SecurityWorldMarket

15/10/2024

Passwordless authentication market valued at over $55 billion by 2030

San Francisco, Ca (USA)

The global passwordless authentication market size is expected to reach USD 55.70 billion by 2030, growing at promising 17.1% CAGR, according to a new report by Grand View Research, Inc. Passwordless authentication is a security procedure that uses unique biological traits of a person to validate their authenticity. The findings show that the increasing adoption of smartphones and other electronic gadgets is a crucial element driving the biometric authentication market forward.

According to a July 2022 Oxford Economics and Samsung study, up to 85% of small and midsize enterprises allow all or most of their staff to use mobile devices for work. Personal laptops and smartphones used by employees might expose a small firm to the dangers of unauthorised access to proprietary data, files, and systems. Such solutions remain the need of the hour and growing focus of many companies around the world.

For instance, in September 2022, Aadya Security, a cyber security firm, announced the availability of passwordless authentication for Judy, the first all-in-one cyber security solution for SMEs. The new security feature protects how small business employees access company resources, mainly when they operate remotely and on mobile phones and personal laptops.

An additional layer of security

The growing requirement for an additional layer of protection beyond passwords fuels the growth of the passwordless authentication industry. To authenticate identities, fingerprint sensors and smartcards are utilised, and these security points allow for a seamless experience and data flow across locations. Researchers found that many businesses are using voice biometric authentication in their workplaces for their personnel.

Reduced fraud exposure and lower authentication costs often drive organisations to implement voice biometric technology in their facilities. For instance, in July 2022, Turant Inc., a voice biometric AI firm, launched its cutting-edge AI solution in India. The company seeks to eliminate OTP-related fraud in transactions across use cases across business/industry domains, including e-commerce deliveries, by making it available in all Indian languages and roughly 20,000 dialects.

Increasing risk of data theft 

Furthermore, due to the increasing number of incidences of data theft around the world, passwordless authentication has gained popularity. Data theft issues in devices such as computers, cellphones, and tablets have increased the requirement for protection beyond passwords. fingerprint sensors and facial recognition are ways modern gadgets can be secured to prevent data theft.

For instance, by way of an example the analysts cite that in August 2022, Forgerock, an international identity and access management software business, established strategic cooperation with Israeli software company Secret Double Octopus. Forgerock will use SDO technology to provide employees, contractors, and vendors with a unified multi-factor secure experience. Forgerock Enterprise Connect, the new solution, connects effortlessly with any Forgerock deployment option, allowing organisations to gain increased security for databases, workstations, VPNs, and servers.

Key players

Some of the main players that are active in this market and mentioned in the report include companies such as, Assa Abloy, Dermalog Identification Systems, East Shore Technology, Fujitsu, HID Global, M2sys Technology, Microsoft, NEC Corporation, Safran, and Thales. 


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