Exploring the Global Password-Based Authentication Market 2024: Growth Rate, Key Segments

The Password Based Authentication Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Password Based Authentication Global Market Report 2024, The password based authentication market size is expected to see exponential growth in the next few years. It will grow to $12.30 billion in 2028 at a compound annual growth rate (CAGR) of 21.9%.  The growth in the forecast period can be attributed to 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 a rise in AI-driven authentication systems, integration with blockchain technology, the development of quantum-resistant algorithms, the expanding use of single-sign-on (SSO) solutions, and a focus on adaptive authentication mechanisms.

The high volume of online transactions is expected to propel the growth of the password based authentication market going forward. Online transactions refer to any type of transaction that takes place over the internet. A rise in online transactions refers to the increasing frequency and volume of financial activities conducted electronically over the internet. Online transactions use password-based authentication to verify users' identities and secure access to their accounts and sensitive information, thereby preventing unauthorized access and fraudulent activity. For instance, in October 2023, according to the Canadian Payment Methods and Trends Report 2023 by Payments Canada, a Canada-based payments association, in 2022, the value of online transactions through electronic payments rose by 11% to reach 1,118 million from 1,007 million in 2021. Therefore, the high volume of online transactions is driving growth in the password-based authentication market.

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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

Major companies operating in the password-based authentication market are focusing on developing innovative solutions, such as multi-factor authentication solutions, to enhance user security and convenience. Multi-factor authentication solutions refer to security systems that require users to verify their identity through two or more authentication methods. For instance, in July 2024, Cybernexa, an India-based cybersecurity solutions provider, launched CyLock SSPR, an advanced active directory password self-service portal, aiming to transform password management. It addresses the increasing demand for effective and secure password control in a dynamic digital environment. The portal ensures adherence to organizational password policies, such as requirements for length, complexity, and history, guiding users to generate strong passwords that can withstand brute force attacks and unauthorized access attempts. Additionally, it offers capabilities for compliance reporting.

The password based authentication market report table of contents includes:

1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

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