Password Management Market to Grow USD 4701.5 Million by 2028 with a CAGR of 18.6% | Valuates Reports
BANGALORE, India, Oct. 7, 2022 /PRNewswire/ -- The Global Password Management Market is Segmented by Type (Cloud Based Password Management, Web Based Password Management), by Application (Large Enterprises, SMEs): Global Opportunity Analysis and Industry Forecast, 2021-2028. It is published in Valuates Reports under the Computer Security Category.
Major factors driving the growth of the Password Management market are:
The need for complicated passwords and secure ways to store them has led to the creation of password managers as more and more financial and personal information is saved online. Additionally, firms' increasingly complicated compliance, regulatory, and risk management environments stimulate the adoption of these solutions across a variety of global industries.
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TRENDS INFLUENCING THE GROWTH OF PASSWORD MANAGEMENT MARKET:
One of the main factors driving the Password Management market growth is the growing usage of password management solutions by small and medium-sized businesses.
Hackers have a chance every time a user logs into a new program. Because users only log in once a day and use a single set of credentials, single sign-on decreases the attack surface. Enterprise security is increased by limiting the login to a single set of credentials. When workers are required to use unique passwords for every program, they typically don't. A hacker is therefore likely to be able to access other corporate systems if they gain access through one inadequately protected website. Single sign-on also aids with regulatory compliance. IT controls must be documented and firms must demonstrate that sufficient measures are in place to secure data in order to comply with regulations like Sarbanes-Oxley. Single sign-on (SSO) is a means to satisfy data access and antivirus needs. This factor is expected to drive the growth of the Password Management market.
Password management software employs security measures to thwart attempts by internal and external threats to get master passwords, credentials, secrets, tokens, and keys in order to access private systems and data. On-premises or in the cloud are both options for these centralized password management systems.
Cloud-based password managers are safer than browser-based ones since they include more features that increase security. The majority of cloud-based password managers include a backup for vault as a start. Company can restore a recent version of the database in the event that the server is damaged. Additionally, cloud-based password managers let users save protected notes and credit card information in addition to passwords. Users may safeguard all important information in this way. This in turn is expected to drive the growth of the Password Management market.
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PASSWORD MANAGEMENT MARKET SHARE:
LogMeIn, Trend Micro, Hitachi ID Systems, Okta, Sailpoint Technologies, and others are major participants in the worldwide password management market. The top 5 businesses in 2019 held a combined market share of over 9%, with Trend Micro holding the dominant position with almost 12% of the global market.
Based on region, Asia Pacific is expected to be the most lucrative. Increased digitization initiatives, a rise in fraud and identity theft over the past ten years, and cutting-edge digital identity use cases across sectors are the main market drivers for password management in the Asia Pacific region. The use of new technologies like AI, ML, and automation in verification solutions, as well as government and corporate initiatives, focused on digitalization, would also offer the lucrative potential for password management companies.
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