The global password management market size is expected to reach USD 2.05 billion by 2025, according to a new report by Grand View Research, Inc.
Factors such as rise in complexity of compliance, and risk management setting in businesses can propel the market over the forecast period (2015 to 2025). Additionally, stringent and complex password creating rules and guidelines provided by government are expected to support the market growth.
Full Research Report On Password Management Market Analysis:
These services can be beneficial to enterprises as well as individual users as a security tool for their devices and accounts. Also, it is widely used by end users to audit, secure, monitor, and manage the activities associated with privileged accounts. Need for these services has increased due to rising transactions over internet. Password helps to protect online information like emails, medical records, bank accounts, and other. In addition, it can be used to monitor, audit, and manage the activities connected with privileged accounts. Increasing cases of cyber attacks and data breaches have increased the need for individual users and enterprises to protect their data. For instance, as per Cybersecurity Ventures and Thycotic, more than 3.0 billion passcodes and user credentials were stolen in 2016. In addition, breaches happened in 2015 with several organizations including Home Depot, TJX, Target, and Heartland Payment systems have created remarkable awareness about using password for all online account.
The worldwide password management market can be segmented on the basis of type, access, organization, end user, and region.
Based on type, the market can be classified into self-service and privileged.
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The self-service segment estimated for the largest market share in 2016. These solutions allow users to reset and manage their passwords on their own without seeking help from the helpdesk. The privileged segment is likely to show high growth in the coming years. These solutions offer advanced security to privileged users by implementing techniques such as frequent passcode randomization, privileged session recording, and automated password resets.
On the basis of access, the market can be categorized into mobile devices, desktops and laptops, voice enabled password systems, and others.
In 2016, desktops and laptops segment appeared as major segment and projected to occupy more than 35.0% of total revenue by 2025.
The mobile devices segment is expected to exhibit high CAGR of 19.8% during 2017 to 2025. Growing trend of BYOD is expected to boost this segment. These solutions are intended to protect mobile devices from possible threats even the device is in offline mode.
As per organization, the market can be bifurcated into enterprise and small and medium organization.
Based on end user, the market can be split into education, BFSI, healthcare, public sector and utilities, manufacturing, telecom and IT, retail and wholesale distribution, and others. In 2016, The BFSI segment reported as a largest segment. Since banking and financial institutions maintains sensitive information related to assets.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
In 2016, North America estimated for the major revenue share over 38.0% of the total market due to increasing application across end-user industries. In addition, continuous technological advancements in cloud technologies, analytics, and emergence of bring your own devices (BYOD) are likely to drive the market significantly in this region.
Asia Pacific is likely to display a CAGR of 20.9% during 2017 to 2025 owing to growing small and medium organizations in the region and several progresses across major countries, particularly in terms of BYOD trends and internet of things (IoT). Additionally, rapid infrastructure development and increasing technology user base across this region is also expected to fuel the market growth. Countries including Japan, China, and India have been undergoing robust economic growth, which will fuel the market growth.
Prominent companies operating in the market include Quest Software Inc.; Knowledge Secure Systems Ltd.; CA Technologies Inc.; Microsoft Corporation; and Avatier Corporation.
The market is extremely competitive due to presence of numerous players. The companies are implementing strategies such as acquisition, collaboration, and development of innovative solutions to sustain in the competition.
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