Password Management Market Forecasts to 2028 – Global Analysis By Type (Self-Service, Privileged User), Access (Voice enabled password systems, Mobile devices and tablets), Enterprises (Small Enterprises, Medium Enterprises) and By Geography

Password Management Market Forecasts to 2028 – Global Analysis By Type (Self-Service, Privileged User), Access (Voice enabled password systems, Mobile devices and tablets), Enterprises (Small Enterprises, Medium Enterprises) and By Geography

According to Stratistics MRC, the Global Password Management Market is accounted for $1,703.09 million in 2022 and is expected to reach $4,339.66 million by 2028 growing at a CAGR of 16.9% during the forecast period. Password management is a set of principles and best practices to be followed by users while storing and managing passwords in an efficient manner to secure passwords as much as they can to prevent unauthorized access.

According to Verizon’s Mobile Security Index in 2019, about 86% of the enterprise executives expressed that threats in mobile devices are increasing rapidly and 67% of the enterprise executives are not confident about the security of their mobile devices, compared to other IT assets. According to China’s National Computer Network Emergency Response Technical Team (CNCERT), in 2018, 14,000 servers in the United States infected by a Trojan virus or botnet controlled 3.34 million host computers in China, thereby representing a nearly 90.8% increase in attacks on a year-over-year basis.

Market Dynamics:

Driver:

Rise in the number of internet and mobile users

The growth in the number of mobile and computer users is augmenting the demand for the market growth. As the number of Internet and mobile users grows, so does the need for end-users to create different profiles. In addition, businesses are increasingly implementing security measures such as user accounts to increase accountability. As a result of these developments, the demand for password management software has increased. With the increasing internet services penetration, improving communication infrastructure, and data speed improvements, the growing number of internet and mobile users is influencing various businesses, across the world, to adopt the internet to offer their services and products. Along with this, enterprises are increasingly adopting security measures to increase accountability by adopting user accounts. Such developments are, in turn, augmenting the demand for market growth.

Restraint:

Single point of failure

Password manager programs are a target for hackers. For instance, if someone gets hold of a master password, they have all passwords it’s not easy to log in using multiple devices. If the main password is used/typed/saved on a computer with malware, the main password can compromise all other passwords controlled by the PM. This is one of the factors that restrain market growth.

Opportunity:

Government Policies

The government mandates to create and manage passwords also boost the market forward. Password management is a robust approach to ensuring enterprise security by making it easier to store and secure complex account credentials. Because of the rising amount of cyber-attacks around the world, there is a significant demand for secure working methods to protect databases and other necessary and confidential digital documents. This is due to an increase in the number of cybersecurity incidents and to validate the security of the country and its citizens. NIST, the United States standards organization, released a new set of Digital Authentication Guidelines. These initiatives by the government create opportunities for the market growth.

Threat:

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 significant concern. This malware attack can read all the passwords, and dysfunction of this memory occurs. One of the reasons threatening the market growth.

Covid-19 Impact

Since, the COVID-19 outbreak, the number of cyberattacks has been drastically increasing, adversely affecting individuals, businesses, and organizations. Thus, some of the affected organizations are now investing financial resources into fixing the current inefficient data and password management systems. It is expected that the threat of cyber attacks would last longer than the COVID-19 pandemic itself and will drive the market in studied peroid.

The Information Technology and Telecom segment is expected to be the largest during the forecast period

The Information Technology and Telecom segment is expected to be the largest during the forecast period, by obtaining a substantial revenue share of the market. The increasing growth of this segment is attributed to the increasing utilization of password management tools across the telecommunication sector with the purpose to secure their servers and portals. Additionally, IT sector companies are broadly utilizing password management tools intending to prevent their databases from unauthorized access and harmful malware.

The Privileged User segment is expected to have the highest CAGR during the forecast period

The Privileged User segment is expected to have the highest CAGR during the forecast period. The growth of this segment is accredited to the fact that the Privileged solutions enable the user to experience enhanced security by storing privileged user passwords and employing several methods such as frequent passcode randomization, automated password resets, and privileged session recording. In addition, Privileged passwords are a type of password that grants higher access and permissions to accounts, applications, and systems.

Region with highest share:

North America is projected to hold the highest market share during the forecast period, owing to the rising number of cyber-threats and attacks, the government has been forced to take steps to implement password management solutions. The U.S. is anticipated to remain the largest market for enterprise password management in North America, owing to increasing application across numerous end-use verticals. Moreover, the strong presence of solution providers such as Quest Software, NetIQ, FastPass, and IBM Corporation, among others, is positively impacting market growth in this province.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the increasing adoption of IoT applications, BYOD trends, and cloud-based deployments among enterprises in the country are triggering an increase in advanced level threats. China's defensive capabilities have been enhanced in response to rising cyber-attacks. Increased cyber-attacks on Japanese companies, particularly identity theft, have prompted the government to implement new legislation, strategies, and facilities. Increasing cyber-attacks have resulted in a rise in research & development investments by governments from different countries. Also, the digital transformation trend in enterprises across India has presented lucrative opportunities for major password management solutions providers. Additionally, a growing technology user base and developing IT infrastructure are responsible factors for market growth.

Key players in the market

Some of the key players profiled in the Password Management Market include LogMeIn Inc, 1Password (AgileBits Inc.), Dashlane Inc, Keeper Security Inc, Avatier Corporation, Avatier Corporation, CA Technologies, Dell SonicWALL LLC, Fast Pass Corp A/S, Hitachi ID Systems, Inc., IBM Corporation, Microsoft Corporation, NetIQ Corporation, Quest Software, Inc., SailPoint Technologies Holdings, Inc.

Key Developments:

In April 2020: FastpassCorp announced a new product with the name - 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. With IVC, the company delivers an intelligent workflow that determines how each employee's identity can be verified before a new password is issued. With the data available to IVC, the level of security will be significantly improved..

In March 2020: Keeper Partnered with LogRhythm to Offer Integrated Password Security & Enterprise Security Monitoring. The partnership enables businesses to seamlessly integrate Keeper’s extensive password-related event data into LogRhythm’s NextGen Security Information and Event Management (SIEM) platform for threat monitoring.

In Dec-2021: Dell Technologies partnered with Amazon Web Services, a subsidiary of Amazon providing on-demand cloud computing platforms. This partnership aimed to unveil Dell EMC PowerProtect Cyber Recovery for AWS. By collaborating with AWS, Dll would provide customers with a cyber-recovery solution that segregates business-crucial data away from an attack with an air-gapped cyber vault, enabling companies to decrease risk and protect data with confidence after a successful cyberattack.

Types Covered:
• Self-Service
• Privileged User

Accesses Covered:
• Voice enabled password systems
• Mobile devices and tablets
• Desktop and laptops

Enterprises Covered:
• Small Enterprises
• Medium Enterprises
• Large Enterprises

Deployments Covered:
• On-Premise
• Cloud Based

End Users Covered
• Healthcare
• Energy and Utilities
• Retail
• Banking, Financial Services and Insurance (BFSI)
• Government and Defence
• Information Technology and Telecom
• Healthcare
• Education

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