Passwordless authentication global market size 2030

Passwordless authentication is a security process which typically relies on security tokens, personal identification numbers, and an individual's unique biological characteristics such as: fingerprint recognition, iris recognition, face recognition, voice analysis, and many others. This authentication method comes without the use of passwords and has several advantages, such as improved user experience and higher security. According to Next Move Strategy Consulting, the passwordless authentication market was valued at 15.6 billion U.S. dollars in 2022 and was forecast to exceed 53 billion U.S. dollars by 2030.

Passwordless implementation

North America (NA) was the region with the highest passwordless access implementation by 2022, as opposed to Asia-Pacific (APAC). However, respondents worldwide stated that their company planned on implementing passwordless access in the next 12 to 18 months. From a country point of view, in 2021, 77 percent of respondents in India considered implementing a passwordless strategy in their company, whereas the share of respondents for Japan, Germany, and United Arab Emirates was below 40 percent.

Reasons to adopt a passwordless authentication

The most important reason companies worldwide turned to passwordless authentication methods was that they provided increased security. A passwordless authentication method also has a significant positive impact from an administrative point of view. In other words, passwordless solutions were considered easy to use and integrate within a company framework. Nevertheless, many companies do not have the necessary IT resources for this type of transition or are not yet familiar with the process.