore, the services segment has the highest CAGR during the forecast period.

By authentication type, multi-factor authentication to hold a larger market size during the forecast period

The Passwordless Authentication Market is segmented into single-factor authentication and multi-factor authentication based on the authentication type. Multi-factor authentication holds the capability of providing robust security to users. It offers an additional layer of defense against destructive cyberattacks that may cost businesses millions of dollars. With multi-factor authentication, there is no need for time-consuming resets or complex procedures. It offers high-end security without compromising user experience. Also, it saves time for the IT people in the organization to utilize the time for more strategic tasks. Thus, multi-factor authentication holds a larger market share during the forecast period.

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By region, Asia Pacific is to grow at the highest CAGR during the forecast period

Asia Pacific is expected to boost security spending due to the growth in occurrences of credential and password compromises. The fastest-growing economies in the world, such as China, India, and Japan, are concentrated here. The use of technology is also exceedingly high in the area. The Asia Pacific has seen the advanced and quick uptake of innovative technology, making it a lucrative market for security goods and services. Despite using the most up-to-date security measures, the region is regularly the subject of cyberattacks, such as identity theft, password breaches, ransomware, and phishing. According to 74% of the Asia Pacific banks polled by Fair Isaac Corporation (FICO), fraud incidents in their country are expected to increase significantly in the upcoming years. As a result, the implementation of passwordless authentication in the area has risen. Additionally, passwordless authentication systems are seeing quick growth potential owing to effective government regulations and technological advancements. As a result, the Asia Pacific area is anticipated to increase at the greatest CAGR throughout the expected period.

HID Global (US), NEC (Japan), Microsoft (US), Fujitsu (Japan), Okta (US), Duo Security (US), Thales (France), Beyond Identity (US), Entrust (US), Ping Identity (US), Veridium (UK), OneLogin (US), IBM (US), Yubico (US), Secret Double Octopus (Israel), LogMeOnce (US), Trusona (US), LastPass (US), IDEE (Germany), Prove (US), HYPR (US), Authentiq (UK), BehavioSec (US), Stytch (US), Signicat (Norway), Ubisecure (UK), EmpowerID (US), 1Kosmos (US), Identite (US), Cidaas (Germany), Keyless (US), and PureID (UK) are the key players, other players, and startups in the Passwordless Authentication Market.

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