Password Manager Software Market – 2019-2024
Market Overview
The password management market is expected to witness a CAGR of over 19%, during the forecast period, 2019-2024. According to the cybersecurity ventures, the total number of passwords may grow to 300 billion, by 2020. Organizations, across the world, face a massively increasing cybersecurity risk from hacked or compromised user and privileged accounts. To counter this, password management is predicted to be a prominent field.
- Government mandates of creating and management of passwords are driving the market growth. This is due to an increase in cybersecurity crisis. For instance, NIST, the standards organization of the United States, issued a new set of Digital Authentication Guidelines, in February 2018. One of the guidelines was related to the use of SMS, as an out-of-band channel, for two-factor authentication. NCCIC/US-CERT also reminds users of the importance of creating and managing strong passwords at regular intervals.
- Latest report from Independent Security Evaluators (ISE) found fundamental flaws that exposed user credentials in computer memory, while locked. According to the researchers, this renders them “no more secure than saving passwords in a text file”. Once the master password is available to the attacker, they can decrypt the password manager database.
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The following manufacturers are covered:
LastPass
1Password
Okta
Keeper
KeePass
Dashlane Business
RoboForm
TeamPassword
True Key
Enpass
Avatier
Thycotic Secret Server
Passwords act as the authentication tool and a defense against attempts of unauthorized access. Password management has emerged as a major segment of identity management market. Human generated passwords are often algorithmically weak and prone to attacks. In the recent years, the importance of password management (also known as sensitive or shared password management or password vaulting) has grown enormously for both the enterprise and individual users owing to increased number of password secured accounts including financial, social, and official, among others. It is difficult for users or enterprise to remember all the passwords. Rise in the complexity and number of complex systems being deployed across the organizations, and strict compliance requirements and rules for generating and changing passwords makes it complicated to manage the passwords. Further, the password management problems often cause expensive delays and loss of productivity. Such issues are easily solved while using password management solutions.
This report provides comprehensive analysis of
Key market segments and sub-segments
Evolving market trends and dynamics
Changing supply and demand scenarios
Quantifying market opportunities through market sizing and market forecasting
Tracking current trends/opportunities/challenges
Competitive insights
Opportunity mapping in terms of technological breakthroughs
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Moreover, increased instances of attacks by hackers have increased concerns toward password security and this is helping in growing demand for password management solutions. The password management products and solutions are deployed either on premise environment or in hosted environment over cloud. The rapidly growing cloud market presents a great opportunity in the hosted password management market.
Low success of password self-service projects among end-users until now is a key concern among industry players. However, as the awareness toward the benefits of deploying such a model is increasing it is anticipated that self-service solutions would find increasing demand during the coming years. Also, growing customization, synchronization, and extension requirements are driving the demand for more extensive and sophisticated password management solutions. In order to provide improved password management and security to account, industry players such as Microsoft and Google are offering newer ways for managing passwords such as USB tokens and automatic encrypted solutions.
Two major segments of password management market are privileged password management and self-services password management. Self-service password management provides features such as management and resetting of passwords to the employees without needing the help of helpdesks. This helps in saving the valuable time of the IT personnel and reduces cost. The privileged password management solutions offer higher security to passwords by maintaining the passwords of privileged users deploying various methods including frequent randomization of passwords, automated password resets and privileged session recording. Key end-use sectors in this market include banking, financial services and insurance (BFSI), telecom and IT, energy and utility, public sector, manufacturing, education, healthcare and life sciences, education and retail and distribution, among others.
Scope of the Report
Password management is a software solution that supports in the organization and storing of passwords. Password management has emerged as a major segment of the identity management market. Human-generated passwords are often algorithmically weak and prone to attacks. Password management is not only helpful for people, but is also helpful for different enterprises, such as small-sized businesses, medium-sized businesses, and large-sized businesses, as a tool for information and governance security. They are also used to audit, secure, manage, and monitor all activities connected with their privileged accounts.
Key Market Trends
Mobile Device Password Protection to Dominate the Market
- Mobile devices are undergoing an explosion when it comes to their growth. According to the Pew Research Center survey, roughly six-in-ten US adults (58%) often get news on a mobile device, 19% points higher than the 39%, who often get news on a desktop or laptop computer.
