LastPass’s release is well-timed, given the global passwordless authentication market was valued at $12.79 billion in 2021, and is predicted to grow rapidly to a valuation of $53.64 billion by 2030 as more organizations look to move away from password-based authentication and improve their security posture.

A rundown of the passwordless authentication market “Passwordless is a complex journey that requires support and development efforts across device manufacturers, operating system vendors, web browser providers and web application developers in order to provide a seamless experience for users,” Hoff said.īy providing users with passwordless login options and an authentication app, LastPass is aiming to support enterprises in implementing a zero-trust strategy to provide users with user-friendly sign-on options. “As passwordless technology continues to be developed and adopted across the industry, true passwordless access to every site, across every device, application and browser through the FIDO2 standard will take years to achieve,” said chief secure technology officer, Chris Hoff. With over 15 billion stolen passwords on the dark web and 97% of senior security executives reporting an increase in credential theft last year, it’s clear that password-based authentication isn’t doing a good job of preventing unauthorized users from accessing sensitive information.

While it will be years before FIDO’s passwordless vision is finally realized for enterprises, it couldn’t come sooner.

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