Password Management Market Size, Share Forecast 2030

  • by

Password Station is the easiest to extend to additional target systems and custom applications. Our singular focus drives the most innovative identity management products in the industry. In May 2022, LogRhythm and REAL Security have teamed up to help businesses in the Adriatic zone identify and manage cyber threats. The cooperation expands LogRhythm’s footprint throughout south-east Europe while also providing world-class security operations capabilities to real security. Further, it helps us in delivering the evidence related to market growth rates. The collected data includes market dynamics, technology landscape, application development and pricing trends.

Products In Password Management Tools Market

Because of their perceived vulnerability, SMEs are frequently targeted by cyber criminals and are at a higher risk of data breaches. With the increasing importance of data security, SMEs are looking for cost-effective and user-friendly password management solutions to secure their digital assets and protect their businesses from cyber threats. The desktops and laptops sub-segment of the access segment held a significant market share in 2021. Desktops and laptops are the most commonly used devices for personal and professional purposes, making them prime targets for cyber-attacks and data breaches. Password management solutions are becoming increasingly popular among desktop and laptop users because they provide an easy and secure way to store and manage passwords. Furthermore, due to the larger screen size and keyboard, desktops and laptops are preferred over mobile devices for many password management tasks such as password generation and storage.

Secure your enterprise customers’ sensitive data with multiple layers of password encryption

This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. North America has been dominating the Password Management Market, accounting for the largest share of the market. Using porters five force model, the analysis is done for the level of competition within the industry and the business strategy development. The projections in this report are made by analyzing the current trends and future market potential in terms of value and opportunities. This report entails the detailed quantitative analysis of the current market and estimations which assists in identifying the prevailing market opportunities. For understanding the entire market landscape, we need to get details about the past and ongoing trends also.

Products In Password Management Tools Market

According to the report, organizations are expected to install an access control solution due to security concerns (88%), as well as the possibility of a significant data breach (84%). The rising productivity in manufacturing and consumer goods and digital transformation in the Middle East, Africa, and South America are expected to drive the demand for password management solutions. 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.

Segmental Analysis

Increasing risk of data theft in critical industries such as healthcare, public sector, and BFSI is expected to provide a fillip to the market. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators. Healthcare organizations hold a vast amount of patient records, making Patient Health Information a highly coveted item on data markets. On average, each company handles over 500 digital accounts and access to more than 11 million patient files to healthcare employees. The growth in Electronic Health Records , telehealth platforms, and remote patient care has increased the demand for sensitive data, resulting in an upsurge in ransomware and cyber-attacks. Admins can protect their organization by setting policies to easily onboard, offboard, and manage employees’ access to work accounts.

Products In Password Management Tools Market

We carefully factor in industry trends and real developments for identifying key growth factors and future course of the market. Our research proceeds are the resultant of high quality data, expert views and analysis and high value independent opinions. Our research process is designed to deliver balanced cloud enterprise password management view of the global markets and allow stakeholders to make informed decisions. To define, describe and forecast the global password management market on the basis of access, type, industry verticals and geography. The authentication process or defense against unauthorized access attempts uses passwords.

Always private, always secure

In addition to being helpful for individuals, password management is also beneficial for various businesses, including small, medium, and big enterprises, as a tool for information and governance security. Additionally, they are used to secure, administer, audit, and keep an eye on all activity related to their privileged accounts. Based on Organization Size, the market is segmented into Large Organizations and Small & Medium Organizations. The small and medium-sized organizations segment followed the large organizations segment by accounting for the second highest revenue share of the password management market in 2020. The growth of this segment of the market is attributed to the fact that despite their limited finances, small firms are obligated to adopt suitable security measures due to increased threats and tight compliance obligations. Moreover, ruthless competition across the market is also a factor that encourages small and medium businesses including startups, to employ the latest and advanced technologies across their businesses.

Additionally, increasing deployment of cloud-based solutions, presence of numerous key players, and digital transformation in the U.S. and Canada are among the key factors driving the market growth across North America. Privileged user password manager or enterprise password management is a division of credentials that provide security permissions and elevated access across systems and applications. Based on our analysis, self-service password security is expected to dominate the market share https://globalcloudteam.com/ with a healthy CAGR over the forecast period. The growing number of internet and mobile users have a massive impact on various businesses. With the increase in internet usage, improvement in communication channels, and high speed internet,various companies are gradually implementing security measures such as user accounts to ensure accountability. Password managers are apps that help users see and learn all the passwords stored on the device and the passwords for individual accounts.

How Virtual Cards Improve Mobile Wallet Security and the Customer Experience

Meanwhile, security-conscious small and medium businesses were relegated to using password tools designed primarily for consumers. Your help desk and IT teams save time with automated account provisioning and deprovisioning, automated account discovery, automated password rotation, and consolidated reporting and auditing. IT password management can be further streamlined as your PAM solution is integrated with other critical IT systems, such as SIEM and IT ticketing systems, and diverse operating systems and platforms. ● The company profiles section provides an understanding of the company overview, company insights, product benchmarking, and SWOT analysis for the major market players. The market has been segmented into various major geographies, including North America, Europe, Asia-Pacific, South America, Middle East and Africa. Detailed analysis of major countries such as the USA, Germany, the U.K., Italy, France, China, Japan, South Korea, Southeast Asia, and India will be covered within the regional segment.

Managed Security Services Provider (MSSP) Market News: 17 May … – MSSP Alert

Managed Security Services Provider (MSSP) Market News: 17 May ….

Posted: Wed, 17 May 2023 16:07:50 GMT [source]

Password management tools allow you to read and learn all of the passwords stored on your device and each account’s email address or another unique identifier. Keeping multiple passwords in a single memory becomes an important topic when unauthorized access is gained. Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation. The desktops & laptops product held the maximum share of the password management market.

Enterprise password protection must also secure third-party access

The password management market was valued at USD 1,746.8 million in the current year, and it is expected to grow at a CAGR of 28.52%, reaching USD 6,125.4 million by the next five years. Password management 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.

  • Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
  • Rising adoption of cloud-based databases and processes are driving the market in coming years, however, security and privacy-related risks limited the growth of the market.
  • Countries such as India, China, and Japan have been experiencing strong economic growth.
  • Such factors positively impact the industries by delivering better security measures and reducing hassle, which plays a vital role to propel the market growth.
  • The Asia Pacific is expected to emerge as the fastest-growing region, owing to the expansion of small- and medium-sized enterprises in developing economies such as China and India.

Cyber-attacks, data breaches, and network intrusions disrupted companies’ operations and became a big concern for enterprises across industries. Avatier Password Station™ allows employees, contractors, consultants, partners and customers to securely reset their passwords. With Password Station business users can unlock and manage their accounts at anytime.

Frequently Asked Questions About This Report

Password management has emerged as a major segment of identity management market. Human generated passwords are often algorithmically weak and prone to attacks. Rise in the complexity and number of complex systems being deployed across the organizations, and strict compliance requirements and rules for generating and changing passwords makes it complicated to manage the passwords. Further, the password management problems often cause expensive delays and loss of productivity. The report segments the password management market on the basis of access, type, industry vertical, and geography. According to the access, the market is classified into mobile devices and tablets, desktop and laptops, voice enabled password systems, and others.

Leave a Reply

Your email address will not be published. Required fields are marked *