Passwordless Authentication Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033

The Business Research Company’s Passwordless Authentication Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033

LONDON, GREATER LONDON, UK, June 19, 2024 /EINPresswire.com/ -- The passwordless authentication market is defined by innovative methods enabling secure access to applications and systems without traditional password inputs. This approach integrates multi-factor authentication (MFA) and single sign-on solutions to bolster security, enhance user experience, and streamline IT operations.

Growing Concerns about Data Security Propel Market Growth
The rapid expansion of the passwordless authentication market is evident, projected to increase from $17.13 billion in 2023 to $20.07 billion in 2024, at a CAGR of 17.2%. This growth is driven by heightened cybersecurity threats, increasing mobile device adoption, regulatory compliance needs, and the shift towards cloud computing. In the forecast period, the market is expected to grow to $38.30 billion by 2028, with a CAGR of 17.5%, attributed to advancements in user experience, zero-trust security models, and regulatory emphasis on data protection.

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Key Players and Market Trends
Major players like Microsoft Corporation, IBM, and Fujitsu Limited lead the market, focusing on cutting-edge solutions such as secret location authentication services. This innovative approach enhances security by utilizing geolocation data to verify user identity, eliminating the need for traditional passwords or hardware tokens.

Trends and Innovations
Key trends shaping the passwordless authentication market include the adoption of multi-factor authentication (MFA), behavioral biometrics, continuous authentication technologies, and advancements in AI and machine learning. These innovations aim to strengthen security measures while enhancing user convenience across various industries.

Segments:
• Type: Fingerprint Authentication, Palm Recognition, Iris Recognition, Face Recognition, Voice Recognition, Smart Card
• Component: Hardware, Software, Services
• Authentication Type: Single-factor Authentication, Multi-factor Authentication
• Portability: Fixed, Mobile
• End-user: IT And Telecom, Retail, Transportation And Logistics, Aerospace And Defense, BFSI, Healthcare, Government

Geographical Insights: North America Leads, Asia-Pacific Emerges as Fastest-Growing
In 2023, North America dominated the passwordless authentication market, driven by technological advancements and robust cybersecurity measures. Meanwhile, Asia-Pacific is anticipated to witness the highest growth rate during the forecast period, fueled by increasing digital transformation initiatives and stringent data protection regulations.

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Passwordless Authentication Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Passwordless Authentication Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on passwordless authentication market size, passwordless authentication market drivers and trends, passwordless authentication market major players, competitors' revenues, market positioning, and market growth across geographies. The passwordless authentication market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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