Gartner anticipates that by 2022, 60% of large and global enterprises will implement some sort of passwordless solution to enhance security. With passwordless authentication, users are presented with one or multiple methods of signing into an application or device without the need to enter a password. This can take the form of email-based or SMS-based one-time passwords (OTP), biometrics, or hardware token-based authentication methods. However, passwords are frequently the fallback or fail-safe if the system denies access to a valid user.
Source: https://www.helpnetsecurity.com/2021/05/20/passwordless-not-always-passwordless/