Global Password Management Market by Organization Type (BFSI, Healthcare), by Access Type (Mobile Devices, Desktops) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

In 2016, the global market for password management was worth USD 414.7 million. Market growth is being driven by the increasing adoption of password management solutions in small and medium enterprises. These solutions are increasingly popular in industries around the world due to their complexity and regulatory requirements.

These solutions can be used to meet the requirements of businesses, such as synchronizing one password across all access accounts for a person, or empowering IT service desks using a central tool to manage password service requests. The market will benefit from the increasing risk of data theft in critical sectors such as healthcare, public service, and BFSI.

Password management isn't just for enterprises, but it can also be used by individuals as a security tool to protect their accounts and devices. It is also widely used by end-users to monitor, audit, secure, monitor and manage privileged account activities.

Cyberattacks are becoming more common and more severe. It is essential that individuals and organizations protect their data. There are increased legal risks associated with the ability to transfer files of clients, employees, customers, financial records, medical records, as well as other valuable and sensitive information.

Cybersecurity Ventures, Thycotic and Thycotic reported that more than three billion user credentials and passcodes were stolen in 2016. The report states that cybercrime damages could reach USD 6 trillion by 2021. Companies are increasingly looking for effective password management solutions as they face increasing complexity and rules in generating and changing passwords.

Type Insights

These solutions have seen a significant increase in global demand over the last few years due to the Internet of Things, cloud technology and other digital frameworks. The market for password management can be divided into two types: self-service and privileged users password management.

In 2016, the largest service category was self-service password management. These solutions allow users to reset their passwords and manage them themselves without the need for help from the helpdesk. This saves time and reduces costs for IT departments. Securer solutions with privileged access include password management for privileged users and the deployment of different methods such as automated password resets, frequent passcode randomizations, and privileged session recordings.

Access Type Insights

In 2016, the most popular segment was desktops and laptops. Password management software helps to secure privileged user accounts on the network appliance, server, desktop, laptop, and server operating systems of an IT infrastructure. It can be used to manage, secure, audit, monitor and control all activities related to privileged account.

The fastest-growing segment in the forecast period is mobile devices. It is becoming increasingly difficult to manage and secure various accounts, including financial, social, or official. Employers from all sectors have the ability to access back-end systems and collaborative portals with the help of passcode administrators.

Organization Insights

The market can be divided based on its size into small and medium-sized companies (SMBs) and large enterprises (larger businesses). Even though small businesses are limited in budgets, strict compliance mandates and increasing threats have forced them to take appropriate security precautions.

It is vital that organizations use effective passcode management systems and processes to protect their data, given the constantly changing nature of business. Password security is a way to protect sensitive information. As the first line of defense against account theft, large corporations have made investments in password management tools.

End-User Information

The report covers the key sectors of end-use, including banking, financial services, insurance (BFSI), the public sector & utilities and manufacturing, healthcare, wholesale distribution, telecom, IT and other. These industries are subject to complex networks of systems that are password protected so that only authorized personnel have access. Password management solutions can reduce congestion at helpdesks, increase security, and increase productivity.

In 2016, the BFSI sector was most popular end user. It is crucial to maintain a secure environment due to the sensitive nature of financial assets and information. A security breach or lapse can lead to high operating costs and revenue losses that could be very costly. This can also damage the reputation of an organization.

Passcode management solutions are essential in today's world of increasing security threats, data breaches and fraud. These solutions allow institutions to monitor and manage security, identify risk associated with user access to critical systems and applications and to make sure that they are centralized and well-organized. Federal Financial Institutions Examination Council and Federal Deposit Insurance Corporation (FDIC), are two agencies that establish uniform standards and reports to promote uniformity in financial institution supervision.

Regional Insights

North America was the largest region, accounting for 38.0% of total market revenue in 2016. This is due to increasing use of password management solutions in all end-use industries. The market will be aided by technological advances in the areas of cloud and analytics.

Asia Pacific is expected to experience a significant CAGR during the forecast period due to the growing number of small and medium-sized organizations in the region. Strong economic growth has been seen in countries like India, China, Japan, and South Korea. The market is also driven by a rapidly growing user base of technology and a developing infrastructure.

Market Share Insights & Key Companies

Global password management is competitive and highly concentrated. The top five companies accounted for the largest share of global production in 2016. CA Technologies, Quest Software and NetIQ are the key market players. To strengthen their market positions, market players use strategies like collaboration, acquisition, new product development, and launches.

The key elements to maintaining competition in this arena are application development and custom software. There will be frequent mergers, acquisitions and diversification of product portfolios to increase market share and diversify the product range. These companies offer solutions that can be delivered on-premise or in the cloud. Google and Microsoft are attempting to offer innovative methods of password management, such as USB tokens or automatic encrypted solutions.

Market Report on Password Management Scope

The Report Covers Certain Segments

This report predicts revenue growth at the global, regional and country levels. It also provides analysis of industry trends in each sub-segment from 2014 to 2025. Grand View Research has divided the global market report on password management by product and region.

• Type Outlook (Revenue USD Million, 2014-2025)

  • Self-service password management

  • Management of passwords for privileged users

• Access Outlook (Revenue USD Million, 2014-2025)

  • Mobile devices

  • Laptops and desktops

  • Voice-enabled password system

  • Other

• Organisation Outlook (Revenue, USD million, 2014-2025)

  • Medium and small organizations

  • Enterprise

• End-user Outlook (Revenue USD Million, 2014-2025)

  • BFSI

  • Education

  • Healthcare

  • Manufacturing

  • Utilities & Public Sector

  • Wholesale and retail distribution

  • Telecom & IT

  • Other

• Regional Outlook (Revenue USD Million, 2014-2025)

  • North America

    • The U.S.

    • Canada

  • Europe

    • The U.K.

    • Germany

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa

These are the most frequently asked questions about this report

b. Global password management market was valued at USD 728.5 Million in 2019, and is forecast to grow to USD 881.5 Million in 2020.

b. Global password management market will grow at a compound annual rate of 19.4% between 2017 and 2025, reaching USD 2,056.3 millions by 2025.

b. With a 34.4% share in 2019, North America was the dominant market for password management. This can be attributed to the increasing use of password management solutions in all end-use industries.

b. CA Technologies, Quest Software and NetIQ are some of the key players in the market for password management.

b. b.

Up Market Research published a new report titled “Password Management Market research report which is segmented by Organization Type (BFSI, Healthcare), by Access Type (Mobile Devices, Desktops), By Players/Companies FastPass, CA Technologies, NetIQ, Quest Software”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Password Management Market Report Segments:

The market is segmented by Organization Type (BFSI, Healthcare), by Access Type (Mobile Devices, Desktops).

Password Management Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Password Management Market

Overview of the regional outlook of the Password Management Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Password Management Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Password Management Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. BFSI

                2. Healthcare

                1. Mobile Devices

                2. Desktops

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Password Management Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Password Management Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.