According to a report by Grand View Research, Inc.; the global password management market is anticipated to reach around USD 2.05 billion by 2025. High demand for advanced security for important organizational and individual data and accounts is anticipated to propel market. These solutions cater to the needs of enterprises such as synchronizing single password through all access accounts with help of a central tool for managing password service requests. This east of accessibility is anticipated to bode well for market expansion in near future.
Increasing complexity of regulatory, compliance, and risk management environment in businesses is likely to promote implementation of password management solutions across various industries. This factor is anticipated to drive global market in the forthcoming years. Stringent government rules and mandates regarding password creation are expected to further boost adoption of these solutions in the forthcoming years.
The worldwide password management market can be segregated on the basis of type, access, organization, end-user, and region. Based on type, the market can be bifurcated into self-service and privileged user password management. In 2016, self-service password management dominated the market and emerged as the largest service segment. This service can enable users to reset and manage their passcodes on their own without any help from helpdesk. Hence, it can reduce waste of time of the IT department.
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Based on access, the market can be classified into desktops and laptops, mobile devices, voice enabled password systems, and others. In 2016, desktops and laptops dominated the market and accounted for the largest market share. Password management software secure privileged user accounts existing on network devices, servers, desktops, and laptop operating systems of IT infrastructure. In addition, they can be used to monitor, audit, manage, and secure all activities related to privileged accounts. This factor is expected to propel demand over the forecast period.
Based on organization, the market can be bifurcated into Small and Medium-sized Businesses (SMBs) and large enterprises. Despite limited budgets, small businesses are estimated to witness significant demand owing to growing threats and stringent compliance mandates. With constantly evolving and dynamic nature of businesses, it is likely to be essential for organizations to ensure that their data can be secured using passcode management processes and systems. Password security can safeguard sensitive information. Many large enterprises are investing in these tools as first line of account defense.
Based on end-user, the market for password management can be categorized into education, healthcare, manufacturing, public sector, retail and wholesale distribution, telecom and IT, and others. In 2016, BFSI dominated with the maximum market share. Highly sensitive nature of assets and information maintained by banking and financial institutions is expected to surge demand for highly secure environment. Any lapse or breach in security can be disastrous and costly, leading to high revenue losses, operating costs, and damaged reputation of organization.
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Increasing incidence of data breaches, security threats, and fraud are encouraging institutions to focus on public security and passcode management solutions. Such software allow management and identification of risks associated with user access to crucial systems and applications in structured and centralized way. Moreover, agencies such as Federal Deposit Insurance Corporation (FDIC) and Federal Financial Institutions Examination Council (FFIEC) are establishing principal standards and reports to promote uniformity in supervision of financial institutions.
Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East and Africa. In 2016, North America dominated the market and accounted for around 38% of overall market share. Rising applications across various end-use sectors can augment regional market growth. In addition, constant technological advancements in analytics and cloud coupled with rising trend of Bring Your Own Device (BYOD) can further boost regional market over the forecast period.
Asia Pacific is likely to expand at a significant CAGR during the forecast period attributed to expanding base of SMBs in the region. Countries such as China, India, and Japan have been experiencing strong economic growth. In addition, rising user base and rapidly developing infrastructure are likely to augment growth of market for password management during the forecast period.
Some of the leading companies operating in the global password management market are Quest Software, NetIQ, CA Technologies, Avatier Corporation and FastPass.
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