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Transmit Security has been named as an Honorable Mention in the 2021 Gartner Magic Quadrant for Access Management.
Transmit Security completed a record-breaking funding round in June and has been recognized by many tech journals and analysts for its unique approach to passwordless authentication. We believe this recognition of Transmit Security and its recent milestone underscores the company’s market relevance, rapid growth and bold passwordless strategy.
Transmit Security was also mentioned as a Sample Vendor for passwordless authentication in the October 2021 Gartner Emerging Technologies and Trends Impact Radar: Security.
In the report, they write, “Gartner considers passwordless authentication to be in the ‘now’ range, with estimated adoption around 30% to 40% of the way toward the early majority target — based on the installed base of customers and implementation benefits of eliminating passwords. Gartner rates passwordless authentication (which includes all varieties of passwordless methods and flows) as very high mass (a measure of overall breadth of market impact).”
The report further states, “Demand is driven by the need of potentially every organization to minimize the use of passwords in order to reduce account takeover risk and improve employee and customer experience.”
Transmit Security has taken the identity space by storm with its unique approach to achieving passwordless authentication. Unlike legacy players in access management, the company focuses on completely removing passwords from the authentication process. With a combination of rapid-fire deployment and app-less functionality, Transmit Security stands out as an industry-defining leader.
Transmit Security looks to turn password-induced costs into things of the past. Instead of squeezing budgets by staffing call centers, processing support tickets and restoring fraudulent purchases, companies working with Transmit Security can deliver a safer authentication experience with a lower total cost of ownership. All this typically comes at the expense of customer experience — but not for Transmit Security.
Unlike traditional players in the identity arena, Transmit Security doesn’t sacrifice a smooth experience for security. Instead, cutting-edge protection and effortless user journeys go hand in hand. Transmit Security President and Co-Founder Rakesh Loonkar spoke about his apprehensions around the friction and vulnerability passwords cause in a recent press release:
“Every time I see a login button on a website, I get anxious,” Loonkar said. “Whenever an app texts me a code that I have to enter, I become frustrated with the process. We’ve all learned to suffer and accept the terrible user experience and poor security that comes with passwords just because that’s the way it has always worked in the past.”
Coining the term “Identity Experience” to describe the path customers take when logging in, Transmit Security sees the entire authentication process as a crucial component in the customer journey. Its flagship offering BindID is a customer authentication solution focused on minimizing the friction felt by users who are shopping or accessing services online.
A study by the FIDO Alliance reveals that the difficulty of managing passwords has caused 58% of U.S. customers surveyed to abandon their purchases. The good news is that customers are ready for change. A new report from Pymnts.com stated that the majority of customers who have used biometric authentication now cite it as their preferred method of authentication.
In our opinion, Transmit Security being recognized by Gartner represents a clear validation of the company’s bold passwordless strategy. With a unique vision for ridding the world of passwords for good, Transmit Security will undoubtedly play a pivotal role in expanding and leading a critical market.
To learn more about Transmit Security’s impact on the passwordless marketplace, listen to Co-Founder Rakesh Loonkar talk about the company’s meteoric rise on “The Founder Formula” podcast.
[1] Gartner, “Magic Quadrant for Access Management”, Henrique Teixeira, Abhyuday Data, Michael Kelley, November 1, 2021.
[2] Gartner, “Emerging Technologies and Trends Impact Radar: Security”, Ruggero Contu, Mark Driver, et. al, October 12, 2021.
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