The password-based authentication market size has grown exponentially in recent years, rising from $4.57 billion in 2023 to $5.56 billion in 2024 at a compound annual growth rate (CAGR) of 21.8%. This growth is attributed to increasing internet usage, the expansion of e-commerce, rising cybersecurity threats, regulatory compliance requirements, and increased mobile device usage. The market is expected to continue its exponential growth, reaching $12.30 billion by 2028 at a CAGR of 21.9%. The forecast period's growth is driven by increasing cyberattacks and data breaches, a rise in multi-factor authentication adoption, expanding digital transformation initiatives, increasing awareness of cybersecurity, and government regulations on data protection. Major trends in the forecast period include the rise of AI-driven authentication systems, integration with blockchain technology, development of quantum-resistant algorithms, the expanding use of single-sign-on (SSO) solutions, and a focus on adaptive authentication mechanisms.
Global Password Based Authentication Market Key Driver
The high volume of online transactions is expected to drive the growth of the password-based authentication market. Online transactions, encompassing any financial activity conducted over the internet, rely on password-based authentication to secure user identities and sensitive information. This method helps prevent unauthorized access and fraud. For instance, the Canadian Payment Methods and Trends Report 2023 indicated that in 2022, the value of online transactions through electronic payments increased by 11%, reaching 1,118 million from 1,007 million in 2021. This surge in online transactions is expected to propel the growth of the password-based authentication market.
Get A Free Sample Of The Password Based Authentication Market Report
Global Password Based Authentication Market Segments
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
By Geography:The regions covered in the password based authentication market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
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.
Major Password Based Authentication Industry Players
Google LLC, Microsoft Corporation, International Business Machines Corporation, Fujitsu Limited, NEC Corporation, Thales Group, Twilio Inc., HID Global Corporation, Okta Inc., Entrust Corporation, Rippling Inc., secunet Security Networks AG, Duo Security Inc., M2SYS Technology LLC, Yubico Inc., LastPass LLC, Cognitec Systems GmbH, Aware Inc., Stytch Inc., SUPREMA Inc., Precise Biometrics AB, Cybernexa
Purchase The Global Password Based Authentication Market Report Directly And Get A Swift Delivery
Password Based Authentication Market Overview
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 2023 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.
