Passwordless Authentication Market
Dublin, Aug. 01, 2022 (GLOBE NEWSWIRE) -- The "Passwordless Authentication Market by Type, by Component, by Authentication Type, by Motility, and by End-use Industry - Global Opportunity Analysis and Industry Forecast, 2022 - 2030" report has been added to ResearchAndMarkets.com's offering.
Global Passwordless Authentication Market size is estimated to be USD 12.79 billion in 2021 and is predicted to reach USD 53.64 billion by 2030 with a CAGR of 16.7% from 2022-2030.
Passwordless authentication is a security process which relies on few unique biological characteristics of an individual in order to verify his/her authenticity. It is a method of authenticating user's identity without the use of passwords.
Passwordless authentication comes with several benefits such as improved user experience, better security, and reduction in total cost of ownership. In order to get confirmation, both samples (human and machine) of the biometric data should match.
Market Dynamics and Trends
Growing penetration of smartphones and other consumer electronic devices is a major factor contributing to the growth of the biometric authentication market. In addition, growing need for an additional layer of security beyond passwords is another factor augmenting the growth of passwordless authentication market.
Moreover, rapid adoption of technologies such as artificial intelligence and internet of things (IoT) in devices such as smartphones and tablets among others is another key factor responsible for the growth of the passwordless authentication market. Fingerprint sensors and smartcards are used to verify identities, and these security points allow for a seamless experience and makes way for a smooth flow of data between points.
Most organizations have adopted the use of fingerprint authentication and smartcards in their offices, for their employees. Employees make use of either smart cards or biometric authentication to enter/exit the office premises. Few organizations make use of facial recognition, iris recognition, and voice analysis to authenticate its employees.
In addition to this, passwordless authentication has gained prominence due to the rising cases of data theft issues across the globe. The need for security, beyond passwords have increased due to data theft issues in devices such as laptops, smartphones, and tablets among others. Fingerprint sensors, facial recognition are some of the ways modern devices can be secured in order to mitigate data theft issues.
Fingerprint recognition and facial recognition are widely implemented in consumer electronic devices such as smartphones and tablets. Fingerprint recognition, and facial recognition offers several benefits such as heightened security, accountability, ease of use and its non-transferable nature.
North America and Europe led the global market for passwordless authentication and is likely to display similar trends in the coming years.
Growing investments in the developed nations such as the U.S., Canada, Germany, France, and U.K. among others for the adoption of passwordless authentication technology is a key factor augmenting the growth of the market. Further, growing concerns over data security in these countries has led to the growth of the passwordless authentication market in these countries.
Asia Pacific is expected to display the fastest growth during the forecast period, with China, Japan and India leading the growth of the market. Growing penetration of smartphones and tablets in this region along with technologies such as fingerprint recognition, facial recognition is a major factor supporting the growth of the passwordless authentication market in these countries.
The global passwordless authentication industry key market players adopt various strategies such as product launch, product development, partnership, collaboration, and agreements to influence the market growth.
The company profiles of passwordless authentication market players included in this report are
Accu-Time Systems Inc.
DERMALOG Identification Systems GmbH
East Shore Technologies, Inc.
The Proliferation of Smart Devices
Surge in Cyber Security Threats
Government Initiatives Associated With the Data Protection and Biometrics Solutions
High Deployment Cost
Advancements Due to Artificial Intelligence and Internet of Things
KEY MARKET SEGMENTS:
Global Passwordless Authentication Market - By Type
Palm Print Recognition
Global Passwordless Authentication Market- By Component
Global Passwordless Authentication Market - By Authentication Type
Global Passwordless Authentication Market - By Motility
Global Passwordless Authentication Market - By End-use Industry
Aerospace & Defense
Global Passwordless Authentication Market -By Geography
Rest of Europe
Rest of Asia-Pacific
For more information about this report visit https://www.researchandmarkets.com/r/wp1q2p
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