Technologies such as fingerprint scanners, facial recognition, and one-time codes delivered to your phone are included in this market instead of using conventional passwords. Passwordless authentication provides a convenient and safe alternative as consumers manage multiple logins and data breaches increase in frequency. The increasing use of biometrics and the emphasis on enhancing internet security are predicted to keep this trend going. Passwords are substituted with safer methods for passwordless authentication. As demonstrated by some Internet users who have had their data compromised by weak passwords, standard passwords are no longer a reliable line of security against intruders.
Global Passwordless Authentication Market Driving Factors and Challenges
Driving Factors: The market's revenue growth is being driven by the growing need for innovative user comfort. Because traditional password-based authentication puts a load on users, they may use weak passwords or repeat passwords across many accounts. Managing several passwords gets cumbersome and challenging to recall. Furthermore, staff members usually struggle to reset a forgotten password. In contrast, passwordless systems offer a streamlined login process that enhances user-friendliness and lowers friction for users. Users that employ password-less authentication are spared from having to generate and remember their passwords. By using methods like phone, email, or biometrics, people can instead verify their identification, which is fueling the market's revenue growth.
Challenges: For every employee for whom hardware installations are required, the organization must buy devices, tokens, and cards. It is also necessary to consider replacement plans in case of damage or loss. The market revenue growth is anticipated to be restrained by unforeseen expenses such as software administration, migration, and ongoing maintenance, even though software-based solutions may be cheaper. Passwordless authentication cannot be used until a project and change management strategy has been developed. Nonetheless, the high initial installation costs are limiting the market's potential to grow income. Developing a thorough deployment strategy for passwordless authentication necessitates hiring additional personnel, implementing new software, and, in some situations, buying hardware.
Impact of COVID-19 on Global Passwordless Authentication Market
The pandemic has boosted demand for board members with functional online skills and improved digital business. The COVID-19 pandemic caused a surge in cybersecurity attacks against businesses globally, including ransomware, phishing, password breaches, and credential compromises. Modern security solutions, such as passwordless authentication, are necessary for businesses to streamline their corporate governance and transparency, workplace health and safety, data protection, supply chain, and working capital because of the disruption produced by COVID-19. During the COVID-19 pandemic, both huge corporations and small and medium-sized businesses shifted all of their operations to an online digital platform. Because of lockdown regulations, industries like IT, BFSI, and healthcare use digital products and apps to provide customers with individualized services.
Global Passwordless Authentication Market Key Players:
The market data provided by the study by competitive landscape, revenue analysis, and market segments includes a detailed analysis of key market players, such as ASSA ABLOY, DERMALOG Identification Systems GmbH, East Shore Technology, LLC, Fujitsu, HID Global Corporation, M2SYS Technology, Microsoft, NEC Corporation, Safran, and Thales.
Global Passwordless Authentication Market Segmentation:
By Component: Based on the Component, Global Passwordless Authentication Market is segmented as; Hardware, Software, Services.
By Product Type: Based on the Product Type, Global Passwordless Authentication Market is segmented as; Fingerprint Authentication, Palm Recognition, Iris Recognition, Face Recognition, Voice Recognition, Smart Card, Others.
By Authentication Type: Based on the Authentication Type, Global Passwordless Authentication Market is segmented as; Single-factor Authentication, and Multi-Factor Authentication.
By Portability: Based on the Portability, Global Passwordless Authentication Market is segmented as; Fixed and Mobile.
By End User: Based on the End User, Global Passwordless Authentication Market is segmented as; IT & Telecom, Retail, Transportation & Logistics, Aerospace & Defence, BFSI, Healthcare, Government, Others.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East &Africa, and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.