The Password Management Market size is expected to grow from USD 2.09 billion in 2023 to USD 7.33 billion by 2028, at a CAGR of 28.52% during the forecast period (2023-2028).
Password management (PM) technologies enable users to reset clients' passwords following an account lockout or when individuals forget their credentials. Additionally, PM tools can synchronize passwords for users across many platforms, enabling users to log into numerous applications using a single password. As more and more financial and personal information is kept online, the demand for complex passwords and safe means to store them has led to the development of password managers. According to Keeper Security, inadequate password security accounts for more than 81% of data breaches.
The password management market is highly fragmented with the presence of major players like Lastpass US LP (Goto Group Inc.), 1Password (AgileBits Inc.), Dashlane Inc., Keeper Security Inc., and Avatier Corporation among others. Players in the market are adopting strategies such as partnerships, mergers, innovations, investments and acquisitions to enhance their product offerings and gain sustainable competitive advantage.
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