According to a new report, published by KBV research, The Global Passwordless Authentication Market size is expected to reach $37.1 billion by 2028, rising at a market growth of 18.0% CAGR during the forecast period.
The Fingerprint Authentication market is exhibiting a CAGR of 16.2 % during the forecast period. The effective use of fingerprints as the encryption method in most consumer electronics is the main reason accountable for the growth of the segment. The increased use of fingerprints is propelled by the growing cases of identity theft that forced institutions to consider robust biometric encryption methods, which further led to their usage in government organizations.
The Hardware market is leading the segment in the Global Passwordless Authentication Market by Component in 2021; thereby, achieving a market value of $21.9 billion by 2028. The use of hardware-based security equipment by employing hardware that is cryptographically secured to implement multi-factor authentication has increased in the past few years. The most common hardware used for the process of authentication includes biometric systems, mobile solutions, tokens, smart cards, and wristbands.
The Multi-factor market is showcasing a CAGR of 19.7% during (2022 - 2028). Most organizations prefer the implementation of multi-factor authentication (MFA) systems as a result of increasing data breach and theft incidences. In addition, the increased utilization of IoT devices and strict legislation and laws regarding data safety propel MFA use across various industries since it is the main component of identity and access management (IAM) and uses encryption formats from more than two categories.
The Fixed market is generating high revenue in the Global Passwordless Authentication Market by Portability in 2021; thereby, achieving a market value of $23.8 billion by 2028. The increased use of authentication methods for maintaining attendance and timekeeping in many organizations is the main factor that boosts the growth of the segment. In addition, many manufacturers are developing authentication systems that would enhance the application and usage of passwordless authentication, rendering keycards and other physical identities redundant.
The BFSI market is registering a CAGR of 17.2% during (2022 - 2028). Most banking and financial organizations are increasing their coverage by incorporating authentication methods across various products. These efforts have increased the access of users throughout their service platforms.
The North America market dominated the Global Passwordless Authentication Market by Region in 2021; thereby, achieving a market value of $13.6 billion by 2028. The Europe market is poised to grow at a CAGR of 17.5% during (2022 - 2028). Additionally, The Asia Pacific market would witness a CAGR of 18.9% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/passwordless-authentication-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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 Geography
Companies Profiled
Unique Offerings 
