Farmington, May 12, 2023 (GLOBE NEWSWIRE) -- The Global Password Manager Software Market Was Valued At USD1.55 billion In 2022 And Is Expected To Expand USD 4.48 billion By 2030 at a CAGR Of 14.2% From 2023 To 2030.Key factors driving the growth of this market include the Increasing understanding of cyberthreats, Increasing acceptance of cloud services, Increasing mobile device usage.
As global connectivity increases, cyberattacks and data intrusions become more likely. Software for password management aids individuals and organizations in safeguarding their digital identities by generating and storing strong, unique passwords. With the rise of cloud computing, a growing number of organizations are utilizing cloud-based services for data storage and application execution.
Request sample copy of report Password Manager Software Market Size, Share & Trends Estimation Reports By Type Outlook (Cloud-Based, Web Based), By Organization Size Outlook (Large Enterprises, Small and Medium Enterprises), By End-user Outlook (BFSI, IT & Telecom, Retail, Education, Healthcare, Energy & Power, Others), By Access Type Outlook (Mobile devices, Desktops & laptops, Voice-enabled password systems, Others), By Region and Forecasts, 2023 - 2030. published by Contrive Datum Insights.
Segmentation Overview:
Type Outlook:
The market is divided into cloud and on-premise deployments. During the forecast period, cloud-based solutions are projected to dominate the market and grow at the maximum CAGR.
Cloud-based password administrators store and manage passwords, thereby enhancing personalization of data, collaboration, and security. In September 2022, for instance, Jumpcloud introduced the Jumpcloud Password Manager, which featured a decentralized composite infrastructure consisting of cloud and offline password management. These solutions provide support even when the user is offline, thereby enhancing the user experience. They also provide machine-generated, master, social, and connected password suggestions. The solutions utilize cloud capabilities to manage end-to-end password encryption and decryption.
Organization Size Outlook:
The market is segmented by organization size into large enterprises and small and medium-sized businesses (SMBs). Even though small businesses have limited budgets, growing threats and stringent compliance requirements have compelled them to implement adequate security measures.
Due to the dynamic and ever-changing nature of businesses, it is crucial that organizations safeguard their data by employing efficient passcode management processes and systems. Password protection safeguards sensitive information. Numerous large organizations have invested in password management tools as the first line of defence for their accounts.
Access Type Outlook:
In 2016, desktops and laptops became the greatest segment. An IT infrastructure's server, network appliance, desktop, and laptop operating systems are protected by password management software solutions. It is widely used to secure, audit, monitor, and manage all privileged account activities.
End-user Outlook:
Self-service password management empowers an organization's operations staff, thereby reducing the number of helpdesk calls. As a consequence, the user experience is enhanced. A privileged user password manager or enterprise password management is a subset of credentials that grant security permissions and elevated access across systems and applications. On the basis of our research, self-service password security is anticipated to lead the market with a healthy CAGR over the forecast period.
Regional Analysis:
According to the report, it is anticipated that the Password Manager Software market will expand in North America. Growing cyber threats and assaults have compelled governments to adopt password management solutions through specific initiatives. In 2018, the National Institute of Standards and Technology (NIST) in the United States regularly published new certification guidelines for managing strong passwords. Additionally in 2019, NIST published new guidelines to promote U.S. industrial and innovation competitiveness through technological, scientific, and normative advancements. This will increase the adoption of security solutions across all sectors, thereby enhancing the security and productivity of the nation.
It is essential to take into account the specific local factors when analysing the Password Manager Software Marketin each region, as market conditions and trends can vary significantly from region to region and even from country to country.
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| Report Attributes | Details |
| Growth Rate | CAGR of 14.2% from 2023 to 2030. |
| Revenue Forecast by 2030 | $4.48 billion |
| By Type |
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| By Organization Size |
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| By End-user |
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| By Access Type |
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| By Companies |
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| Regions and Countries Covered |
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| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Dynamics:
Restraining Factors:
There are a number of challenges that could slow the expansion of the global Password Manager Software Market. Among the most important constraints are:
Increasing Cybersecurity and Privacy Management Concerns Numerous organizations do not prioritize the security measures necessitated by data loss and consumer privacy worries. According to the 2019 Verizon Data Breach Report, 60% of cyberattacks targeted mid-sized industries and 43% targeted small businesses. Inadequate construction, app management issues, and password manager defects result in data loss, business loss, and financial loss, thereby limiting the company's overall growth. The preceding factor illustrates the significance of prioritizing security features to improve the business's data administration. Before implementing password management solutions, it is imperative to maintain data integrity through a thorough analysis.
Opportunity Analysis:
A number of promising new avenues for development and expansion exist in the international Password Manager Software Market. Consider a few of the most promising prospects:
Government Regulations: Numerous industries, such as the healthcare and financial sectors, are subject to stringent data privacy and security regulations. By ensuring that credentials are securely stored and restricted access is granted to sensitive data, password management software can assist organizations in adhering to these regulations. In the United States, the Health Insurance Portability and Accountability Act (HIPAA) mandates that healthcare providers employ safeguards to protect patient data. Password management software, such as Keeper, enables healthcare providers to comply with HIPAA by providing secure password storage and access controls.
Increase in remote work and telecommuting: Due to the COVID-19 pandemic, an increase in telecommuting and remote labor has occurred. It is anticipated that this trend will continue after the pandemic has subsided. By granting access to their passwords and login credentials from any location, password management software can assist remote employees in remaining productive and secure. Bitwarden, for example, offers a password manager that is compatible with a variety of devices and can be accessed remotely, making it ideal for remote employees.
Key Segments Covered:
Top Market Players:
- LastPass
- 1Password
- Okta
- Keeper
- KeePass
- Dashlane Business
- RoboForm
- Team Password
- True Key
- Enpass
- Avatier
- Thycotic Secret Serverand
- Zoho CorporationFastPassCorps
- CA Technologies
- Quest Software
By Type
- Cloud-Based
- Web Based
By Organization Size
- Large Enterprises
- Small and Medium Enterprises
By Access Type
- Mobile devices
- Desktops & laptops
- Voice-enabled password systems
- Others
By End-user
- BFSI
- IT & Telecom
- Retail
- Education
- Healthcare
- Energy & Power
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific:(Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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