1. Market Research
  2. > ICT
  3. > Cybersecurity Market Trends
Password Management Market - Growth, Trends, and Forecasts (2020 - 2025)

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

  • July 2020
  • 177 pages
  • ID: 5948955
  • Format: PDF
  • Mordor Intelligence LLP
Up to $1125 off Until Sep 30th 2020

Summary

Table of Contents

Search Inside

The Password Management Market was valued at USD 1,047 million in 2019 and is expected to reach USD 2,604.4 million by 2025, at a CAGR of 15.87% over the forecast period 2020 - 2025. According to 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 users and privileged accounts. To counter this, password management is predicted to be a prominent field.

- With the increasing internet services penetration, improving communication infrastructure, and data speed improvements, the growing number of internet and mobile users is influencing various businesses, across the world, to adopt the internet to offer their services and products, driving the need for the creation of different profiles by the end-users. Along with this, enterprises are increasingly adopting security measures to increase accountability by adopting user accounts. Such developments are, in turn, augmenting the demand for password management software.
- Furthermore, the growth in the number of mobile and computer users is augmenting the demand for password management. The increasing amount of time spent on mobile phones is driven by the use of internet, which comes with the accounts created on various internet-based service providers, from media and entertainment to food ordering services. For instance, according to App Annie’s report, during 2019, average mobile users spent 3.7 hrs. per day on their mobile.
- Moreover, with the advent of mobile devices, along with high-speed internet, the BYOD trend is increasingly becoming popular in workplaces. For example, according to Dell, about 60% of employees use smartphone for work. Such trends are further augmenting the market growth for user authentication and password management.
- Government mandates to create and manage passwords are also 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.
- Since, the COVID-19 outbreak, the number of cyberattacks has been drastically increasing, adversely affecting individuals, businesses, and organizations. Thus, some of the affected organizations are now investing financial resources into fixing the current inefficient data and password management systems. It is expected that the threat of cyber attacks would last longer than the COVID-19 pandemic itself and will drive the market in studied peroid.

Key Market Trends
Mobile Device Password Protection to Dominate the Market

- Mobile devices are capable of supporting business applications that are critical to each organization and laptops play a vital role in providing mobility to the user. In addition to numerous benefits, they also extend the workforce’s capabilities beyond the office. True to its name, mobile devices enable the performance of business tasks remotely, as they offer mobility. Thus, mobile devices have made it convenient to work remotely.
- The increasing applications of mobile devices have driven the need for password management, as it can be integrated into mobile devices to be certain about the access to corporate data and password policy guidelines. This also provides organizations with a level of visibility and control over mobile apps.
- According to Verizon’s Mobile Security Index in 2019, about 86% of the enterprise executives expressed that threats in mobile devices are increasing rapidly and 67% of the enterprise executives are not confident about the security of their mobile devices, compared to other IT assets.
- Further, companies are trying to accomplish business tasks using the latest and greatest technology. Several digital transformation initiatives have given way to digital solutions that require technological advancements, such as the use of mobile devices that offer several benefits to the companies.
- A primary analysis of privacy and security settings in the MobileIron’s Global Threat Report indicated that about 38% of the mobile devices introduce unnecessary risk to the organization. These increasing concerns are the clear indications of the need for efficient and reliable password management systems. This factor is expected to drive the market during the forecast period.

Asia-Pacific to Witness the Highest Growth

- In the Asia-Pacific region, countries like China, India, Japan are driving the region’s growth. The increasing cyber-attacks have propelled China to strengthen its defensive capabilities. This is expected to boost the adoption of security solutions, such as password management, to prevent unauthorized access. According to China’s National Computer Network Emergency Response Technical Team (CNCERT), in 2018, 14,000 servers in the United States infected by a Trojan virus or botnet controlled 3.34 million host computers in China, thereby representing a nearly 90.8% increase in attacks on a year-over-year basis.
- Cybersecurity is rapidly gaining interest from the Japanese government and enterprises. Increased cyber-attacks on Japanese organizations, especially identity thefts, are prompting the government to establish new legislation, strategies, and facilities. The enterprises in the country have been among the early adopters of ERP systems and enterprise-level digitization. This is driving the adoption of security systems.
- For instance, in 2019, the government of Japan approved to formulate a venture, in order to try hands on credential stuffing over the increasing use of IoT devices, including devices at both the enterprise network and consumer levels, primarily to ensure security among the population in the digital age. The government organization mentioned to check 200 million IoT devices in the country, with random passwords, which are never changed above default one. This will be rectified to enhance security.
- Moreover, developing countries such as India have experienced a rapid increase in cyber crimes registration, with the country ranking fifth in terms of the overall DNS hijacks. Also, according to Gemalto, India accounts for 37% of the global breaches in terms of records compromised or stolen.
- India ranks second only after the United States for hacking attempts in the world, according to the recent report by Akamai Technologies. The report has mentioned that, in 2018 over 120 crore attempts were made to hack financial institutes in the country.

Competitive Landscape
The password management market is concentrated due to the presence of a few major players like Avatier Corporation, Broadcom Inc. (CA Technologies), Core Security Technologies, SonicWall Inc., and Fastpass Corporation. ?These major players, with a prominent share in the market, are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market share and increase their profitability. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.

- June 2020 - Centrify Corporation announced the integration of its Privileged Access Service with ServiceNow’s Management, Instrumentation, and Discovery (MID) Server. Centrify’s MID Server plugin enables IT Operations Management (ITOM) capabilities like ServiceNow Discovery, Orchestration, leveraging Centrify Privileged Access Service as the centralized source of truth for credentials. Centrify integration with ServiceNow will help to avoid hard-coded passwords for stronger security and reduced administrative overhead.
- April 2020 - FastpassCorp announced a new product with the name - FastPass Identity Verification Client or IVC. IVC is an extension and replacement of the previously mentioned FPR. IVC solves a significant security issue for companies and organizations working with a help desk. With IVC, the company delivers an intelligent workflow that determines how each employee’s identity can be verified before a new password is issued. With the data available to IVC, the level of security will be significantly improved.
- March 2020 - Keeper Partnered with LogRhythm to Offer Integrated Password Security & Enterprise Security Monitoring. The partnership enables businesses to seamlessly integrate Keeper’s extensive password-related event data into LogRhythm’s NextGen Security Information and Event Management (SIEM) platform for threat monitoring.

Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
15% Off

($4250)

  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.
Ahmad helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at researchadvisor@reportlinker.com to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - researchadvisor@reportlinker.com or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.

ref:plp2020

Reportlinker.com © Copyright 2020. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on