Passwordless authentication uses another form of verification besides passwords, such as biometrics or tokens, to authenticate users' identities digitally. The approach eliminates many of the weaknesses of traditional password-based authentication. Passwordless authentication requires customers to already have an account with the service provider to activate passwordless sign-in options like facial recognition or fingerprint scanning on their registered devices. It aims to make user sign-ins simpler and more secure, while reducing help desk calls related to password resets or account lockouts.
The passwordless authentication market is estimated to be valued at USD 19.14 Bn in 2024 and is expected to reach USD 52.33 Bn by 2031. It is projected to grow at a compound annual growth rate (CAGR) of 15.45% from 2024 to 2031.
The growing Passwordless Authentication Market Demand for enhanced security and convenience is driving the adoption of passwordless authentication across various industry verticals. Passwordless authentication offers a smoother sign-in experience for users while protecting their accounts and data from cyber threats like phishing attacks and data breaches.
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