USD 1.49 billion
Report ID: SQSG45E2048 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 98 | Figures: 75
Password Management Market size was valued at USD 1.49 billion in 2021, and it is expected to reach a value of USD 7.09 billion by 2028, at a CAGR of more than 24.96% over the forecast period (2022- 2028).
Password management is the process of managing and securing passwords from creation to expiration by following a set of procedures. This procedure necessitates the use of centralised password management practises. Password management is divided into two categories: personal password management and enterprise password management. Enterprise password management is now an essential component of every organisation. Password management solutions are required for the protection of corporate accounts, classified information within organisations, domain accounts, system accounts, and service accounts. This will keep security threats and cyber-attacks from interfering with the company's productivity.
Password Management (PM) technologies allow users to reset their clients' passwords after an account lockout or when they forget their credentials. Furthermore, PM tools can synchronise passwords for users across multiple platforms, allowing them to log into multiple applications with a single password. As more financial and personal information is stored online, the demand for complex passwords and secure storage has resulted in the development of password managers. Inadequate password security accounts for more than 81% of data breaches, according to Keeper Security.
US Password Management Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 1.49 billion
Desktop & Laptop
Mobile devices (smart-phones, tablets)
more than 24.96% CAGR
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The global password management market is segmented based on the deployment, access, industry and region. Based on the deployment, password management market is segmented into on-premises, and cloud based. Based on access, password management market is segmented into mobile devices (smart-phones, tablets), desktop & Laptop, voice enabled password systems, and others. Based on the industry, password management market is segmented into healthcare, finance and banking, government and public sector, retail, BFSI, it and telecom, and others. Based on region password management market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Password Management Market Analysis by Access
The global password management market is segmented based on access into on- mobile devices (smart-phones, tablets), desktop & laptop, voice enabled password systems, and others. In 2021, desktops and laptops will be the largest segment. Password management aids in the security of privileged user accounts on an IT infrastructure's server, network appliance, desktop, and laptop operating systems. It is widely used to secure, audit, monitor, and manage all privileged account activities. During the forecast period, mobile devices are expected to be the fastest-growing segment. With the rise of BYOD in organisations, managing and securing multiple accounts, including official, social, and financial, has become difficult. Employers from all industries can gain access to collaborative portals and subsequent back-end systems with the assistance of passcode managers.
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The global password management market is studied on the basis of geography as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America region dominates the global market in 2021. The password management market in North America is expected to expand. The growing number of cyber threats and attacks has compelled the government to launch specific initiatives to promote the use of password management software. For example, the National Institute of Standards and Technology (NIST) in the United States issued new authentication guidelines in 2018 to manage strong passwords at regular intervals. Furthermore, in 2019, NIST issued new guidelines to promote US industrial and innovation competitiveness through advancements in technology, science, and standards. This will improve the nation's security and productivity by increasing the adoption of security solutions in all sectors.
Increased digitization initiatives, increased fraudulent activities and identity theft over the last decade, and advanced digital identity use cases across verticals are the major factors driving the Asia Pacific password management market. Furthermore, government and business initiatives focusing on digitalization and the implementation of new technologies such as AI, ML, and automation in verification solutions would provide lucrative opportunities for password management vendors.
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Password Management Market Driver
Password Management Market Restrain
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The password management market is highly competitive, with a large number of players present. Companies are forming strategic alliances and launching new innovative solutions to maintain their market position. Because of technological advancements and product innovations, mid-size and small businesses are expanding their market presence by winning new contracts and entering new markets.
Password Management Market Top Players Company Profiles
Password Management Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global password management market analysis, A password is a string of characters that allows access to a service or device while protecting it from unauthorised access. Password management is a software solution that aids in the management and organisation of passwords on an IT infrastructure's server, network appliance, and computer system. End users primarily use it as an information security and governance tool to audit, secure, manage, and monitor privileged account activities. These software systems are not only used by businesses, but also by individuals as a security tool. They safeguard sensitive data, files, financial records, and legal information against cyber-attacks. Several enterprise fraud management (EFM) trends have emerged in Asia Pacific as a result of a fragmented regulatory environment and the rapid transition to digital commerce.
|Market size value in 2021||USD 1.49 billion|
|Market size value in 2028||USD 7.09 billion|
|Growth Rate||more than 24.96%|
|Forecast period||2022- 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Password Management Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Password Management Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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