Passwordless Authentication Market WILMINGTON, DE, UNITED STATES, October 25, 2024 /EINPresswire.com/ -- Allied Market Research published a new report, titled, "The Global Passwordless Authentication Market Size Hit USD 40.2 Billion by 2031 experiencing CAGR of 12.2%." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porterโs Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
Passwordless Authentication Market," was valued at $12.80 billion in 2021 and is projected to reach $40.2 billion by 2031, experiencing a compound annual growth rate (CAGR) of 12.2% from 2022 to 2031.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ฉ๐จ๐ซ๐ญ (๐๐๐ญ ๐ ๐ฎ๐ฅ๐ฅ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ ๐ข๐ง ๐๐๐ โ 208 ๐๐๐ ๐๐ฌ) ๐๐ญ: https://www.alliedmarketresearch.com/request-sample/A47286
Passwordless authentication operates as a form of multi-factor authentication, requiring users to validate their identity without relying on passwords. This method leverages unique biological traits to confirm authenticity, significantly easing the burden on users who often struggle to remember multiple passwords for various accounts. By eliminating passwords, users no longer need to create or recall unique passwords for each account, nor do they have to enter them repeatedly during logins. As a result, passwordless authentication has become increasingly prevalent on devices equipped with biometric sensors and facial recognition technologies, marking its readiness for widespread adoption across desktops and servers.
The COVID-19 pandemic has positively influenced the growth of the passwordless authentication market, as the demand for technologies like artificial intelligence (AI) and the Internet of Things (IoT) in electronic devices-such as smartphones and tablets-has surged. Moreover, the rise in data theft incidents has heightened the popularity of passwordless solutions. To mitigate data theft risks, existing devices can now be secured using passwordless methods like fingerprint sensors and facial recognition. Consequently, the adoption of passwordless authentication methods increased during the pandemic.
๐๐ ๐ฒ๐จ๐ฎ ๐ก๐๐ฏ๐ ๐๐ง๐ฒ ๐ช๐ฎ๐๐ฌ๐ญ๐ข๐จ๐ง๐ฌ, ๐๐ฅ๐๐๐ฌ๐ ๐๐๐๐ฅ ๐๐ซ๐๐ ๐ญ๐จ ๐๐จ๐ง๐ญ๐๐๐ญ ๐จ๐ฎ๐ซ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ญ ๐๐ญ: https://www.alliedmarketresearch.com/connect-to-analyst/A47286
By Type: In 2021, the "others" segment was the highest revenue contributor, demonstrating a robust CAGR of 10%. The challenge-response authentication mechanism (CARM) segment is expected to reach $9 billion by 2031 during the forecast period.
By Authentication Type: The multi-factor authentication segment is anticipated to dominate the passwordless authentication industry throughout the forecast period, while single-factor authentication segments are expected to witness the fastest-growing CAGRs during the same timeframe.
Regional Insights: North America leads in passwordless authentication market growth, but significant growth rates are anticipated in Asia-Pacific and Europe during the forecast period.
Key players profiled in the report include Google LLC, Microsoft Corporation, IBM Corporation, NEC Corporation, Thales Group, Okta, Fujitsu Limited, Cognitec Systems GmbH, HID Global Corporation, and Secret Double Octopus (SDO).
๐๐ฎ๐ฒ ๐๐จ๐ฐ & ๐๐๐ญ ๐๐ฉ๐ญ๐จ ๐๐% ๐๐ข๐ฌ๐๐จ๐ฎ๐ง๐ญ ๐จ๐ง ๐ญ๐ก๐ข๐ฌ ๐๐๐ฉ๐จ๐ซ๐ญ (208 ๐๐๐ ๐๐ฌ ๐๐๐ ๐ฐ๐ข๐ญ๐ก ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ, ๐๐ก๐๐ซ๐ญ๐ฌ, ๐๐๐๐ฅ๐๐ฌ, ๐๐ง๐ ๐ ๐ข๐ ๐ฎ๐ซ๐๐ฌ) ๐๐ญ: https://www.alliedmarketresearch.com/passwordless-authentication-market/purchase-options
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โ In September 2021, Microsoft announced enhancements to its Azure Active Directory, allowing users to sign in without passwords. This initiative is part of Microsoftโs broader strategy to promote secure and user-friendly authentication methods.
โ In March 2022 The FIDO Alliance, which promotes passwordless authentication standards, expanded its membership to include more companies from various sectors. This growth underscores the increasing collaboration among industry leaders to drive the adoption of passwordless technologies globally.
โ In March 2021: Okta completed its acquisition of Auth0. This acquisition aims to strengthen Oktaโs position in the passwordless authentication market by
providing more comprehensive solutions for developers and enterprises.
โ In April 2023, Yubico launched the YubiKey 5C NFC, a passwordless authentication device that supports multiple protocols, including FIDO2 and WebAuthn. This product aims to provide users with a secure and convenient method for accessing services without passwords.
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