Felton, 6 December
2019 - 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.
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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.
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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Market Segment:
Password Management
Type Outlook (Revenue, USD Million, 2014 - 2025)
• Self-service
password management
• Privileged user
password management
Password Management
Access Outlook (Revenue, USD Million, 2014 - 2025)
• Mobile devices
• Desktops &
laptops
• Voice enabled
password systems
• Others
Password Management
Organization Outlook (Revenue, USD Million, 2014 - 2025)
• Small &
medium organization
• Enterprise
Password Management
End user Outlook (Revenue, USD Million, 2014 - 2025)
• BFSI
• Education
• Healthcare
• Manufacturing
• Public sector
& utilities
• Retail &
wholesale distribution
• Telecom & IT
• Others
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