Global password management industry expected to reach $2.9 billion by 2027 – ResearchAndMarkets.com

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DUBLIN–(BUSINESS WIRE)–The “Global Password Management Market by Type, By End User, By Organization Size, By Access, By Regional Outlook, Industry Analysis Report and Forecast, 2021 – 2027” report has been added to from ResearchAndMarkets.com offer.

The global password management market size is expected to reach $2.9 billion by 2027, with the market growing at 20.7% CAGR during the forecast period.

A password is a string of characters that allows you to access a service or device while protecting you against unauthorized access. Password Management is a software solution that helps IT administrators manage and organize passwords on servers, network devices, and computer systems. It is typically used by end users to audit, back up, manage, and monitor actions related to privileged accounts as a security and information governance tool. This software is not just for businesses; they are also used as a security tool by individuals. They safeguard critical data, files, financial records, and legal information from cyberattacks.

COVID-19 Impact Analysis

The outbreak of the COVID-19 pandemic is considered one of the deadliest infections in centuries. COVID-19 has not only caused a catastrophe for humanity by depriving millions of people of their lives, but it has also caused economies around the world to plummet. Additionally, the COVID-19 pandemic has presented a significant challenge for all businesses around the world in terms of continuing to operate despite widespread office closures. Changes in work culture have had a significant impact on IT security. Cyberattacks, data breaches and network intrusions have disrupted business operations and become a major concern for companies across all industries.

Market Growth Factors:

Growing prevalence of cyberattacks

Password management is a robust approach to ensuring enterprise security by making it easy to store and secure complex account credentials. Each person in a company is responsible for different accounts, each requiring a separate and secure password. Due to the increasing number of cyberattacks around the world, there is a significant demand for secure working methods to protect databases and other necessary and confidential digital documents.

Growing adoption of databases and cloud-based processes

The rise of cloud computing, Internet of Things (IoT) and other digital frameworks around the world is propelling the market forward. Global organizations are increasingly using password management solutions to simply reset and manage their passwords. The systems are commonly used for automated password resets, frequent passcode randomization, and session recordings due to their cost and time-saving benefits. Additionally, as the amount of online transactions increase, password management has become increasingly important to protect online information and prevent online fraud.

Marketing Restriction Factor:

Security and Privacy Risks

Password managers are tools that include the ability to read and learn all passwords that are stored in a device along with each account’s email address or other unique user identification. Storing multiple passwords in a single memory becomes a very critical issue when unauthorized access invades that memory. Moreover, in the case of password management, although these tools store all passwords in a memory, they also have the disadvantage that if a toxic substance, for example malware, manages to gain access to memory, it is able to read all the passwords stored in this memory.

Scope of the study

Market Segments Covered in the Report:

By type

Per end user

  • BFSI

  • IT & Telecom

  • Health care

  • Retail and wholesale distribution

  • Public sector and public services

  • Education

  • Manufacturing

  • Others

By organization size

  • Large organizations

  • Small and medium organizations

By access

  • Desktops and Laptops

  • Mobile devices

  • Voice-activated password systems

  • Others

By geography

  • North America

  • we

  • Canada

  • Mexico

  • Rest of North America

  • Europe

  • Germany

  • UK

  • France

  • Russia

  • Spain

  • Italy

  • The rest of Europe

  • Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Singapore

  • Malaysia

  • Rest of Asia-Pacific

  • LAMEA

  • Brazil

  • Argentina

  • United Arab Emirates

  • Saudi Arabia

  • South Africa

  • Nigeria

  • Rest of LAMEA

Main market players

  • IBM Corporation

  • Broadcom, Inc. (CA Technologies, Inc.)

  • Dell Technologies, Inc.

  • Hitachi, Ltd. (Hitachi ID Systems, Inc.)

  • Microsoft Corporation

  • Knowledge of Secure Systems Ltd.

  • Avatier Corporation

  • Centrify (TPG Capital)

  • FastPassCorp A/S

  • Basic Security (HelpSystems, LLC)

For more information on this report, visit https://www.researchandmarkets.com/r/dasxm1

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