- It is estimated that more than 5 billion people have mobile devices, and over half of these connections are smartphones.
- Smartphone ubiquity, across the world, enables consumer engagement in numerous use cases, like online purchases, watching online videos, browsing, voice calls, or checking e mails.
- As per GSMA’s report of 2019, the global mobile ecosystem generated an economic value of USD 1.1 trillion, in 2018, with mobile operators accounting for 60%.
Asia-Pacific to Witness the Highest Growth
- Asia-Pacific has been the biggest contributor to the global subscriber growth, in recent years, and still has room for growth.
- More than half the world’s mobile subscribers live in Asia-Pacific – mostly in China and India. This is due to the population explosion in both of these countries.
- This region houses the largest e-commerce market, which is being accessed on mobile phones.
- As per GSMA Report 2019, in 2017, mobile technologies and services generated 5.4% of GDP, across Asia-Pacific, a contribution that amounted to USD 1.5 trillion of economic value added.
- India may be the primary driver in the Asia-Pacific region. With only around half the population currently subscribing to mobile services, there is considerable room for growth. As devices and data services become more affordable, digital literacy may improve, and more locally relevant content is made available. Thus, the demand for mobiles, and hence, password management becomes evident.
Competitive Landscape
The market for password management is concentrated with players, like Avatier, CA Technologies, and Core Security Technologies, dominating the market. This is because, password is a security tool, and users are skeptical regarding experimenting with new/unknown password managers.
- April 2019 – Avatier released “Avatier Apollo”. It is the world’s first artificial intelligence virtual customer assistant (VCA) for customer identity and access management (CIAM) and identity governance and administration (IGA) platforms.
- February 2019 – HelpSystems acquired the Core Security assets from SecureAuth. The assets acquired from SecureAuth were solutions for identity governance, administration, penetration testing, threat detection, and vulnerability management.
- December 2018 – PasswordSafe’s version 3.48.0 for Windows was released. A major change included configuring default expiration interval via Options->Password History, instead of being hardcoded to 90 days.
The study is a source of reliable data on:
Market segments and sub-segments
Market trends and dynamics Supply and demand
Market size Current trends/opportunities/challenges
Competitive landscape
Technological breakthroughs
Value chain and stakeholder analysis
Customization of the Report
- Value chain analysis
- Consumer behavior analysis at country level
The report includes six parts, dealing with:
1.) basic information;
2.) the Asia Password Manager Software Speaker Market;
3.) the North American Password Manager Software Speaker Market;
4.) the European Password Manager Software Speaker Market;
5.) market entry and investment feasibility;
6.) the report conclusion.
Table of Content: Password Manager Software
1 Study Coverage
2 Executive Summary
3 Breakdown Data by Manufacturers
4 Breakdown Data by Type
5 Breakdown Data by Application
…
11 Company Profiles
12 Future Forecast
13 Market Opportunities, Challenges, Risks and Influences Factors Analysis
14 Value Chain and Sales Channels Analysis
15 Research Findings and Conclusion
16 Appendix
Continued …
The key insights of The Report Research:
1.The report Research provides key statistics on the market status of the Password Manager Software manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.
2.The report Research provides a basic overview of the industry including its definition, applications and manufacturing technology.
3.The report Research presents the company profile, product specifications, capacity, production value, and 2019-2018 market shares for key vendors.
4.The total market is further divided by company, by country, and by application/type for the competitive landscape analysis.
5.The report Research estimates 2019-2024 market development trends of Password Manager Software industry.
6.Analysis of upstream raw materials, downstream demand, and current market dynamics is also carried out
7.The report Research makes some important proposals for a new project of Password Manager Software Industry before evaluating its feasibility.
Reasons to Purchase this Report:
* Analyzing the outlook of the market with the recent trends and SWOT analysis
* Market dynamics scenario, along with growth opportunities of the market in the years to come
* Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
* Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
* Market value (USD Million) and volume (Units Million) data for each segment and sub-segment
* Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
* Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
* 1-year analyst support, along with the data support in excel format.
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