Password Based Authentication Market Key Drivers
“The Business Research Company recently released a comprehensive report on the Global Password Based Authentication Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
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According to The Business Research Company’s, The password based authentication market size has grown exponentially in recent years. It will grow from $4.57 billion in 2023 to $5.56 billion in 2024 at a compound annual growth rate (CAGR) of 21.8%. The growth in the historic period can be attributed to increasing internet usage, the growth of e-commerce, rising cybersecurity threats, regulatory compliance requirements, and increasing mobile device usage.
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.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Password Based Authentication Market 2024 Key Insights:
• 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%.
• Rising Online Transactions Propel Growth In Password Based Authentication Market
• Advanced Solutions Revolutionize Password-Based Authentication Market
• North America was the largest region in the password based authentication market in 2023
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