Effectively implementing biometric time and attendance systems for assessing employee productivity, work hours, and other aspects boost the segment’s growth.
PORTLAND, PORTLAND, OR, UNITED STATE, December 12, 2023 /EINPresswire.com/ — Allied Market Research published a new report, titled, ” The USD 40.2 Billion Passwordless Authentication Market Reach by 2031 | Key Factors Behind Market’s Growth.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global passwordless authentication market was valued at USD 12.8 billion in 2021, and is projected to reach USD 40.2 billion by 2031, growing at a CAGR of 12.2% from 2022 to 2031.
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Increase in penetration of consumer electronic devices, rise in awareness of the application of passwordless authentication in the banking sector and growing advancement in technologies such as the internet of things (IoT) and artificial intelligence primarily drive growth of the passwordless authentication market. By industry vertical, the others segment contributed to the major share in 2021. By region, on the other hand, Asia-Pacific would showcase the fastest CAGR by 2031.
The global passwordless authentication market research is segmented into type, authentication type, industry vertical, and regions. Based on type, the market is bifurcated into authentication using face recognition (selfie authentication), challenge-response authentication mechanism (CRAM), fingerprint/thumbprint authentication, and others. By authentication type, the market is categorized into single-factor and multi-factor. Based on the industry vertical the market is segmented into aerospace & defence, BFSI, government & law enforcement, healthcare, IT & telecom, retail, transportation & logistics, and others.
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By type, the authentication using face recognition segment held the largest share in 2021, garnering around two-fourths of the global passwordless authentication market revenue, and is projected to maintain its dominance by 2031. The fingerprint or thumbprint authentication segment would also showcase the fastest CAGR of 13.67% during the forecast period.
By authentication type, the multi-factor segment accounted for the highest share in 2021, generating nearly half of the global passwordless authentication market revenue. The multi-factor segment would also portray the fastest CAGR of 12.73% during the forecast period.
By industry vertical, the others segment accounted for the highest share in 2021, generating two-third of the global passwordless authentication market revenue. The transportation and logistics segment would also portray the fastest CAGR of 14.81% during the forecast period.
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By region, North America held the major share in 2021, garnering more than one-third of the global passwordless authentication market revenue. Asia-Pacific, simultaneously, would showcase the fastest CAGR of 13.0% from 2022 to 2031.
The key market players analyzed in the global passwordless authentication market report include C Cognitec Systems GmbH, Fujitsu Limited, Google LLC, HID Global Corporation, IBM Corporation, Microsoft Corporation, NEC Corporation, Okta, Secret Double Octopus (SDO) and Thales Group.
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● During the pandemic rapid adoption of technologies such as artificial intelligence and the internet of things in devices such as smartphones and tablets among others is another key factor responsible for the growth of the passwordless authentication market.
● In addition, passwordless authentication has gained popularity as a result of the global increase in incidents of data theft. Due to data theft issues in devices like laptops, cellphones, and tablets, among others, the requirement for security goes beyond passwords.
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