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

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.