Passwordless Authentication Market Size, Share, Growth Analysis, By Component(Hardware, Software and Services), By Product Type(Fingerprint Authentication, Palm Recognition, Iris Recognition, Face Recognition), By Authentication Type(Single-factor Authentication, and Multi-factor Authentication), By Portability(Fixed and Mobile), By End-user(IT & Telecom, Retail, Transportation & Logistics, Aerospace & Defence), By Region - Industry Forecast 2024-2031

North America dominated the market in 2021, bringing in more than 39% of global revenue. Passwordless authentication technology can improve user experience and security while also lowering total cost of ownership and increasing investment in developed nations like the United States, Canada, and Mexico. These benefits serve as major market expansion drivers. Growing data security concerns in these countries have also led to the expansion of passwordless authentication. The region's increasing use of technologies like artificial intelligence (AI) and the internet of things (IoT)is also helping the market's growth.

Asia Pacific is expected to witness the fastest CAGR, at 21.0%, between 2023 and 2030. This can be attributed to the local passwordless authentication market's primary growth factors, including the increasing use of smartphones and tablets in this region as well as technologies like facial and fingerprint identification. A strategic technological partnership involving Israeli software company Secret Double Octopus and PwC is launched in September 2022 in order to assist enterprises in the Asia-Pacific region in compliance with forthcoming multi-factor authentication rules (MFA). The premium desktop and passwordless MFA solution for organizations, the Octopus Authentication Platform (OAP), will be made accessible as a result of the agreement with Secret Double Octopus and PwC India.