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Password Management Market to reach 7171 Million in market size by 2030, growing at a CAGR of 19.25%: Straits Research

·10 min read
Straits Research - Market Research Strategy | Strategy Consulting | Business Research | Business Consulting | Market Research
Straits Research - Market Research Strategy | Strategy Consulting | Business Research | Business Consulting | Market Research

The Password Management Market size is expected to reach USD 7171 million by 2030 from USD 1470.5 million in 2021, growing at a CAGR of 19.25% during the forecast period, 2022–2030

New York, United States, May 30, 2022 (GLOBE NEWSWIRE) -- A password is a combination of letters and numbers that allows you to access a service or device while protecting you from unauthorized access. IT administrators can use password management software to manage and organize passwords on servers, network appliances, and computer systems. End-users typically use it as a tool for information security and governance to audit, safeguard, manage, and monitor actions associated with privileged accounts. These software programs aren't just for businesses; individuals also use them as a security measure. They protect critical data, files, financial records, and legal documents from cyber-attacks.

With the increase in the number of transactions sent over the internet every day, it is more important than ever to use secure and safe password management techniques. Passwords aid in protecting online data such as emails, bank accounts, medical records, and other personal information. Most security experts advise using password management software as the most secure and convenient way for people to adhere to safe password practices.

Password management isn't just for businesses; it can also benefit individual users as a security tool for their accounts and devices. End users also use it to audit, secure, monitor, and manage all of the activities associated with privileged accounts.


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Market Dynamics

Drivers

Increase in the number of internet and mobile users

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.

Government Policies

Mandates from the government to create and manage passwords also boost the market forward. 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 will boost the password management market.


Restraint

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 is a downgrading of the password management market.


Segmentation

The global password management system market is segmented by type, organization size, end-user and technology. The market can be divided into two types: self-service password management and privileged user password management. The market can be divided into small and medium businesses and large businesses based on their size. The market can be segmented into desktop, mobile devices, and voice-enabled password reset based on technology type. The market can be divided into energy and utilities, retail, BFSI, government and defence, healthcare, and retail, depending on the end-user.


Regional Analysis

Asia-Pacific to Witness the Highest Growth

Countries like China, India, and Japan drive the Asia-Pacific region's growth. China's defensive capabilities have been enhanced in response to rising cyber-attacks. This is likely to increase security solutions like password management to prevent unauthorized access.

The Japanese government and businesses are becoming increasingly interested in cybersecurity. Increased cyber-attacks on Japanese companies, particularly identity theft, have prompted the government to implement new legislation, strategies, and facilities. The country's businesses were the first to adopt ERP systems and enterprise-level digitization. This is propelling security system adoption.


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Key Players

Some of the key players operating in the market are

    • Avatier

    • CA Technologies

    • Courion Corporation

    • Dell Sonicwall, Fastpass Corp

    • Hitachi ID Systems

    • IBM

    • NetIQ

    • Microsoft

    • Sailpoint Technologies.

    • Zoho Corporation Pvt. Ltd

    • Centrify Corporation

    • Siber Systems (Roboform)

    • AceBIT GmbH

    • Steganos Software GmbH

    • Intuitive Security Systems Pty Ltd

    • Ivanti Software Inc.

    • EmpowerID

    • Trend Micro Inc.

    • Cyberark Software Ltd

    • Fastpass Corp.

    • Core Security Technologies

    • Keeper Security Inc.

    • Dashlane Inc.

    • 1Password (AgileBits Inc.)

    • GoTo (LogMeIn)


