Outlook on the Password Management Global Market to 2027 - Rising Prevalence of Cyber-attacks is Driving Growth
DUBLIN, March 16, 2022 /PRNewswire/ -- The "Global Password Management Market By Type, By End User, By Organization Size, By Access, By Regional Outlook, Industry Analysis Report and Forecast, 2021-2027" report has been added to ResearchAndMarkets.com's offering.
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.
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.
Rising prevalence of Cyber-attacks
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 preventingonline fraud.
Marketing Restraining Factor:
Security and privacy-related risks
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.
Password Management Market Competition Analysis
Key Topics Covered:
Chapter 2. Market Overview
Research and Markets
SOURCE Research and Markets