A password is a series of lettering that allows users to get admittance to an interface, system or computer. Passwords offer a line of security against not permitted right of entry. A password manager is a function of the software that helps users to arrange and control their passwords. Password management is not only helpful for individuals but also for many it is helpful for enterprises also. Commonly companies need a reset of passwords at usual intervals which may be tiresome for some employees.
The growing number of compound systems in addition to a stringent set of laws to creating as well as altering passwords has increased the requirement of a password management solution amongst many enterprises. Forgotten as well as hacked passwords might cause a stoppage in addition to the loss of funds for the individual or the company. These problems can be overcome with password management solution. Password management solutions may be privileged or self-service. Self-service solutions facilitate employees to retune the password on their own without the requirement for any helpdesk. On the other hand, privileged password management solutions preserve passwords using methods such as various randomization session recording and automated resets. The growing need for protecting valuable data has enhanced the demand from the market for password management solutions.
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The password management market is anticipated to observe strong development in the coming time. This may be credited to the rising amount of password secured accounts as well as rising number of linked cyber threats. Primary drivers for the market’s expansion are the severe regulatory compliance as well as growing number of password reset mechanisms. Nevertheless, the little success rate of such projects along with growing customization necessities could create a control for the market’s growth. Utilization of cloud technology in addition to the development of striking pricing models may offer a considerable growth prospect for the worldwide market.
Deployment Model Insights
Password management solutions can either be hosted or on-premise. On-premise systems offer additional control as well as customization. They are simple to handle however need adequate maintenance. As a result, hosted models are chosen over the on-premise models. The increasing demand for cloud technology is anticipated to enhance the market for password management solutions based on hosted model.
End-Use Industry Insights
End-use industries comprise banking, financial services & insurance (BFSI), manufacturing, education, energy, healthcare retail, wholesale distribution, telecom & IT. Such industries have an arrangement of compound systems that are extensively password protected so that access is approved only to approved individuals. Password management solutions assist to recover security, productivity. It also reduces jamming at helpdesks.
Organization Size Insights
Depending on the volume of the organization, the market of password management solution can be segmented into enterprises as well as small and medium-sized businesses (SMBs). However small businesses have the inadequate budget, the rising threat, as well as severe fulfillment authorization, have forced them to employ appropriate security measures at the workplace. Enterprises can profit considerably by using password management solutions as the difficulty of systems is tall in the case of businesses.
The password management market in the regions like North America is anticipated to witness strong development because of password management solutions rising use in end-use industries. Firm regulatory mandate as well as need to protect the sensitive information of the industries has forced them towards adopting these solutions. The occurrence of a big number of market participants along with rising cases of cyber bullying is anticipated to drive the market in the province.
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Key players in the worldwide password management market are FastPass Corp, Sailpoint CA Technologies, Microsoft Corporation, Hitachi Systems., Knowledge Secure Systems, IBM Corporation, Curion Corporation Ltd, Avatier Corporation Ltd. as well as Google Inc. among others. These players offer solutions that may be offered via cloud models or on-premise. Companies such as Google, Microsoft are trying to introduce pioneering ways of password management such as automatically encrypted solutions as well as USB tokens.
• Password Management Deployment Model Outlook (Revenue, USD Million, 2012 – 2020)
• Hosted System
• On-premise System
• Password Management End-Use Industry Outlook (Revenue, USD Million, 2012 – 2020)
• Retail & Wholesale Distribution
• Telecom and IT
• Password Management Organization Size Outlook (Revenue, USD Million, 2012 – 2020)
• Password Management Regional Outlook (Revenue, USD Million, 2012 – 2020)
• North America
• Asia Pacific
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