The Global Password Management Market size is expected to reach $2.9 billion by 2027, rising at a market growth of 20.7% CAGR during the forecast period.
A password is a string of characters that allows you to access a service or device while also protecting you from unauthorized access. Password management is a software solution that helps IT administrators manage and organize passwords on servers, network appliances, and computer systems. It is generally used by end-users to audit, safeguard, manage, and monitor actions linked with privileged accounts as a tool for information security and governance. These software programs aren't just for businesses; they're also employed as a security tool by individuals. They preserve critical data, files, financial records, and legal information from cyber-attacks.
The outbreak of the COVID-19 pandemic is considered as one of the most lethal infection over centuries. COVID-19 not only caused a disaster to humanity by depriving millions of people of their lives, but it also caused a steep downfall to the economies all over the world. In addition, The COVID-19 pandemic presented a significant challenge to all businesses around the world in terms of continuing to operate amid widespread office closures. Changes in work culture had a significant impact on IT security. Cyber-attacks, data breaches, and network intrusions disrupted companies’ operations and became a big concern for enterprises across industries.
Password management is a robust approach to ensure enterprise security by making it easier to store and secure complex account credentials. Every person in a business is responsible for different accounts, each of which requires a separate and safe password. 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.
The rise of cloud computing, the Internet of Things (IoT), and other digital frameworks around the world is propelling the market forward. Global organizations are increasingly using password management solutions to simply reset and manage their passcodes. The systems are commonly used for automated password resets, frequent passcode randomization, and session records due to their cost-effective and time-saving advantages. Furthermore, as the quantity of online transactions grows, password management has become increasingly important for protecting online information and preventing online fraud.
Password managers are tools that comprise the ability to read and learn all the passwords that are stored in a device along with each account's email address or other unique user identification. Storing multiple passwords in a single memory becomes a very critical subject matter when unauthorized access invades that memory. Also, in the case of password management, while these tools store all the passwords in one memory, they also come with a drawback that if any toxic substance, for instance, malware, successfully makes access into the memory, it is enabled to read all the passwords that are stored in that memory.
Based on Type, the market is segmented into Self-service and Privileged. The privileged user password management segment held the second largest revenue share. The privileged user password management segment held the second largest revenue share of the password management market in 2020. The growth of this segment is attributed to the fact that the Privileged solutions enable the user to experience enhanced security by storing privileged user passwords and utilizing various 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.
Based on End User, the market is segmented into BFSI, IT & Telecom, Healthcare, Retail & Wholesale Distribution, Public sector & Utilities, Education, Manufacturing, and Others. In 2020, the IT & Telecom segment dominated the password management market by acquiring the substantial revenue share of the market. The increasing growth of this segment is attributed to the rising utilization of password management tools across the telecommunication sector with the purpose to secure their servers and portals. In addition, IT sector companies are broadly utilizing password management tools intending to prevent their databases from unauthorized access and harmful malware.
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.
Based on Access, the market is segmented into Desktops & Laptops, Mobile Devices, Voice-enabled Password Systems and Others. In 2020, the mobile devices segment acquired a significant revenue share of the password management market. Managing and safeguarding numerous accounts, including official, social, and financial accounts, has gotten more complex as the trend of BYOD among enterprises has grown. Employers from all industries can use passcode managers to gain access to collaborative portals and back-end systems. This is a major factor that is playing a crucial role in the development of this segment of the market.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 815.6 Million |
| Market size forecast in 2027 | USD 2.9 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 20.7% from 2021 to 2027 |
| Number of Pages | 287 |
| Number of Tables | 483 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Type, Access, Organization Size, End User, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Europe followed North America and acquired the second largest revenue share. The continuously increasing development of the password management market of Europe is the result of an increasing number of research and development across the region.
Free Valuable Insights: Global Password Management Market size to reach USD 2.9 Billion by 2027
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation is the major forerunner in the Password Management Market. Companies such as Dell Technologies, Inc., Hitachi, Ltd., Delinea are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Broadcom, Inc. (CA Technologies, Inc.), Dell Technologies, Inc., Hitachi, Ltd. (Hitachi ID Systems, Inc.), Microsoft Corporation, Knowledge Secure Systems Ltd., Avatier Corporation, Delinea, FastPassCorp A/S, and Core Security (HelpSystems, LLC).
By Type
By End User
By Organization Size
By Access
By Geography
The password management market size is projected to reach USD 2.9 billion by 2027.
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.
IBM Corporation, Broadcom, Inc. (CA Technologies, Inc.), Dell Technologies, Inc., Hitachi, Ltd. (Hitachi ID Systems, Inc.), Microsoft Corporation, Knowledge Secure Systems Ltd., Avatier Corporation, Delinea, FastPassCorp A/S, and Core Security (HelpSystems, LLC).
The BFSI market is generating high revenue in the Global Password Mmanagement Market by End User 2020, and would continue to be a dominant market till 2027.
The Self-service market is leading the Global Password Mmanagement Market by Type 2020, and would continue to be a dominant market till 2027.
The North America market region shows high market share in Global Password Mmanagement Market by Region 2020, and would continue to be a dominant market till 2027.
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