The Asia Pacific Passwordless Authentication Market would witness market growth of 18.9% CAGR during the forecast period (2022-2028).
In order to get fresh passwords delivered to the device or smartphone, hackers can go straight to a user's network operator, like an internet or telephone provider, and mislead a representative. In passwordless authentication systems, passwords are completely deleted, offering protection against the two most dangerous types of cyberattacks, brute force attacks and phishing. Furthermore, even if employees receive phishing texts or emails, there are no passwords they need to provide when using this authentication system.
Nowadays, the core element of passwordless authentication is multifactor authentication (MFA). Businesses may get crucial industry encryption with passwordless MFA that is compatible with a variety of tools and services and still offers a simple, comfortable authentication process. MFA is currently the most effective authentication technique that can reduce the likelihood of a security breach in an organization. Since remote working has become the new standard for working, IT teams need a variety of MFA solutions to meet user and business requirements. This is significant as it is crucial for security experts to balance security postures while providing a simple user experience.
By adding more authentication mechanisms along with a password, traditional MFA is supposed to increase security. After the individual enters their first password, MFA requests more documentation by employing additional identity-verification factors. However, the second factor in traditional MFA might not be more secure than a password. This is because SMS, mobile push verification, and out-of-band (OOB) verification are also prone to attack. In conclusion, traditional MFA doesn't eliminate the password, which is the least secure part of the login process.
India has launched initiatives like Digital India, e-governance, and smart cities, all of which call for a significant role in authentication technology. For its mobile applications, the State Bank of India intends to introduce a multi-mode biometric authentication system. It includes face recognition and fingerprint recognition software. It is anticipated that other banks will follow suit, increasing demand for the various passwordless authentication system in the region. Hence, the overall efforts made in this region to implement biometrics will propel the growth of the passwordless authentication market.
The China market dominated the Asia Pacific Passwordless Authentication Market by Country in 2021; thereby, achieving a market value of $2,999.8 million by 2028. The Japan market is registering a CAGR of 18.1% during (2022 - 2028). Additionally, The India market would showcase a CAGR of 19.6% during (2022 - 2028).
Based on Product Type, the market is segmented into Fingerprint Authentication, Palm Recognition, Iris Recognition, Face Recognition, Voice Recognition, Smart Card, and Others. Based on Component, the market is segmented into Hardware, Software, and Services. Based on Authentication Type, the market is segmented into Single-factor and Multi-factor. Based on Portability, the market is segmented into Fixed and Mobile. Based on End User, the market is segmented into Government, BFSI, IT & Telecom, Retail, Transportation & Logistics, Healthcare, Aerospace & Defense, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Passwordless Authentication Market is Projected to reach USD 37.1 Billion by 2028, at a CAGR of 18%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Assa Abloy AB, Dermalog Identification Systems Gmbh, East Shore Technology, LLC, Fujitsu Limited, M2SYS Technology, Inc., Microsoft Corporation, NEC Corporation, Okta, Inc. and Thales Group S.A.
By Product Type
By Component
By Authentication Type
By Portability
By End User
By Country
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