The Global Password Management Market size is expected to reach $2.9 billion by 2027, rising at a market growth of 20.7% CAGR during the forecast period.
A password is a string of characters that allows you to access a service or device while also protecting you from unauthorized access. Password management is a software solution that helps IT administrators manage and organize passwords on servers, network appliances, and computer systems. It is generally used by end-users to audit, safeguard, manage, and monitor actions linked with privileged accounts as a tool for information security and governance. These software programs aren't just for businesses; they're also employed as a security tool by individuals. They preserve critical data, files, financial records, and legal information from cyber-attacks.
The outbreak of the COVID-19 pandemic is considered as one of the most lethal infection over centuries. COVID-19 not only caused a disaster to humanity by depriving millions of people of their lives, but it also caused a steep downfall to the economies all over the world. In addition, The COVID-19 pandemic presented a significant challenge to all businesses around the world in terms of continuing to operate amid widespread office closures. Changes in work culture had a significant impact on IT security. Cyber-attacks, data breaches, and network intrusions disrupted companies’ operations and became a big concern for enterprises across industries.
Based on Type, the market is segmented into Self-service and Privileged. The privileged user password management segment held the second largest revenue share. The privileged user password management segment held the second largest revenue share of the password management market in 2020. The growth of this segment is attributed to the fact that the Privileged solutions enable the user to experience enhanced security by storing privileged user passwords and utilizing various methods such as frequent passcode randomization, automated password resets, and privileged session recording. In addition, Privileged passwords are a type of password that grants higher access and permissions to accounts, applications, and systems.
Based on End User, the market is segmented into BFSI, IT & Telecom, Healthcare, Retail & Wholesale Distribution, Public sector & Utilities, Education, Manufacturing, and Others. In 2020, the IT & Telecom segment dominated the password management market by acquiring the substantial revenue share of the market. The increasing growth of this segment is attributed to the rising utilization of password management tools across the telecommunication sector with the purpose to secure their servers and portals. In addition, IT sector companies are broadly utilizing password management tools intending to prevent their databases from unauthorized access and harmful malware.
Based on Organization Size, the market is segmented into Large Organizations and Small & Medium Organizations. The small and medium-sized organizations segment followed the large organizations segment by accounting for the second highest revenue share of the password management market in 2020. The growth of this segment of the market is attributed to the fact that despite their limited finances, small firms are obligated to adopt suitable security measures due to increased threats and tight compliance obligations. Moreover, ruthless competition across the market is also a factor that encourages small and medium businesses including startups, to employ the latest and advanced technologies across their businesses.
Based on Access, the market is segmented into Desktops & Laptops, Mobile Devices, Voice-enabled Password Systems and Others. In 2020, the mobile devices segment acquired a significant revenue share of the password management market. Managing and safeguarding numerous accounts, including official, social, and financial accounts, has gotten more complex as the trend of BYOD among enterprises has grown. Employers from all industries can use passcode managers to gain access to collaborative portals and back-end systems. This is a major factor that is playing a crucial role in the development of this segment of the market.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Europe followed North America and acquired the second largest revenue share. The continuously increasing development of the password management market of Europe is the result of an increasing number of research and development across the region.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation is the major forerunner in the Password Management Market. Companies such as Dell Technologies, Inc., Hitachi, Ltd., Centrify Corporation are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Broadcom, Inc. (CA Technologies, Inc.), Dell Technologies, Inc., Hitachi, Ltd. (Hitachi ID Systems, Inc.), Microsoft Corporation, Knowledge Secure Systems Ltd., Avatier Corporation, Centrify Corporation (TPG Capital), FastPassCorp A/S, and Core Security (HelpSystems, LLC).
A password is a string of characters that allows you to access a service or device while also protecting you from unauthorized access. Password management is a software solution that helps IT administrators manage and organize passwords on servers, network appliances, and computer systems. It is generally used by end-users to audit, safeguard, manage, and monitor actions linked with privileged accounts as a tool for information security and governance. These software programs aren't just for businesses; they're also employed as a security tool by individuals. They preserve critical data, files, financial records, and legal information from cyber-attacks.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic is considered as one of the most lethal infection over centuries. COVID-19 not only caused a disaster to humanity by depriving millions of people of their lives, but it also caused a steep downfall to the economies all over the world. In addition, The COVID-19 pandemic presented a significant challenge to all businesses around the world in terms of continuing to operate amid widespread office closures. Changes in work culture had a significant impact on IT security. Cyber-attacks, data breaches, and network intrusions disrupted companies’ operations and became a big concern for enterprises across industries.
