Password Management Market Size, Share, Sector / Industry Report & Analysis 2018-2025 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Password Management Market


The global password management market size was valued at USD 414.7 million in 2016. Increasing adoption of password management solutions by small and medium enterprises is one of the key trends escalating market growth. Moreover, increasingly complex compliance, regulatory, and risk management environment in businesses is encouraging implementation of these solutions among industries across the globe.
These solutions can satisfy needs of enterprises such as synchronizing a single password via all access accounts for a person or empowering IT service desks with the help of a central tool for managing password service requests. Increasing risk of data theft in critical industries such as healthcare, public sector, and BFSI is expected to provide a fillip to the market.
 
Password management use is not only restricted to enterprises, but also helpful to individual users as a security tool for their accounts and devices. Also, it is widely used by end users to audit, secure, monitor, and manage the activities associated with privileged accounts.
As cyberattacks seem to become progressively more prevalent and far reaching in their damage, it is more essential for individuals as well as organizations to protect their data. Ability to transfer client files, customer data, employee files, financial records, medical records, and other sensitive & valuable information has increased the legal risks.
According to a report by Cybersecurity Ventures and Thycotic, over three billion passcodes and user credentials were stolen in the year 2016. Moreover, the report also says that there is a potential for cybercrime damages to amount to about USD six trillion by 2021. Growing complex systems & rules for generating and changing passwords are augmenting the need for efficient password management solutions has increased among enterprises.

Market Segmentation, Outlook & Viewpoint: Global Password Management Market


Type Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

Self-service password management

Privileged user password management


Access Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

Mobile devices

Desktops & laptops

Voice enabled password systems

Others


Organization Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

Small & medium organization

Enterprise


End user Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

BFSI

Education

Healthcare

Manufacturing

Public sector & utilities

Retail & wholesale distribution

Telecom & IT

Others


Key Players, Recent Developments & Regional Insights: Global Password Management Market


The key end-use sectors reviewed in the report are banking, financial services and insurance (BFSI), public sector & utilities, education, manufacturing, healthcare, retail and wholesale distribution, telecom and IT, and others. Such industries have a network of complex systems that are passcode protected so that access is granted only to authorized individuals. Password management solutions help to reduce congestion at helpdesks and improve security and productivity.
 
The BFSI sector was the most prominent end user in 2016. Owing to highly sensitive nature of assets and information maintained by banking and financial institutions, it is imperative to ensure a highly secure environment. Any lapse or breach in security can be costly and disastrous with higher operating costs, revenue losses, and damaged reputation of organization.
With growing security threats, data breaches, and incidents of fraud, institutions are under increasing regulatory and public scrutiny, passcode management solutions have become essential. They allow these institutions to manage and measure security and identify risks associated with user access to crucial systems and applications in a structured and centralized way. Agencies such as Federal Deposit Insurance Corporation (FDIC) and Federal Financial Institutions Examination Council (FFIEC) establish uniform principal standards and reports for promoting uniformity in the supervision of financial institutions.

Regional Insights
North America was the leading region and accounted for just over 38.0% of the overall market revenue in 2016, owing to rising applications of password management solutions across end-use industries. Moreover, constant technological advancements in fields of analytics, cloud, and BYOD trends are expected to provide a significant push to the regional market.
Asia Pacific is projected to exhibit a substantial CAGR over the forecast period owing to expanding base of small & medium organizations in the region. Countries such as India, China, and Japan have been experiencing strong economic growth. In addition, growing technology user base and rapidly developing infrastructure are responsible for driving the market.
Password Management Market Share Insights
The global password management market is highly competitive and fairly concentrated, with top five companies accounting for maximum share of the global production in 2016. Key market participants include CA Technologies, Quest Software, NetIQ, and FastPass. The market players are using strategies such as collaboration, acquisition, and new product development and launches to strengthen their positions in the market.
Application development and customized software are expected to be key parameters to sustain competition in the arena, with frequent mergers and acquisitions being undertaken as an attempt to diversify product portfolio and gain market share. These players provide solutions that may be delivered via on-premise or cloud models. Companies such as Microsoft and Google are trying to deliver innovative ways of password management such as USB tokens and automatic encrypted solutions.

Key Insights Covered: Global Password Management Market
1.  North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Password Management industry.
2. Global major manufacturers' operating situation (sales, revenue, growth rate and gross margin) of Password Management industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Password Management industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Password Management industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Password Management industry.

Research Methodology: Global Password Management Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
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Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other