2023 was heralded as ‘the year of passkeys’ as more than 7bn user accounts were made ready for passwordless sign-ins.
A late-2023 report from FIDO Alliance and LastPass had suggested that respondents believed passkeys can help make them more secure, and help reduce the volume of unofficial (i.e., ‘shadow IT’) applications.
Google, which has shared many early results from its implementation, has reported that passkeys are 40% faster than signing in with passwords. Other benefits experienced by other corporate adopters include:
- Up to a 97% sign-in success rate
- Up to a 70% reduction in sign-in time with passkeys
- Up to an 82.5% authentication success rate with 20.5-second time reduction for authentication when compared to SMS OTP sign-ins
Passkeys, which can be available across a user’s devices or bound to only a single device, can also provide phishing-resistant security that is superior to the use of passwords and other phishable forms of authentication.
According to FIDO, many major consumer brands and workforces, including Adobe, Amazon, Apple, DocuSign, Google, Hyatt, NTT DOCOMO, Nintendo, PayPal, Shopify and many others had started offering passkeys for cross-device sign-in in 2023.
Also, consumers were able to enjoy more flexibility for passkey management as credential managers such as 1Password, Bitwarden, Dashlane and LastPass joined Apple, Google and Microsoft as solution providers.
Along with the many deployments in Japan, 64 of the FIDO Alliance’s 250+ member firms are actively spreading awareness and adoption of passkey technology in the APJ region.
Another FIDO Alliance report has asserted that passkeys have grown in consumer awareness despite still being live just over a year, rising from 39% in 2022 to 52% awareness in 2023, while more than half of respondents had said they had set up a passkey to sign into an account.
According to FIDO reports, more than 7bn online accounts were made accessible via passkeys in 2023.