The increasing occurrence of cyber-attacks worldwide will propel the passwordless authentication market during the forecast period.

The global Passwordless Authentication Market is valued at USD 16.66 billion in 2023 and is predicted to reach USD 50.91 billion by 2030, with the growing CAGR of 17.3%. According to the research published by Next Move Strategy Consulting.

The increasing occurrence of cyber-attacks worldwide has driven the expansion of the passwordless authentication market. Prominent data breaches emphasize the critical necessity for stronger authentication methods.

Passwordless authentication effectively tackles this issue by removing the dependence on vulnerable passwords and employing advanced methods such as biometrics, token-based authentication, or cryptographic keys to securely verify user identities.

This heightened level of security is especially vital in industries bound by strict regulatory compliance standards, prioritizing data safeguarding. Consequently, the passwordless authentication market is experiencing rapid growth, fueled by the urgent need for robust cybersecurity measures amidst the digital transformation.

Additionally, the advancements in biometrics and authentication technologies have spurred the development of passwordless authentication, offering increased reliability and security.

Breakthroughs in biometric technologies such as fingerprint recognition, facial recognition, and iris scanning have significantly improved the precision and efficacy of authentication procedures.

These technologies utilize distinct biological characteristics to validate user identities, reducing the potential for unauthorized access commonly associated with traditional password-based methods.

Moreover, ongoing enhancements in hardware security tokens and cryptographic methods further enhance the security stance of passwordless authentication solutions.

Hardware tokens furnish physical devices capable of generating dynamic authentication codes or storing cryptographic keys, thus introducing an extra layer of defense against unauthorized access attempts.

With these technologies continually advancing and becoming increasingly attainable, the expansion of passwordless authentication solutions is accelerated, providing organizations with a safer and more dependable approach to verifying identities in an ever-growing digital environment.

However, the high initial cost of implementing passwordless authentication solutions presents a substantial barrier to market growth.

On the contrary the introduction of mobile device authentication represents a significant advancement in authentication methods, paving the way for a passwordless future.

In a groundbreaking announcement, Zumigo, Inc., a leader in mobile identity authentication, has introduced an industry-first functionality in the Zumigo Assure Authentication product.

This innovation enables the seamless transfer of verified trust from a user's mobile phone to various other devices, including desktops, laptops, and tablets.

By leveraging the versatility and ubiquity of QR codes, Zumigo Assure Authentication sets a new standard for passwordless authentication solutions, providing users with unparalleled convenience and security in their online interactions.

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According to the report, leading players in the passwordless authentication market include Okta, Inc., Yubico AB, 1Kosmos, Inc., Beyond Identity, Inc., Stytch, Inc., Trusona, Inc., Wink Passwordless, Inc., Getidee, Inc., Thales and Axiad, Inc. and others. These market players are adopting strategies such as collaboration and product launches across various regions to maintain their dominance in the passwordless authentication market. 

For instance, in October 2023, Thales introduced the SafeNet IDPrime FIDO Bio Smart Card, a contactless smart card enabling users to securely access devices, applications, and cloud services through fingerprint authentication, eliminating the need for passwords.

Moreover, in May 2022, Trusona, launched Trusona Authentication Cloud, the industry's first app-less passwordless MFA solution designed to improve business growth and profitability with a "tap and go" sign-in experience. It delivers a simple sign-in experience that is multi-factor, does not require an app and delivers rapid time-to-value at low cost when deploying FIDO and WebAuthn. 

Also in February 2022, Wink partnered with Brainvire to utilize Brainvire’s distinctive digital transformation agency approach in implementing Wink’s biometric authentication, payment, and checkout solutions across prominent e-commerce platforms and merchant networks.

Through this partnership, secure biometric payment and checkout plugins will be integrated, ensuring widespread availability and accessibility on major e-commerce platforms. This collaboration marks the beginning of a transformative era in online payments, promising fraud-free transactions for merchants operating in the digital space.

Key Insights from the Passwordless Authentication market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the passwordless authentication market is provided in the report.

• The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.

• The competitive analysis of the market players along with their market share in the passwordless authentication market is provided in the report.