The Password Management Market is anticipated to reach USD 2.05 billion by 2025 owing to the growing complexity of compliances, regulatory, risk of data theft in different major industries. Password is a sequence of characters that enables access to computer devices like smart phones or services. The primary task of password management is to encrypt and decrypt the data. It offers protection against unauthorized access.
Password management is basically a software solution which stores and manages the passwords. It is beneficial for both, individual users and enterprise users. It includes collection of algorithms to operate the sequences of the password. Efficient password management solution has been on the rise among different enterprises due rise in complicated systems and regulations for creating and changing passwords. Moreover, the mobile device password management is expected to boost the Password Management Market with a CAGR of 19.4% in the near future.
With the growing number of online transactions, it has become obligatory to comply with safe and secure passwords management practices. Passwords enable a strong support in protecting crucial online information like bank accounts, emails, medical details, etc. A widespread awareness was created owing to the major breaches that occurred years back. It included awareness concerning the importance of using unique passwords for every single online account. To promote safer password practices, most security experts recommend to use the password management applications as the most practical and secure way of transaction.
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The strict password creation rules protocols by the government are significantly playing a major role for shaping the market. On contrary, it becomes easy to use a password management system that renders help in retrieving lost or forgotten passwords in regards to important online accounts. Further, the password management does not only offer solutions to the enterprises but also caters to individual users with feasible solutions. Industries and enterprises are now becoming aware of the password management and therefore, a significant rise has been observed in the product adoption too.
The major drivers of the password management industry are required to obey the strict compliances and the rising risk of data theft. This is attributed to the industries like healthcare, Banking, Financial Services & Insurance and public sector. Growing attacks by the hackers have raised issues against password security. This supports the growing demand for password management solutions.
The password management solutions and products are positioned either in the hosted environment over cloud or on premise environment. The speedy rise in the cloud market also augments the growth of industry. The cloud market is expected to widen the opportunities in hosted the market. However, the growing built-in management, custom-built, and extension requirement are some restraints for the growth of the market.
The password management industry is categorized on the grounds of access, product type, industry vertical and geography. On the grounds of access, the market is divided into smart phones, tablets, laptops, desktops, voice-enabled password systems, etc. On the grounds of product type, the industry is divided into privileged user and self-service password systems, etc. From among these, Self-Service Password Systems division is expected to be dominant in the password management market due to extensive usage in smaller enterprises for proper security measures against mandate compliance and threats.
On the grounds of industry vertical, the market is divided into (BFSI) Banking, Financial Services & Insurance, IT & Telecom, public sector, healthcare, education, retail and consumer goods, etc. Geographically, the password management industry is segmented as North America, Europe, LAMEA and Asia Pacific. North American accounts for the largest password management market share owing to the rising applications in end-use industries and increase in cyber threats.
Some of the prominent password management industry players are Google Inc., Microsoft Corporation, Knowledge Secure Systems Ltd., Hitachi ID Systems, Inc., Fast pass Corporation, Avatier Corporation, NetIQ Corporation, Sonic wall Inc., Sail Point Technologies Pvt. Ltd., and Courion Corporation.
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