Password Management Market - Growth, Trends, and Forecast (2020 - 2025)

The Password Management Market can be segmented by Solution Type (Self-service Password Management and Privileged User Password Management), Technology Type (Desktop, Mobile Devices, and Voice-enabled Password Reset), End User (BFSI, Manufacturing, and IT and Telecommunication), and Geography.

Market Snapshot

Study Period:

2019-2025

Base Year:

2019

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

CAGR:

19 %

Major Players:

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Market Overview

The Password Management Market was valued at USD 1.05 billion in 2019 and is expected to reach USD 2.98 billion by 2025, at a CAGR of 19% over the forecast period 2020 - 2025. According to the cybersecurity ventures, the total number of passwords may grow to 300 billion, by 2020. Organizations, across the world, face a massively increasing cybersecurity risk from hacked or compromised user and privileged accounts. To counter this, password management is predicted to be a prominent field. 

  • Government mandates of creating and management of passwords are driving the market growth. This is due to an increase in cybersecurity crisis. For instance, NIST, the standards organization of the United States, issued a new set of Digital Authentication Guidelines, in February 2018. One of the guidelines was related to the use of SMS, as an out-of-band channel, for two-factor authentication. NCCIC/US-CERT also reminds users of the importance of creating and managing strong passwords at regular intervals. 
  • Latest report from Independent Security Evaluators (ISE) found fundamental flaws that exposed user credentials in computer memory, while locked. According to the researchers, this renders them “no more secure than saving passwords in a text file”. Once the master password is available to the attacker, they can decrypt the password manager database.

 

Scope of the Report

Password management is a software solution that supports in the organization and storing of passwords. Password management has emerged as a major segment of the identity management market. Human-generated passwords are often algorithmically weak and prone to attacks. Password management is not only helpful for people, but is also helpful for different enterprises, such as small-sized businesses, medium-sized businesses, and large-sized businesses, as a tool for information and governance security. They are also used to audit, secure, manage, and monitor all activities connected with their privileged accounts.

By Solution Type
Self-service Password Management
Privileged User Password Management
By Technology Type
Desktop
Mobile Devices
Voice-enabled Password Reset
By End User
BFSI
Manufacturing
IT and Telecommunication
Other End Users
Geography
North America
United States
Canada
Europe
Germany
United Kingdom
France
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Latin America
Brazil
Argentina
Rest of Latin America
Middle East & Africa
United Arab Emirates
Saudi Arabia
South Africa
Rest of Middle East & Africa

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Key Market Trends

Mobile Device Password Protection to Dominate the Market

  • Mobile devices are undergoing an explosion when it comes to their growth. According to the Pew Research Center survey, roughly six-in-ten US adults (58%) often get news on a mobile device, 19% points higher than the 39%, who often get news on a desktop or laptop computer.
  • It is estimated that more than 5 billion people have mobile devices, and over half of these connections are smartphones. 
  • Smartphone ubiquity, across the world, enables consumer engagement in numerous use cases, like online purchases, watching online videos, browsing, voice calls, or checking e mails. 
  • As per GSMA’s report of 2019, the global mobile ecosystem generated an economic value of USD 1.1 trillion, in 2018, with mobile operators accounting for 60%.

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Asia-Pacific to Witness the Highest Growth

  • Asia-Pacific has been the biggest contributor to the global subscriber growth, in recent years, and still has room for growth.
  • More than half the world’s mobile subscribers live in Asia-Pacific – mostly in China and India. This is due to the population explosion in both of these countries.
  • This region houses the largest e-commerce market, which is being accessed on mobile phones. 
  • As per GSMA Report 2019, in 2017, mobile technologies and services generated 5.4% of GDP, across Asia-Pacific, a contribution that amounted to USD 1.5 trillion of economic value added.
  • India may be the primary driver in the Asia-Pacific region. With only around half the population currently subscribing to mobile services, there is considerable room for growth. As devices and data services become more affordable, digital literacy may improve, and more locally relevant content is made available. Thus, the demand for mobiles, and hence, password management becomes evident. 

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Competitive Landscape

The market for password management is concentrated with players, like Avatier, CA Technologies, and Core Security Technologies, dominating the market. This is because, password is a security tool, and users are skeptical regarding experimenting with new/unknown password managers. 

  • April 2019 - Avatier released "Avatier Apollo". It is the world's first artificial intelligence virtual customer assistant (VCA) for customer identity and access management (CIAM) and identity governance and administration (IGA) platforms.
  • February 2019 - HelpSystems acquired the Core Security assets from SecureAuth. The assets acquired from SecureAuth were solutions for identity governance, administration, penetration testing, threat detection, and vulnerability management.
  • December 2018 – PasswordSafe’s version 3.48.0 for Windows was released. A major change included configuring default expiration interval via Options->Password History, instead of being hardcoded to 90 days.

 

Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Introduction to Market Drivers and Restraints

    3. 4.3 Market Drivers

      1. 4.3.1 Government Mandates Regarding Password Creation and Management is Driving the Market Growth

    4. 4.4 Market Restraints

      1. 4.4.1 Exposure of User Credentials in Computer Memory, while Locked, is Hindering the Market Growth

    5. 4.5 Value Chain Analysis

    6. 4.6 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.6.1 Threat of New Entrants

      2. 4.6.2 Bargaining Power of Buyers/Consumers

      3. 4.6.3 Bargaining Power of Suppliers

      4. 4.6.4 Threat of Substitute Products

      5. 4.6.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Solution Type

      1. 5.1.1 Self-service Password Management

      2. 5.1.2 Privileged User Password Management

    2. 5.2 By Technology Type

      1. 5.2.1 Desktop

      2. 5.2.2 Mobile Devices

      3. 5.2.3 Voice-enabled Password Reset

    3. 5.3 By End User

      1. 5.3.1 BFSI

      2. 5.3.2 Manufacturing

      3. 5.3.3 IT and Telecommunication

      4. 5.3.4 Other End Users

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 United Kingdom

        3. 5.4.2.3 France

        4. 5.4.2.4 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Australia

      4. 5.4.4 Latin America

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 Argentina

        3. 5.4.4.3 Rest of Latin America

      5. 5.4.5 Middle East & Africa

        1. 5.4.5.1 United Arab Emirates

        2. 5.4.5.2 Saudi Arabia

        3. 5.4.5.3 South Africa

        4. 5.4.5.4 Rest of Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Avatier Corporation

      2. 6.1.2 Broadcom inc. (CA Technologies)

      3. 6.1.3 Core Security Technologies

      4. 6.1.4 SonicWall Inc.

      5. 6.1.5 Fastpass Corp.

      6. 6.1.6 Hitachi ID Systems Inc.

      7. 6.1.7 Microsoft Corporation

      8. 6.1.8 IBM Corporation

      9. 6.1.9 Micro Focus Inc.

  7. *List Not Exhaustive
  8. 7. INVESTMENT ANALYSIS

  9. 8. MARKET OPPORTUNITIES AND FUTURE TRENDS

** Subject to Availability

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