WPA2 uses AES-CCMP-128 which is not efficient (or even feasible) for high data rates as it cannot be parallelized. WPA3 uses GCMP-128 or GCMP-256, which (in the case of 256-bit) is stronger security and also can achieve gigabit level speeds or higher due to being able to parallelize the encryption.

WPA2 is susceptible to offline-dictionary attack and the cost is quite low (less than $10), especially with cloud computing. WPA3 is resistant to offline dictionary attack.

If an adversary knows the WPA2 passphrase, the adversary can eavesdrop on connections between the AP device and the station device. In comparison, in WPA3, even if an adversary knows the passphrase, the adversary will not be able to decrypt communications between the AP and the station device. The adversary is still able to gain access to the network, but the attack surface area has been reduced.

WPA3 uses HMAC-SHA256 for key derivation, whereas WPA2 uses HMAC-SHA1. NIST and other cryptography agencies have recommended against the use of SHA1 in cryptographic systems due to known weaknesses.

WPA3 has many advantages over WPA2. In addition, most of the implementation for WPA3 is in software and also available as open source.