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Today, an identity and access management research report created by Enterprise Strategy Group (ESG) unveiled that 85% of IT and cybersecurity professionals agree the adoption of passwordless technology is among top strategic initiatives.
The report, sponsored by identity and access management software provider SecureAuth, comes as more organizations are frustrated with multifactor authentication (MFA) identity and access management solutions, and have begun turning to passwordless solutions.
One of the key findings was that 32% of organizations are making MFA optimal for employees, after recognizing the friction that “MFA” fatigue creates for end users.
The data reveals that execs may consider making a move away from inflexible manual authentication and MFA access management approaches toward seamless passwordless authentication if they want to offer the best user experience.
“SecureAuth’s vision is focused on advanced authentication that is continuous and behavioral based, providing users a frictionless experience while enabling a stronger security posture. The survey findings provide strong support for our strategy,” said CEO of SecureAuth, Paul Trulove.
Finding the answer to access management
SecureAuth is part of the identity and access management market which researchers valued at $13.4 billion in 2021, and anticipate will reach $34.5 billion in 2028 as more organizations attempt to comply with mounting industry regulations amid growing cloud adoption.
While the organization holds a strong position in the market, after raising $200 million in funding in 2017, it’s not the only enterprise seeking to offer users more accessible authentication technologies.
One competitor is Okta, which offers enterprises a zero trust security solution through a centralized platform and has upwards of 15,000 customers and was named a leader in the Gartner Magic Quadrant for Access Management for the fifth consecutive year, and expects total revenue of roughly $1.3 billion in 2022.
Another is Duo Security, a two-factor authentication and endpoint security provider that enables users to connect to authenticate from desktop and mobile devices, which was bought by Cisco in 2018 for nearly $2.4 billion.
Today, SecureAuth is aiming to differentiate itself from these providers by offering features like adaptive authentication, which uses contextual risk checks to identify authorized users and validate access requests.
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