Global Password Management Market

Global Password Management Market Size, Share, Growth Analysis, By Deployment(On-premises, Cloud Based), By Access(Mobile devices (smart-phones, tablets)), By Industry(Healthcare, Finance) - Industry Forecast 2024-2031

Report ID: SQSG45E2048 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 98 | Figures: 76

Global Password Management Market News

  • In March 2022, LastPass, a password management company, has announced a partnership with Ping Identity, which includes PingOne and PingFederate, to better support enterprise customers. Customers who use PingOne or PingFederate as their identity provider (IdP) can now integrate with LastPass to streamline access management and scale effective password hygiene across entire organizations, saving IT departments time while maintaining data security without adding another step - or password - to end users' workflow.
  • In January 2022, Keeper Secrets Manager, a new cloud-based, zero-knowledge solution, was introduced by Keeper Security to protect infrastructure secrets such as API keys, certificates, database passwords, and access keys. Keeper Secrets Manager is fully managed and hosted in the cloud. It also employs the same zero-knowledge security architecture as Keeper's enterprise password management product.
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FAQs

Global Password Management Market size was valued at USD 1.75 billion in 2019 and is poised to grow from USD 2.05 billion in 2023 to USD 8.48 billion by 2031, growing at a CAGR of 17.1% in the forecast period (2024-2031).

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. 'LastPass', 'Dashlane', 'Keeper Security', '1Password', 'RoboForm', 'Zoho Vault', 'LogMeIn, Inc. (which owns LastPass)', 'Thycotic', 'ManageEngine (a division of Zoho Corp.)', 'Microsoft Corporation', 'CyberArk Software Ltd.', 'Bitwarden', 'Sticky Password', 'Enpass', 'SplashID', 'OneLogin', 'Auth0', 'Okta, Inc.', 'Ping Identity', 'IBM Corporation'

One of the key trends driving market growth is the increasing adoption of password management solutions by small and medium-sized businesses. As the use of technology grows, so do the risks associated with implementing technology in critical scenarios. Password management is being driven by the demand for sensitive information such as financial and personal details, breaches, or denial of service by servers on mission-critical systems due to user and password breaches.

The proliferation of mobile applications has increased the demand for password management, as mobile devices can now be equipped with password management software to ensure that only authorized users have access to company data. This provides companies with visibility and control over mobile apps.

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.

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