USD 1.75 billion
Password Management Market Size, Share, Growth Analysis, By Deployment(On-premises, Cloud Based), By Access(Mobile devices (smart-phones, tablets), Desktop & Laptop, Voice Enabled Password systems), By Industry(Healthcare, Finance, Banking, Government), By Region - Industry Forecast 2024-2031
Report ID:
SQSG45E2048 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
98
|Figures:
76
Password Management Market Insights
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).
Password management is the process of managing and securing passwords from creation to expiration by following a set of procedures. This procedure necessitates the use of centralised password management practises. Password management is divided into two categories: personal password management and enterprise password management. Enterprise password management is now an essential component of every organisation. Password management solutions are required for the protection of corporate accounts, classified information within organisations, domain accounts, system accounts, and service accounts. This will keep security threats and cyber-attacks from interfering with the company's productivity.
Password Management (PM) technologies allow users to reset their clients' passwords after an account lockout or when they forget their credentials. Furthermore, PM tools can synchronise passwords for users across multiple platforms, allowing them to log into multiple applications with a single password. As more financial and personal information is stored online, the demand for complex passwords and secure storage has resulted in the development of password managers. Inadequate password security accounts for more than 81% of data breaches, according to Keeper Security.
US Password Management Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Desktop & Laptop
Fastest Growth
Mobile devices (smart-phones, tablets)
Growth Rate
17.1% CAGR
Global Password Management Market, 2021-2028($ Bn)
Country Share for North America Region- 2021 (%)
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Password Management Market Segmental Analysis
The global password management market is segmented based on the deployment, access, industry and region. Based on the deployment, password management market is segmented into on-premises, and cloud based. Based on access, password management market is segmented into mobile devices (smart-phones, tablets), desktop & Laptop, voice enabled password systems, and others. Based on the industry, password management market is segmented into healthcare, finance and banking, government and public sector, retail, BFSI, it and telecom, and others. Based on region password management market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Password Management Market Analysis by Access
The global password management market is segmented based on access into on- mobile devices (smart-phones, tablets), desktop & laptop, voice enabled password systems, and others. In 2021, desktops and laptops will be the largest segment. Password management aids in the security of privileged user accounts on an IT infrastructure's server, network appliance, desktop, and laptop operating systems. It is widely used to secure, audit, monitor, and manage all privileged account activities. During the forecast period, mobile devices are expected to be the fastest-growing segment. With the rise of BYOD in organisations, managing and securing multiple accounts, including official, social, and financial, has become difficult. Employers from all industries can gain access to collaborative portals and subsequent back-end systems with the assistance of passcode managers.
Global Password Management Market By Access, 2021(%)
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Password Management Market Regional Insights
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.
Increased digitization initiatives, increased fraudulent activities and identity theft over the last decade, and advanced digital identity use cases across verticals are the major factors driving the Asia Pacific password management market. Furthermore, government and business initiatives focusing on digitalization and the implementation of new technologies such as AI, ML, and automation in verification solutions would provide lucrative opportunities for password management vendors.
Global Password Management Market By Geography, 2021 - 2028
- Largest
- Fastest
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Password Management Market Dynamics
Password Management Market Driver
- 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.
Password Management Market Restrain
- Password management application flaws are impeding market growth and adoption of such solutions. Because of the presence of multiple IDs and passwords managed by applications, a security breach from the perspective of the password manager is expected to be catastrophic compared to a single entity breach.
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Password Management Market Competitive Landscape
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.
Password Management Market Top Players Company Profiles
- 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
Password Management Market Recent Developments
- 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.
Password Management Key Market Trends
- 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.
- Many companies are now producing password managers specifically for mobile phones. Locker Password Manager, for example, was officially launched in June 2022. Locker is available for Windows, macOS, Linux, Android, and iOS tablets and smartphones, as well as Google Chrome, Edge, and Brave. As the device enters the private and commercial application markets, this demand is expected to rise.
Password Management Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global password management market analysis, A password is a string of characters that allows access to a service or device while protecting it from unauthorised access. Password management is a software solution that aids in the management and organisation of passwords on an IT infrastructure's server, network appliance, and computer system. End users primarily use it as an information security and governance tool to audit, secure, manage, and monitor privileged account activities. These software systems are not only used by businesses, but also by individuals as a security tool. They safeguard sensitive data, files, financial records, and legal information against cyber-attacks. Several enterprise fraud management (EFM) trends have emerged in Asia Pacific as a result of a fragmented regulatory environment and the rapid transition to digital commerce.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 1.75 billion |
| Market size value in 2031 | USD 8.48 billion |
| Growth Rate | 17.1% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered | |
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Password Management Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Password Management Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Password Management Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Password Management Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Password Management Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Password Management Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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