Market Growth Factors:
Rising prevalence of Cyber-attacks
Password management is a robust approach to ensure enterprise security by making it easier to store and secure complex account credentials. Every person in a business is responsible for different accounts, each of which requires a separate and safe password. Because of the rising amount of cyber-attacks around the world, there is a significant demand for secure working methods to protect databases and other necessary and confidential digital documents.Rising adoption of cloud-based databases and processes
The rise of cloud computing, the 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 passcodes. The systems are commonly used for automated password resets, frequent passcode randomization, and session records due to their cost-effective and time-saving advantages. Furthermore, as the quantity of online transactions grows, password management has become increasingly important for protecting online information and preventing online fraud.Marketing Restraining Factor:
Security and privacy-related risks
Password managers are tools that comprise the ability to read and learn all the 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 subject matter when unauthorized access invades that memory. Also, in the case of password management, while these tools store all the passwords in one memory, they also come with a drawback that if any toxic substance, for instance, malware, successfully makes access into the memory, it is enabled to read all the passwords that are stored in that memory.
Type Outlook
Based on Type, the market is segmented into Self-service and Privileged. The privileged user password management segment held the second largest revenue share. The privileged user password management segment held the second largest revenue share of the password management market in 2020. The growth of this segment is attributed to the fact that the Privileged solutions enable the user to experience enhanced security by storing privileged user passwords and utilizing various methods such as frequent passcode randomization, automated password resets, and privileged session recording. In addition, Privileged passwords are a type of password that grants higher access and permissions to accounts, applications, and systems.
End User Outlook
Based on End User, the market is segmented into BFSI, IT & Telecom, Healthcare, Retail & Wholesale Distribution, Public sector & Utilities, Education, Manufacturing, and Others. In 2020, the IT & Telecom segment dominated the password management market by acquiring the substantial revenue share of the market. The increasing growth of this segment is attributed to the rising utilization of password management tools across the telecommunication sector with the purpose to secure their servers and portals. In addition, IT sector companies are broadly utilizing password management tools intending to prevent their databases from unauthorized access and harmful malware.
Organization Size Outlook
Based on Organization Size, the market is segmented into Large Organizations and Small & Medium Organizations. The small and medium-sized organizations segment followed the large organizations segment by accounting for the second highest revenue share of the password management market in 2020. The growth of this segment of the market is attributed to the fact that despite their limited finances, small firms are obligated to adopt suitable security measures due to increased threats and tight compliance obligations. Moreover, ruthless competition across the market is also a factor that encourages small and medium businesses including startups, to employ the latest and advanced technologies across their businesses.
Access Outlook
Based on Access, the market is segmented into Desktops & Laptops, Mobile Devices, Voice-enabled Password Systems and Others. In 2020, the mobile devices segment acquired a significant revenue share of the password management market. Managing and safeguarding numerous accounts, including official, social, and financial accounts, has gotten more complex as the trend of BYOD among enterprises has grown. Employers from all industries can use passcode managers to gain access to collaborative portals and back-end systems. This is a major factor that is playing a crucial role in the development of this segment of the market.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Europe followed North America and acquired the second largest revenue share. The continuously increasing development of the password management market of Europe is the result of an increasing number of research and development across the region.
Cardinal Matrix - Password Management Market Competition Analysis
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation is the major forerunner in the Password Management Market. Companies such as Dell Technologies, Inc., Hitachi, Ltd., Centrify Corporation are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Broadcom, Inc. (CA Technologies, Inc.), Dell Technologies, Inc., Hitachi, Ltd. (Hitachi ID Systems, Inc.), Microsoft Corporation, Knowledge Secure Systems Ltd., Avatier Corporation, Centrify Corporation (TPG Capital), FastPassCorp A/S, and Core Security (HelpSystems, LLC).
Recent Strategy Deployed in Password Management Market
» Partnerships, Collaborations and Agreements:
- Dec-2021: Dell Technologies formed a partnership with Amazon Web Services, a subsidiary of Amazon providing on-demand cloud computing platforms. This partnership aimed to unveil Dell EMC PowerProtect Cyber Recovery for AWS. By collaborating with AWS, Dll is expected to provide customers with a cyber-recovery solution that segregates business-crucial data away from an attack with an air-gapped cyber vault, enabling companies to decrease risk and protect data with confidence after a successful cyberattack.
