The Europe Passwordless Authentication Market would witness market growth of 17.5% CAGR during the forecast period (2022-2028).
Enterprise IT companies are conscious of the numerous compelling arguments against password authentication. Supporting and maintaining passwords is typically the biggest burden for many IT departments. In order to prevent password theft, it is customary to encourage the usage of long, secure passwords and to demand frequent password changes.
However, these tactics frequently result in unsatisfactory user behavior and can raise the costs of the IT helpdesk due to frequent password resets. Most importantly, this strategy is insufficient to overcome contemporary cybersecurity threats and falls short of organizational information security needs. By focusing on multifactor authentication (MFA) and robust threat detection instead of password rules, significant security improvements can be realized.
Recent times have witnessed the emergence of social engineering, which refers to a very broad variety of techniques used by cybercriminals to trick victims into disclosing their login information. Social networking platforms frequently offer the ideal setting for hackers to pose as potential victims and contact them for information. Certain social engineering techniques don't even demand the attackers to interact with the victims directly.
The use of biometrics is growing within the various departments of government. For identity verification and identification, the EU's centralized information systems for borders and security are becoming more dependent on biometric technologies. The Schengen Information System, the European Dactyloscopy Database (Eurodac), and the Visa Information System all currently use automated fingerprint identification technology, the Entry/Exit System and the European Criminal Record Information System for third-country nationals will use it as well. As such, the region is propelling the growth of authentication technology in biometrics and significantly expanding the passwordless authentication market.
The Germany market dominated the Europe Passwordless Authentication Market by Country in 2021; thereby, achieving a market value of $2,364.5 million by 2028. The UK market is exhibiting a CAGR of 16.6% during (2022 - 2028). Additionally, The France market would experience a CAGR of 18.4% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Passwordless Authentication Market will Hit $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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