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According to the latest report by IMARC Group, titled “Password Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global password management market size is expanding at a strong rate. Passwords represent one of the most common methods for users to authenticate themselves while entering a website or a computer system. They act as the first line of defense against unauthorized access, owing to which they are targeted by hackers. As a result, there has been a rise in the demand for password management systems across the globe, which assist in securing and managing passwords by adhering to a set of sustainable practices. These systems store passwords in an encrypted format and provide secure access to all the password information with the help of a master password.
Global Password Management Market Trends:
Due to rapid digitization and increasing penetration of the internet, people nowadays log in to numerous social media sites, shopping pages, and online banking portals. As a result, they have multiple passwords to remember. Moreover, as human-generated passwords are often algorithmically weak and prone to cyberattacks, there is a rise in the demand for password managers across the globe. Besides this, owing to the increasing number of online transactions, password management solutions aid in protecting online information and preventing online frauds. As a result, these managers are widely being adopted by global enterprises to manage their passcodes conveniently due to their cost-effective and timesaving features. On account of these factors, the market is anticipated to grow at a CAGR of around 14% during the forecast period (2020-2025).
Market Summary:
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