- Sep-2020: Hitachi ID came into a partnership with Winterhawk. Under this partnership, Winterhawk’s security consulting expertise and comprehensive knowledge of Hitachi ID’s single platform for privileged access, identity, password, and group management is expected to help organizations via their digital identity and access maturation.
» Product Launches and Product Expansions:
- Sep-2021: Hitachi ID launched the latest rendition of the Hitachi ID Bravura Security Fabric, version 12.2. This solution is expected to help companies with the tools they require to govern their digital identity and access infrastructure from attacks with the flexibility, scalability, and integration they require on one single platform, the Hitachi ID Bravura Security Fabric.
- May-2021: ThycoticCentrify launched its cloud provider solution. This solution is expected to centrally manage AWS billing accounts, identity and access management (IAM) accounts, and AWS EC2 cases in real-time.
- Mar-2021: Avatier Corporation unveiled Avatier for Service Now, the latest addition to the Avatier Anywhere platform. Avatier for Service Now is expected to offer IT, managers, a no-code, frictionless approach to detect management and security authorization for deprovisioning, provisioning, and auditing utilizing prevailing directories.
- Feb-2021: Microsoft releases the new Auto fill solution. This solution is expected to enable customers to store and operate their website passwords across various devices that include iPad, Mac, iPhone, Windows PCs, and Android phones.
- Dec-2020: Microsoft introduced its own password manager for Edge, Chrome, Android, and iOS mobile devices. Passwords on the Microsoft Password manager are connected and synched from the Microsoft Edge browser and could be shared across various devices utilizing a Microsoft account.
- Jul-2020: Centrify unveiled Client-based Password Reconciliation included in version 20.3 of Centrify Privileged Access Service. By allowing companies to automate password reconciliation via the Centrify Client to make sure business applications availability, Centrify customers is expected to decrease risk and depend on their password vault as the single source of truth for reliable, constant access to privileged account passwords.
» Acquisitions and Mergers:
- Dec-2021: Broadcom took over AppNeta, a leading SaaS-based network performance monitoring solution. This acquisition aimed to integrate AppNeta's end-to-end visibility with Broadcom's proven Infrastructure & AIOps capabilities, Broadcom is expected to have access to a single source of truth to support their cloud journey.
- Apr-2021: Centrify formed a merger with Thycotic, a leading provider of privileged access management (PAM) solutions, under the name ThycoticCentrify. This merger is expected to deliver one of the most extensive platforms in the privileged identity security market. ThycoticCentrify’s implementation speed and PAM-as-a-Service offerings, coupled with its robust identity bridging capabilities and high experience operating in highly complex environments, makes one of the comprehensive SaaS offerings, which allows companies of all sizes to fulfill the requirements of their customers in a safe, efficient, and compliant way.
Scope of the Study
Market Segments Covered in the Report:
By Type
- Self-service
- Privileged
By End User
- BFSI
- IT & Telecom
- Healthcare
- Retail & Wholesale Distribution
- Public sector & Utilities
- Education
- Manufacturing
- Others
By Organization Size
- Large Organizations
- Small & Medium Organizations
By Access
- Desktops & Laptops
- Mobile Devices
- Voice-enabled Password Systems
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- IBM Corporation
- Broadcom, Inc. (CA Technologies, Inc.)
- Dell Technologies, Inc.
- Hitachi, Ltd. (Hitachi ID Systems, Inc.)
- Microsoft Corporation
- Knowledge Secure Systems Ltd.
- Avatier Corporation
- Centrify Corporation (TPG Capital)
- FastPassCorp A/S
- Core Security (HelpSystems, LLC)
Unique Offerings from the Publisher
- Exhaustive coverage
- The highest number of market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. Global Password Management Market by Type
Chapter 5. Global Password Management Market by End User
Chapter 6. Global Password Management Market by Organization Size
Chapter 7. Global Password Management Market by Access
Chapter 8. Global Password Management Market by Region
Chapter 9. Company Profiles
Companies Mentioned
- IBM Corporation
- Broadcom, Inc. (CA Technologies, Inc.)
- Dell Technologies, Inc.
- Hitachi, Ltd. (Hitachi ID Systems, Inc.)
- Microsoft Corporation
- Knowledge Secure Systems Ltd.
- Avatier Corporation
- Centrify Corporation (TPG Capital)
- FastPassCorp A/S
- Core Security (HelpSystems, LLC)
Methodology
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