Password Management Market By Type (Self-Service Password Management, Privileged User Password Management) , By Access (Mobile Devices, Desktops and Laptops, Voice-Enabled Password Systems, Others) By Enterprise Size (Large Enterprises, Small and Medium-S

Password Management Market By Type (Self-Service Password Management, Privileged User Password Management) , By Access (Mobile Devices, Desktops and Laptops, Voice-Enabled Password Systems, Others) By Enterprise Size (Large Enterprises, Small and Medium-Sized Enterprises) By Industry Vertical (BFSI, IT and Telecom, Healthcare, Retail, Government and Public Sector, Manufacturing, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2032

Password Management Market

The password management market was valued at $2.4 billion in 2023 and is projected to reach $9.9 billion by 2032, growing at a CAGR of 16.8% from 2024 to 2032.

Password management comprises of the system involved in the creation, storage, and use of strong, unique passwords for online accounts of individuals or organizations. To reduce the vulnerability of attacks, the system executes periodic password renewals. Moreover, to simplify the entry of credentials in multi-device environment of organizations, password manager synchronizes and ensures automated login into the devices securely.

Increase in prevalence of cyberattacks and expansion of digital landscape have been the key drivers of the password management market. In addition, shift toward remote work culture has necessitated the adoption of password management systems for organizations to secure their critical information across the globe. To protect devices from quantum-based threats, the development of quantum-resistant password management system is projected to trend in the market in coming years. This form of encryption uses mathematical problems and key generation & distribution to protect systems from unauthorized access.

However, several organizations deter from using the services of password management owing to reliance on a third-party tool, thereby hampering the development of the market. Furthermore, lack of complete awareness regarding the benefits of password management systems among several organizations limits their adoption and restrains the market growth. On the contrary, upsurge in financial burden on companies owing to rise in cybersecurity incidents is projected to open new avenues for the password management market. IBM and Ponemon Institute released the 2023 Global Data Breach Report, which states that the average cost of a data breach was up to $4.45 million. These soaring losses have emphasized the importance of strong passwords, presenting lucrative opportunities for the password management market.

Segment Review

The password management market is segmented into type, access, enterprise size, industry vertical, and region. On the basis of type, the market is bifurcated into self-service password management and privileged user password management. Depending on access, it is divided into mobile devices, desktops & laptops, voice-enabled password systems, and others. As per enterprise size, it is classified into large enterprises and small- & medium-sized enterprises. By industry vertical, it is categorized into BFSI, IT & telecom, healthcare, retail, government & public sector, manufacturing, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key Findings

On the basis of type, the self-service password management segment is projected to account for a high share of the market throughout the forecast period.

Depending on access, the voice-enabled password systems segment is expected to dominate the market by 2032.

As per enterprise size, the small- & medium-sized enterprises segment is anticipated to be the highest shareholder during the forecast period.

By industry vertical, the healthcare segment is predicted to acquire a higher stake in the market from 2024 to 2032.

Region wise, North America is projected to be the highest shareholder by 2032.

Competition Analysis

The major players of the global password management market include Bitwarden, Inc., Dashlane Inc., Zoho Corporation Pvt. Ltd., 1Password, Nord Security, NortonLifeLock Inc., One Identity LLC, SailPoint Technologies, Inc., LastPass US LP, and Siber Systems, Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the competitive market.

Key Market Segments

By Type

Self-Service Password Management
Privileged User Password Management

By Access

Mobile Devices
Desktops and Laptops
Voice-Enabled Password Systems
Others

By Enterprise Size

Large Enterprises
Small and Medium-Sized Enterprises

By Industry Vertical

BFSI
IT and Telecom
Healthcare
Retail
Government and Public Sector
Manufacturing
Others

By Region

North America
U.S.
Canada
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa

Key Market Players

Bitwarden, Inc.
Dashlane Inc.
Zoho Corporation Pvt. Ltd.
1Password
Nord Security
NortonLifeLock Inc.
One Identity LLC
SailPoint Technologies, Inc.
LastPass US LP
Siber Systems, Inc.