A password is a string of characters that enable users to gain access to an interface, computer or system. Passwords provide a line of defense against unauthorized access. A password manager is a software application that helps users to organize and manage their passwords. Password management is not just beneficial for individuals but also for enterprises. Often companies require that the passwords are reset after regular intervals which may be tedious for some employees.
The increasing number of complex systems and strict rules for creating and changing passwords has heightened the need for a password management solution among enterprises. Forgotten and hacked passwords may cause a delay and loss for the individual or the enterprise. These issues can be overcome with a password management solution. Password management solutions may be self-service or privileged. Self-service solutions enable employees to reset the password on their own without the need for any helpdesk. Privileged password management solutions maintain passwords through methods such as session recording, frequent randomization, and automated resets. The increasing need for securing valuable data has increased the demand for password management solutions.
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The password management market is expected to witness strong growth in the coming years. This may be attributed to the growing number of password protected accounts and rising number of associated cyber threats. Key drivers for the market’s growth are the strict regulatory compliance and increasing the number of password reset mechanisms. However, the low success rate of such projects and growing customization requirements could pose a restraint for the market’s growth. Use of cloud technology and development of attractive pricing models may provide a substantial growth opportunity for the global market.
Password management solutions can either be on-premise or hosted. On-premise systems provide more control and customization. They are easy to manage but require sufficient maintenance. Thus, hosted models are preferred over the on-premise ones. The growing demand for cloud technology is expected to boost the market for hosted model based password management solutions.
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End-use industries include banking, financial services and insurance (BFSI), education, energy, healthcare, manufacturing, retail and wholesale distribution, telecom and IT and others. Such industries have a network of complex systems that are widely password protected so that access is granted only to authorized individuals. Password management solutions help to improve security and productivity and also reduce congestion at helpdesks. Privileged password management solutions help to mange passwords of privileged accounts.
Based on the size of the organization, the market can be segmented into enterprises and small and medium-sized businesses (SMBs). Even though small businesses have limited budget, the increasing threat and strict compliance mandate have bound them to use proper security measures. Enterprises can benefit significantly from password management solutions as the complexity of systems is high in case of enterprises.
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