Passwordless Authentication Market to be Worth $55.70 Billion by 2030

The global passwordless authentication market size is expected to reach USD 55.70 billion by 2030, growing at promising 18.2% 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.

Fingerprint recognition and facial recognition provide various benefits. The increased security, accountability, convenience, and their non-transferable nature are crucial drivers for the growth.

The surge in e-commerce and internet banking, as well as legislations by various authorities such as central banks mandates large organizations to utilize robust authentication mechanisms to authenticate customers.
Multi-factor authentication protects clients from phishing attempts and fraudulent purchases and secures transactions.

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 unauthorized access to proprietary data, files, and systems. Such solutions remain the need of the hour and growing focus of many companies around the world.