MarketsandMarkets forecasts the global passwordless authentication market size estimated to be USD 6.6 billion in 2022 and is projected to reach USD 21.2 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 26.2% during the forecast period. Reduction in the total cost of ownership, strengthening of security and a reduction in cyberattacks, and better user experience are key factors driving the market growth.
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What is Passwordless Authentication?
Passwordless authentication is a means to verify a user’s identity without a password. Instead, passwordless authentication uses more secure alternatives, such as possession factors (One-Time Passwords [OTP], registered smartphones), or biometrics (fingerprint, retina scans).
By offering, services segment to grow with the highest CAGR during the forecast period
The passwordless authentication market is segmented into hardware, software, and services based on the offering. The services segment has the highest CAGR owing to many businesses using cloud-based technologies to improve their security operations. The rising usage of mobile devices and the need for advanced security is also helping the services segment to grow. Furthermore, these services enable biometric identification and authentication, and they do so without incurring the expense of a database, network, or storage system. Therefore, the services segment has the highest CAGR during the forecast period.
By authentication type, multi-factor authentication to hold a larger market size during the forecast period
The passwordless authentication market is segmented into single-factor authentication and multi-factor authentication based on the authentication type. Multi-factor authentication holds the capability of providing robust security to users. It offers an additional layer of defense against destructive cyberattacks that may cost businesses millions of dollars. With multi-factor authentication, there is no need for time-consuming resets or complex procedures. It offers high-end security without compromising user experience. Also, it saves time for the IT people in the organization to utilize the time for more strategic tasks. Thus, multi-factor authentication holds a larger market share during the forecast period.
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The passwordless authentication market is led by some of the globally established players, such as HID Global (US), NEC (Japan), Microsoft (US), Fujitsu (Japan), Okta (US), Duo Security (US), Thales (France), Beyond Identity (US), Entrust (US), Ping Identity (US), Veridium (UK), and OneLogin (US). These players have adopted various growth strategies to increase their market presence, such as partnerships, agreements, collaboration, acquisitions, and product developments.
HID Global (US) offers hardware and software solutions that help organizations, governments, and educational institutions secure access and enable insight into their personnel, assets, and surroundings. HID technology includes smart cards, mobile IDs, passports, fingerprint readers, and facial recognition. It provides several solutions and services for passwordless authentication, such as access control, Identity management, citizen ID, card printing, biometric readers & modules, cards & credentials, ePassports & eID Cards, ID badge & card printing, Identity document readers, and ticket readers and validators. The company offers its services to various industries, including banking & finance, commercial real estate, education, government, healthcare, manufacturing & logistics, retail, hospitality, sports & events, and travel & transportation. It has a global reach in North America, Europe, and the Asia Pacific.
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Another important player in the passwordless authentication market is Duo Security (US). The company provides authentication-as-a-service products that employ consumers’ mobile devices as the second authentication factor. The Duo is the market leader in cloud-based unified access security and multi-factor authentication. Duo’s technology verifies users’ identities and the security of their devices before granting them access to apps, thereby preventing cybersecurity attacks. The company is trying to develop a truly password-free future that combines usability and strong authentication. Duo’s passwordless products and services include Multi-Factor Authentication (MFA), Remote Access, and Single Sign-On (SSO). Duc Security purchased Cisco in 2018, allowing its clients to connect swiftly and securely to any application on any networked device.
Apart from large vendors, some SMEs and startups, such as Yubico (US), Secret Double Octopus (Israel), LogMeOnce (US), Trusona (US), LastPass (US), and Keyless (US), are also evolving in the passwordless authentication market. Yubico provides innovative, hardware-based authentication security at scale. Passwordless authentication solutions offered by the company include Yubikey 5 Series, Yubikey 5 FIPS Series, YubiKey Bio Series, Security Key Series, Yubikey 5 CSPN Series, and YubiHSM.
According to MnM’s market evaluation framework, most companies opt for inorganic growth strategies to maintain their position in the market. The number of deals increased by around 50-60% in 2020-2021. These deals collectively include partnerships, acquisitions, collaborations, and alliances. Due to the COVID-19 outbreak, there was a sudden decline in product launches and business expansion activities. However, from 2021 onwards, companies are expected to follow organic growth strategies to provide passwordless authentication solutions and services to end users, which, on the other hand, would help companies increase their market revenue.
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