Dublin, April 22, 2024 (GLOBE NEWSWIRE) -- The "Password Manager Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The password manager market size has grown exponentially in recent years. It will grow from $2.5 billion in 2023 to $3.06 billion in 2024 at a compound annual growth rate (CAGR) of 22.4%. The password manager market size is expected to see exponential growth in the next few years. It will grow to $6.8 billion in 2028 at a compound annual growth rate (CAGR) of 22.1%.
The growth observed in the historic period can be attributed to several factors, including the increasing awareness of cybersecurity threats, a rise in the number of online accounts and passwords, high-profile data breaches and identity theft incidents, the growing adoption of digital services and e-commerce, and regulatory requirements for stronger password security. These factors collectively contributed to the heightened demand for cybersecurity solutions and services, as individuals and organizations sought to safeguard their digital assets and sensitive information from evolving cyber threats. 
The anticipated growth during the forecast period is driven by the ongoing evolution of password manager technology, the incorporation of biometric authentication for heightened security measures, a growing emphasis on user convenience and seamless experiences, increasing demand for multi-factor authentication solutions, and the sustained expansion of online activities and remote work setups.
Key trends expected in the forecast period encompass the integration of artificial intelligence and machine learning, the adoption of biometric authentication methods, the emergence of passwordless authentication solutions, enhancements in user experience and interface design, the adoption of cloud-based password management systems, a heightened focus on security education and training, integration with Internet of Things (IoT) devices, and the exploration of blockchain-based security solutions.
The anticipated rise in cybersecurity risks is poised to drive the growth of the password manager market in the coming years. Cybersecurity risks encompass potential threats and vulnerabilities in the digital domain that pose a threat to the confidentiality, integrity, and availability of information and technology systems. Password managers play a crucial role in mitigating these risks by generating intricate and unique passwords for each account, significantly enhancing the difficulty for attackers to guess or crack them. These passwords typically consist of a combination of letters, numbers, and symbols, often longer than those individuals would create independently.
Major companies in the password manager market are strategically focusing on the development of advanced technologies, such as biometric password managers, to establish a competitive edge. Biometric password managers integrate biometric authentication methods into their password management systems.
North America was the largest region in the password manager market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The countries covered in the password manager market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $3.06 Billion |
| Forecasted Market Value (USD) by 2028 | $6.8 Billion |
| Compound Annual Growth Rate | 22.1% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Password Manager Market Characteristics
3. Password Manager Market Trends And Strategies
4. Password Manager Market - Macro Economic Scenario
4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market
5. Global Password Manager Market Size and Growth
5.1. Global Password Manager Market Drivers and Restraints
5.1.1. Drivers Of The Market
5.1.2. Restraints Of The Market
5.2. Global Password Manager Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Password Manager Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)
6. Password Manager Market Segmentation
6.1. Global Password Manager Market, Segmentation By Solution Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Self-Service Password Management
- Privileged User Password Management
6.2. Global Password Manager Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Windows System
- Android System
- iOS Systems
- Linux Systems
- Other Systems
6.3. Global Password Manager Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Cloud Based
- On-Premise
6.4. Global Password Manager Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Commercial User
- Private User
6.5. Global Password Manager Market, Segmentation By End-User Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Banking, Financial Services And Insurance (BFSI)
- Healthcare
- IT And Telecommunication
- Other End-User Verticals
7. Password Manager Market Regional And Country Analysis
7.1. Global Password Manager Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Password Manager Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
A selection of companies mentioned in this report includes
- Apple Inc.
- Microsoft Corporation
- Dell Inc.
- IBM Corporation
- CA Technologies Inc.
- Zoho Corporation
- Okta Inc.
- CyberArk Software Ltd.
- Untethered Labs Inc.
- Nord Security
- Delinea
- Lastpass US LP
- 1Password
- Keeper Security Inc.
- ManageEngine
- Hitachi ID Systems Inc.
- Dashlane Inc.
- Core Security SDI Corporation
- Bitwarden Inc.
- Avatier Corporation
- Siber Systems
- Id Agent LLC
- Lunabee Studio
- GateKeeper Enterprise
- CommonKey Inc.
- EnPass
- Hypervault
- Lamantine Software Company
- Password Boss Inc.
- SplashData Inc.
- True Key
For more information about this report visit https://www.researchandmarkets.com/r/7rv8m3
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