According to the latest report by IMARC Group, titled “Password Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global password management market reached a value of US$ 1,642 Million in 2021. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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 28.9% during the forecast period (2022-2027).
- Based on the type, the market has been bifurcated into self-service and privileged user password management.
- On the basis of the access, the market has been segmented into mobile devices and tablets, desktops and laptops, voice enabled password systems, and others.
- The market has been analyzed on the basis of the deployment type into on-premise and hostel.
- Based on the end-user, the market has been segregated into small and medium sized, large, and other organizations.
- On the basis of the vertical, the market has been divided into healthcare; banking, financial services and insurance (BFSI); public sector; information technology (IT) and telecom; retail and consumer goods; education; and other sectors.
- Region-wise, the market has been segmented into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru and others), and Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates and others).
- The competitive landscape of the market has been examined, with some of the key players being Avatier Corporation, CA Technologies (Broadcom Inc.), Centrify Corporation, Core Security Technologies, FastPassCorp A/S, Google LLC, Hitachi ID Systems, Inc., International Business Machines (IBM) Corporation, Microsoft Corporation, Micro Focus International PLC, NetIQ Corporation, SailPoint Technologies Inc. and SonicWall Inc.
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