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Passwordless Authentication Market Witness the Growth of $21.2 billion by 2027

(IT-NEWSWIRE.COM, November 14, 2022 ) According to a research report "Passwordless Authentication Market by Offering (Hardware, Software, and Services), Motility (Fixed/Rack Mounted, and Mobile/Portable), Authentication Type (Single-factor, Multi-factor), End-Use Industry and Region - Global Forecast to 2027" published by MarketsandMarkets, 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. 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.

Browse 350 market data Tables and 40 Figures spread through 350 Pages and in-depth TOC on "Passwordless Authentication Market - Global Forecast to 2027"

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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.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Mr. Aashish Mehra
MarketsandMarkets™ INC.
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USA : 1-888-600-6441


Mr. Aashish Mehra


Source: EmailWire.Com


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