Over time, the use of passwords has proven to be a significant threat to businesses. The Verizon 2022 Data Breach Investigations Report reveals that almost half of data breaches occur due to stolen credentials. This alarming trend has sparked a growing interest in passwordless authentication, with tech giants like Google, Microsoft, and Apple working on solutions that align with the FIDO Alliance’s aim for a universal standard for passwordless logins.
Slavik Markovich, CEO and co-founder of Descope, has emphasized that “Passwords are harmful from both a security and usability standpoint.” He points out that passwords are a major cause of security breaches and are commonly exploited by cybercriminals as the primary means to achieve their nefarious objectives. Additionally, passwords create obstacles throughout the user experience, leading to frustration and a negative user journey, potentially resulting in reduced user interaction or retention.
Markovich also mentioned that recent advancements like FIDO2, WebAuthn, and passkeys have set the stage for a future where passwords are obsolete. Yet, he stresses that achieving this vision requires equipping app developers with the necessary tools and resources to seamlessly implement passwordless authentication methods into their applications.
Descope aims to support this “passwordless future” by simplifying the integration of passwordless authentication into apps or services for developers. Building these components from scratch is arduous and time-consuming for development teams. Descope offers a user-friendly workflow editor that allows users to create authentication processes without coding. These no-code workflows enable developers to establish user access controls and expedite app launches without compromising security.
The Growing Authentication Market
Analysts project that the market for passwordless authentication will surge from $6.6 billion in 2022 to $21.2 billion by 2027, as more businesses seek protection against social engineering, phishing, and other credential theft methods. A key competitor to Descope is Stytch, a tool enabling developers to build authentication flows through APIs, JavaScript, and Mobile SDKs. Stytch secured $90 million in series B funding in November 2021, achieving a valuation of $1 billion.
Another significant player in this realm is Auth0, a Customer Identity Access Management (CIAM) provider that empowers businesses to define access roles for app and API users, leading to agile access controls. In 2021, Okta acquired Auth0 for $6.5 billion.
According to Markovich, Descope’s primary differentiator among competitors is its utilization of workflows. “These no-code workflows streamline the authentication construction process while enabling app creators to retain control over their UX and UI,” he concluded.
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