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The global password management market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 16% during 2021-2026. A password is a series of characters that allows access to a service or device while offering a line of protection against unauthorized access. Password management is a software solution that assists in managing and organizing passwords present on a server, network appliance and a computer system of an IT infrastructure. It is primarily used as a tool for information security and governance by the end users to audit, secure, manage and monitor activities associated with privileged accounts. These software systems are not only restricted to enterprises but are also used by individuals as a security tool. They protect against cyber-attacks and safeguard sensitive data, files, financial records and legal information.
The emergence of cloud computing, Internet of Things (IoT) and other digital frameworks across the globe is the key factor driving the growth of the market. Password management solutions are increasingly being adopted by global enterprises to reset and manage their passcodes conveniently. Owing to the cost-effective and timesaving features, the systems are being widely used for automated password resets, frequent passcode randomization and session recordings. Furthermore, with an increasing number of online transactions conducted through the internet, passcode management has become crucial for protecting online information and preventing online frauds. Additionally, resulting from the growing concern for cybersecurity, various stringent and complex password generation rules have been implemented, which is further favoring the adoption of password management systems across the globe. Rising instances of security breaches by hackers have enhanced the adoption of password management systems that are deployed either on-premise or over the cloud.
IMARC Group’s latest report provides a deep insight into the global password management market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the password management market in any manner.
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The competitive landscape of the industry has also been examined with some of the key players being Avatier, CA Technologies, Centrify, Core Security Technologies, FastPassCorp, Google Inc., Hitachi ID Systems Inc., IBM, Microsoft Corporation, Micro Focus, NetIQ Corp., SailPoint Technologies, SonicWall, etc.
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