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Password Management Market
The global password management market is growing due to remote work adoption, rising demand for convenient authentication, & increasing cybersecurity concerns.
WILMINGTON, DE, UNITED STATES, October 21, 2024 /EINPresswire / -- According to the report, the global password management market size generated $2.4 billion in 2022 and is anticipated to generate $15.2 billion by 2032, witnessing a CAGR of 20.7% from 2023 to 2032.
As the information
technology (IT) sector continues to grow, so does the number of passwords that need to be safeguarded. As a result, a centralized password management process becomes essential. As passwords represent the first line of defense for sensitive information, their mishandling or compromise can be disastrous, making them a prime target for hackers.
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Password management involves the creation, storage, and use of secure, unique passwords for all online accounts. A password manager is a tool or application that simplifies this process by generating strong passwords, securely storing them, and automatically filling them on websites. In addition to managing passwords, many password managers securely store other sensitive information such as credit card details, addresses, phone numbers, and secure notes. They also streamline web form completion by auto-filling personal data during account setup or online purchases.
To enhance security and efficiency, key players in the password management industry often form partnerships, particularly to help small and medium businesses implement vital protections. For example, in June 2020, 1Password, a leading enterprise password manager, partnered with Rippling, an employee management platform. This collaboration expanded access to 1Password's enterprise password management (EPM) tool, making it easier for employees to use secure, unique passwords to guard against credential stuffing and other cyberattacks. This strategy has significantly contributed to the adoption of password management tools.
The rise of remote work has fueled demand for password management solutions, as the growing number of passwords underscores the need for centralized management systems. Additionally, the increasing desire for convenient authentication methods is driving the market's expansion. Despite many individuals and businesses continuing to rely on traditional password management methods, hackers are employing more sophisticated techniques, which emphasizes the need for improved security practices. These concerns are pushing advancements and adoption of password management tools. However, challenges such as lack of awareness and technical limitations hinder the market's growth. Conversely, the rise in online accounts and greater adoption of cloud-based services present significant growth opportunities for the password management industry in the coming years.
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Based on access, the desktops and laptops segment held the highest market share in 2022, accounting for more than half of the global password management market revenue. This is attributed to the growth in awareness about cybersecurity threats that has pushed individuals and businesses to take password protection more seriously. Desktops and laptops are the primary devices where people access sensitive information, making robust password management solutions crucial. However, the mobile devices segment to maintain its leadership status throughout the forecast period. On the other hand, the voice-enabled password systems segment is projected to manifest the highest CAGR of 24.9% from 2023 to 2032. This is attributed to the user-friendly and secure nature of voice-enabled password systems. These systems utilize the unique characteristics of the voice of an individual, making them hard to replicate. This enhances security, as voiceprints are difficult to imitate compared to traditional text passwords.
Based on enterprise size, the large enterprises segment held the highest market share in 2022, accounting for around two-thirds of the global password management market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to an increase in the number of employees and digital accounts within large organizations which creates a higher risk of security breaches. As a result, these enterprises seek password management solutions to enhance data protection and reduce the chances of unauthorized access. However, the small and medium-sized enterprises segment is projected to manifest the highest CAGR of 23.5% from 2023 to 2032. This is attributed to the growth in the number of online accounts and services that SMEs use for their operations means more passwords to manage.
Based on region, North America held the highest market share in 2022, accounting for nearly two-fifths of the global password management market revenue. This is attributed to the increase in the adoption of technology and infrastructure development, which resulted in the rise in remote work culture in the region. However, Asia-Pacific is expected to maintain its dominance during the forecast period. The same segment would also display the fastest CAGR of 25.1% from 2023 to 2032. This is attributed to the rise in digitization initiatives and the increase in fraudulent activities and identity theft. Furthermore, key players in Asia-Pacific have been investing in modernizing their password management systems to simplify the creation and management of secure passwords for all online accounts across multiple platforms including mobile.
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COVID-19 Scenario:
1. The COVID-19 outbreak had a positive impact on the password management market. The pandemic disrupted traditional working patterns by introducing work-from-home and remote work. The increase in remote working calls for a greater focus on cybersecurity, because of the greater exposure to cyber risk.
2. Cyber-attackers saw the pandemic as an opportunity to step up their criminal activities by exploiting the vulnerability of employees working from home. This aided the expansion of the password management market by enhancing company security and giving additional management tools to meet the diverse needs of consumers.
Leading Market Players: -
Bitwarden, Inc.
Dashlane Inc.
Zoho Corporation Pvt. Ltd.
1Password
Nord Security
NortonLifeLock Inc.
One Identity LLC
SailPoint Technologies, Inc.
LastPass US LP
Siber Systems, Inc.
The report provides a detailed analysis of these key players in the global password management market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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