Password Management Market Segmentation

By Type

    • Self-Service Password Management

    • Privileged User Password Management

By Enterprise

    • Small Enterprises

    • Medium Enterprises

    • Large Enterprises

By Technology

    • Desktop

    • Mobile Devices

    • Voice-enabled Password systems

By End-User

    • Healthcare

    • Energy and Utilities

    • Retail

    • BFSI

    • Government and Defence

    • IT and Telecom

    • Healthcare

    • Education

    • Others


TABLE OF CONTENT

1            Introduction

1.1          Market Definition

1.2          Market Scope

2            Research Methodology

2.1          Primary Research

2.2          Research Methodology

2.3          Assumptions & Exclusions

2.4          Secondary Data Sources

3            Market Overview

3.1          Report Segmentation & Scope

3.2          Value Chain Analysis: Global Password Management Market

3.3          Key Market Trends

3.3.1       Drivers

3.3.2       Restraints

3.3.3       Opportunities

3.4          Porter’s Five Forces Analysis

3.4.1       Bargaining Power of Suppliers

3.4.2       Bargaining Power of Buyers

3.4.3       Threat of Substitution

3.4.4       Threat of New Entrants

3.4.5       Competitive Rivalry

3.5          Market Share Analysis

4            Type Overview

4.1          Introduction

4.1.1       Market Size & Forecast

4.2          Self-privileged user

4.2.1       Market Size & Forecast

4.3          Privileged user

4.3.1       Market Size & Forecast

5            Organization Overview

5.1          Introduction

5.1.1       Market Size & Forecast

5.2          Small & Medium Enterprise

5.2.1       Market Size & Forecast

5.3          Large enterprise

5.3.1       Market Size & Forecast

6            End User Overview

6.1          Introduction

6.1.1       Market Size & Forecast

6.2          Energy and Utilities

6.2.1       Market Size & Forecast

6.3          Healthcare

6.3.1       Market Size & Forecast

6.4          BFSI

6.4.1       Market Size & Forecast

6.5          Government and Defense

6.5.1       Market Size & Forecast

6.6          Retail

6.6.1       Market Size & Forecast

6.7          Others

6.7.1       Market Size & Forecast

7            Regional Overview

7.1          Introduction

7.1.1       Market Size & Forecast

7.2          North America

7.2.1       Market Size & Forecast

7.2.2         U.S.

7.2.2.1   By Self-privileged user

7.2.2.2   By Organization

7.2.3         Canada

7.2.3.1   By Type

7.2.3.2   By Organization

7.2.4         Mexico

7.2.4.1   By Type

7.2.4.2   By Organization

7.3          Europe

7.3.1       Market Size & Forecast

7.3.2       Germany

7.3.2.1    By Type

7.3.2.2    By Organization

7.3.3       France

7.3.3.1    By Type

7.3.3.2    By Organization

7.3.4       U.K.

7.3.4.1         By Type

7.3.4.2         By Organization

7.3.5       Italy

7.3.5.1    By Type

7.3.5.2    By Organization

7.3.6       Spain

7.3.6.1    By Type

7.3.6.2    By Organization

7.3.7       Rest of Europe

7.3.7.1    By Type

7.3.7.2    By Organization

7.4          Asia Pacific

7.4.1       Market Size & Forecast

7.4.2       Japan

7.4.2.1    By Type

7.4.2.1    By Organization

7.4.3       China

7.4.3.1    By Type

7.4.3.2    By Organization

7.4.4       Australia

7.4.4.1    By Type

7.4.4.2    By Organization

7.4.5       India

7.4.5.1    By Type

7.4.5.2    By Organization

7.4.6       South Korea

7.4.6.1    By Type

7.4.6.2    By Organization

7.4.7       Rest of Asia-Pacific

7.4.7.1    By Type

7.4.7.2    By Organization

7.5          LAMEA

7.5.1       Market Size & Forecast

7.5.2       Saudi Arabia

7.5.2.1    By Type

7.5.2.2    By Organization

7.5.3       South Africa

7.5.3.1    By Type

7.5.3.2    By Organization

7.5.4       Brazil

7.5.4.1    By Type

7.5.4.2    By Organization

7.5.5       Rest of LAMEA

7.5.5.1    By Type

7.5.5.2 By Organization

 8           Company Profile

8.1          Avatier

8.1.1       Company Overview

8.1.2       Financial Performance

8.1.3       Recent Developments

8.1.4       Product Portfolio

8.2          Ca Technologies

8.2.1       Company Overview

8.2.2       Financial Performance

8.2.3       Recent Developments

8.2.4       Product Portfolio

8.3          Courion Corporation

8.3.1       Company Overview

8.3.2       Financial Performance

8.3.3       Recent Developments

8.3.4       Product Portfolio

8.4          Dell Sonicwall

8.4.1       Company Overview

8.4.2       Financial Performance

8.4.3       Recent Developments

8.4.5       Product Portfolio

8.5          Fastpass Corp

8.5.1       Company Overview

8.5.2       Financial Performance

8.5.3       Recent Developments

8.5.5       Product Portfolio

8.6          Hitachi ID Systems

8.6.1       Company Overview

8.6.2       Financial Performance

8.6.3       Recent Developments

8.6.4       Product Portfolio

8.7          IBM

8.7.1       Company Overview

8.7.2       Financial Performance

8.7.3       Recent Developments

8.7.4       Product Portfolio

8.8          Netiq

8.8.1       Company Overview

8.8.2       Financial Performance

8.8.3       Recent Developments

8.8.4       Product Portfolio

8.9          Microsoft

8.9.1       Company Overview

8.9.2       Financial Performance

8.9.3       Recent Developments

8.9.4       Product Portfolio

8.10        Sail point Technologies

8.10.1     Company Overview

8.10.2     Financial Performance

8.10.3     Recent Developments

8.10.4     Product Portfolio

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Recent Developments

  • 18 May 2022, CALGARY, Alberta – Nearly half — 46% — of IT, security, and cybersecurity leaders said they still store passwords in shared office documents. Despite an overwhelming 93% of respondents requiring password management training, 63% hold training more than once per year. This is just one of the findings in a survey conducted by Pulse on behalf of Hitachi ID, a leading cybersecurity software provider focused on enterprise identity, privileged access, and password management.

  • 22 April 2022: SailPoint’s two new product suites enable organizations to empower their workforce. These product suites set a new standard for identity security, embracing an autonomous, intelligent approach to protecting modern enterprises.

News Media

Enterprise Governance, Risk and Compliance Witnessing a Surge in BFSI Sector

Surging Cyber-Attacks: One of the Major Cause for Password Management Systems to Grow

Widespread Adoption of Encryption Technology to Assuage Security Concerns Drives the Mobile Encryption Market


Have a Look at the Related Research Report

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