According to a new market research report published by Credence Research, “Password Management Market (by End-use Vertical (BFSI, Education, Healthcare, Government & Public Sector, Retail, Telecom & IT, Education, and Other End-use Verticals), by Applicable System Type (Desktops, Mobile Devices, Voice-enabled Password Devices, and Others), by Type (Self-service Password Management & Privileged User Password Management), by Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2018 -2026”, the global password management market is expected to expand at a CAGR of 14.5% during the forecast from 2018 to 2026 .
The advancement of information technology and the ever-increasing use of web services in our daily lives have led to a large increase in the number of user accounts and associated passwords that users need to remember and maintain. The choice of passwords used across different accounts poses an entirely different obstacle for users. On the one hand, an attacker may have access to all accounts if the same password is set and, on the other hand, if different passwords are set for different accounts, users tend to set weak or easy-to-remember passwords, thus endangering protection. Thus, overriding need to optimally manage passwords and mitigate related security concerns is the major factor driving demand for password management solutions worldwide.
As a result of increasing cyber security issues, governments around the globe have laid down stringent and nuanced guidelines for the development of passwords that further encourage the adoption of password management solutions across industry verticals. Use of password management software is not limited to individual users, but is also useful for organizations to track, control, protect and handle all activities related to privileged accounts. All of these variables will lead to a CAGR of 14.5% over the forecast period from 2018 to 2026.
Report Scope by Segments:
End-use Vertical Segment (2016–2026; US$ Mn)
- BFSI (Banking, Financial Services and Insurance)
- IT & Telecom
- Government & Public Sector
- Others (Industrial, etc.)
Applicable System Type Segment (2016–2026; US$ Mn)
- Mobile Devices
- Voice-enabled Password Systems
- Other Devices
Type Segment (2016–2026; US$ Mn)
- Self-service Password Management
- Privileged User Password Management
The global password management market is moderately fragmented and competitive. Some of the major vendors profiled in the research report include CA Technologies, Avatier, Courion Corporation, Fastpass Corporation, Sonicwall, Hitachi ID Systems, IBM Corporation, Netiq, Microsoft Corporation, SplashData, Inc., Zoho Corporation, and Sailpoint Technologies among others. While domestic vendors dominate their respective markets, international players focus on offering multi-factor support and additional security to gain ground in foreign markets. Intensive competition between domestic and international password management providers is expected to boost the password management industry in the coming years.
Key questions answered in this report:
- What was the global password management market size in 2016 & 2017?
- What is estimated forecast and market projections up to 2026?
- Which is largest regional market for password management solutions?
- Which end-use vertical has the largest penetration of password management solutions?
- Predominant trends shaping the global password management market worldwide?
- Which is the most attractive, promising, and less-explored variant of password management?