What Is The Overview Of The Global Password Based Authentication Market?
Password-based authentication is a security process where a user provides a unique password to verify their identity. The system checks the entered password against a stored password hash to grant access. This method ensures that only users with the correct password can access the protected resources.
Password Based Authentication Global Market Report 2024 provides data on the global password based authentication market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The password based authentication market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Password Based Authentication ?
The password-based authentication market has expanded rapidly, growing from $4.57 billion in 2023 to $5.56 billion in 2024, at a CAGR of 21.8%. Historical growth has been fueled by increased internet usage, the rise of e-commerce, heightened cybersecurity threats, regulatory compliance requirements, and widespread mobile device adoption. By 2028, the market is projected to reach $12.30 billion, at a CAGR of 21.9%. Growth factors include rising cyberattacks, the adoption of multi-factor authentication, digital transformation, and heightened awareness of cybersecurity. Emerging trends feature AI-driven authentication, blockchain integration, quantum-resistant algorithms, single-sign-on solutions, and adaptive authentication technologies.
What Are The Leading Drivers Of Growth In The Password Based Authentication Market?
The high volume of online transactions is expected to accelerate the growth of the password-based authentication market. Online transactions, which involve financial activities conducted electronically over the internet, rely on password-based authentication to verify user identities and protect sensitive information. This system prevents unauthorized access and fraudulent activities. In 2022, Payments Canada reported a rise of 11% in the value of online transactions, reaching 1,118 million electronic payments, up from 1,007 million in 2021. The growing volume of online transactions is thus driving the expansion of the password-based authentication market.
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How Are The Segments Defined Within The Global Password Based Authentication Market?
The password based authentication market covered in this report is segmented –
1) By Type: Fingerprint Recognition, Iris Recognition, Palm Print Recognition, Face Recognition, Vein Recognition, Signature Recognition, Voice Recognition, Other Types
2) By Offering: Hardware, Software
3) By Functionality Type: Contact, Noncontact, Combined
4) By End-User: Government, Military And Defense, Healthcare, Banking And Finance, Consumer Electronics, Travel And Immigration, Security, Automotive, Other End-Users
How Are New Trends Expected To Influence The Growth Of The Password Based Authentication Market?
Companies in the password-based authentication market are focusing on innovative solutions like multi-factor authentication to strengthen user security and enhance convenience. Multi-factor authentication requires users to verify their identity using two or more methods. In July 2024, Cybernexa, an India-based cybersecurity solutions provider, introduced CyLock SSPR, an advanced password self-service portal. This solution addresses the growing need for secure password management by guiding users to create strong passwords that meet organizational policies. It also offers compliance reporting features, providing enhanced security and streamlined password control in dynamic digital environments.
Which Region Drives The Highest Growth In The Password Based Authentication Market?
North America was the largest region in the password based authentication market in 2023. Asia-Pacific is expected to be the fastest-growing region in the market going forward. The regions covered in the password based authentication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
