Password Management Market Forecasts to 2028 – Global Analysis By Enterprise (Large, Medium, Small), Deployment Type (Hosted, On-Premise), Technology, and By Geography
According to Stratistics MRC, the Global Password Management Market is accounted for $1753.57 million in 2022 and is expected to reach $5558.25 million by 2028 growing at a CAGR of 21.2% during the forecast period. Password management will encode and decrypt the data. Password provides a line of security against unapproved access. Password management is a software solution that supports the organization and the storing of passwords. Password management has emerged as a significant segment of the identity management.
The increasing utilization of mobile devices has driven the requirement for password management, as it can be integrated into mobile devices to be certain about access to corporate information and password policy guidelines. According to Verizon’s Mobile Security Index in 2019, about 86% of the enterprise executives expressed that mobile threats are increasing rapidly and 67% of the enterprise executives are not confident about the security of their mobile devices, compared to other IT assets.
Market Dynamics:
Driver:
Increase in the number of internet and mobile users
With the number of Internet and mobile users increasing, so does the requirement for end-users to create various profiles. Moreover, organizations are progressively executing security measures to increase accountability. Because of these developments, the demand for password management software has expanded. The increasing amount of time spent on mobile phones is driven by the utilization of the internet, which comes with the accounts created on different internet-based service providers, from media and entertainment to food ordering services.
Restraint:
Risk in security and privacy
The password management tool reads and stores all the passwords on the device. As the system stores all the passwords in a single memory, the attack on these systems is a huge concern. This malware attack can read all the passwords, and dysfunction of this memory happens, which is restraining the market growth.
Opportunity:
Rising adoption of cloud-based databases and processes
The rise of cloud computing, the Internet of Things (IoT), and other advanced frameworks around the world is augmenting the market forward. Global organizations are progressively utilizing password management solutions to simply reset and manage their passcodes. The systems are regularly utilized for automated password resets, frequent passcode randomization, and session records because of their cost-effective and time-saving advantages. Moreover, as the quantity of online transactions develops, password management has become progressively significant for protecting online information and preventing online fraud.
Threat:
Scarcity of skilled cybersecurity professionals among enterprises
Organizations with pressing cybersecurity needs have noticed a significant lack of qualified experts in their organizations, which makes them further vulnerable to cyberattacks. The move to remote work in response to the COVID-19 pandemic expanded the workloads for skilled IT professionals and combined with the increasing rate of ransomware attacks, resulted in burnout situations for many security professionals. The further expanded need for experienced cybersecurity professionals is causing recruiters and government authorities to search for solutions to the skills shortage.
The self-service password management segment is expected to be the largest during the forecast period
The self-service password management segment is estimated to have a lucrative growth as these solutions enable clients to reset and deal with their passcodes on their own without any assistance from the helpdesk. This aids in saving valuable time for the IT department along with a decrease in costs caused within the department.
The banking, financial services, and insurance (BFSI) segment is expected to have the highest CAGR during the forecast period
The banking, financial services, and insurance (BFSI) segment is anticipated to witness the fastest CAGR growth during the forecast period owing to the highly sensitive nature of resources and information maintained by banking and financial institutions, it is imperative to ensure a highly secure environment. Any lapse or a breach in security can be expensive and disastrous with higher operating costs, revenue losses, and damage to the reputation of the organization.
Region with highest share:
North America is projected to hold the largest market share during the forecast period due to rising applications of password management solutions across end-use industries. Moreover, constant technological advancements in the fields of analytics, cloud, and BYOD trends are likely to drive the market demand in the region.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period owing to the expanding base of small & medium organizations in the region. In addition, a growing technology user base and rapidly developing infrastructure are responsible for driving the market. China's defensive capabilities have been enhanced in response to rising cyber-attacks. This is likely to increase security solutions like password management to prevent unauthorized access.
Key players in the market
Some of the key players profiled in the Password Management Market include Zoho Corporation Pvt. Ltd, Trend Micro Inc., Steganos Software GmbH, Centrify Corporation, NetIQ, Microsoft, Core Security Technologies, Ivanti Software Inc., Cyberark Software Ltd, IBM, Hitachi ID Systems, Fastpass Corp., Dell Sonicwall, Courion Corporation, Intuitive Security Systems Pty Ltd, Keeper Security Inc., CA Technologies, Sailpoint Technologies and OneLogin, Inc.
Key Developments:
In April 2020, FastpassCorp launched FastPass Identity Verification Client or IVC. IVC is an extension and replacement of the previously mentioned FPR. IVC solves a significant security issue for companies and organizations working with a help desk.
In Sep 2019, OneLogin, Inc upgraded the cyber security systems beyond password-based authentication. OneLogin, Inc has announced Vigilence AI to combat security threats. It uses artificial intelligence and machine learning in this risk engine. It also leverages SmartFactor Authentication.
Enterprises Covered:
• Large Enterprises
• Medium Enterprises
• Small Enterprises
Types Covered:
• Privileged User Password Management
• Self-Service Password Management
Deployment Types Covered:
• Hosted
• On-Premise
Technologies Covered:
• Voice Enabled Password Systems
• Mobile Devices and Tablets
• Desktop and Laptops
End Users Covered:
• Retail & Wholesale Distribution
• Public Sector
• Oil & Gas
• IT and Telecom
• Industrial Manufacturing
• Energy and Utilities
• Healthcare
• Government and Defence
• Banking, Financial Services, and Insurance (BFSI)
• Education
• Consumer Goods
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
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• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
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