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

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.