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Passwordless Authentication Solutions Market Trends

Report ID: GMI10563
Published Date: Aug 2024
Report Format: PDF

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Passwordless Authentication Solutions Market Trends

A notable trend in the passwordless authentication solutions industry is the increasing integration of multi-factor authentication (MFA) with advanced biometrics and behavioral analytics. Companies are moving beyond traditional fingerprint and facial recognition to incorporate behavioral biometrics, which analyze patterns in user behavior such as typing speed, mouse movements, and even navigation habits. This layered approach enhances security by continuously verifying user identity throughout their session, not just at the login point.

For instance, in May 2024, Oracle introduced the Oracle Universal Authenticator, enhancing security and user experience with features like single sign-on (SSO), multi-factor authentication (MFA), and passwordless options. Designed for both modern and legacy systems, it integrates adaptive authentication and centralized management to streamline user access across diverse devices and applications.

Authors: Suraj Gujar , Rutvij Kshirsagar

Frequently Asked Questions (FAQ) :

The market size of passwordless authentication solutions reached USD 16.2 billion in 2023 and will expand at 10% CAGR between 2024 and 2032, propelled by the increasing cybersecurity threats and data breaches.

The cloud-based segment in the passwordless authentication solutions industry will witness 10% CAGR through 2032, fueled by its scalability, flexibility, and cost-effectiveness along with the rising adoption of remote work and the need for secure access to cloud applications.

North America market captured 30% share in 2023, owing to the region's advanced IT infrastructure and high adoption of cutting-edge technologies.

Key players operating in the industry are Apple, Google, IBM, Microsoft, Okta, RSA Security (a division of Dell Technologies), and Thales Group, among others.