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Password Policy Enforcement Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Deployment and Enterprise Size

Password Policy Enforcement Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Deployment and Enterprise Size

  • April 2022
  • 129 pages
  • ID: 6279458
  • Format: PDF
  • The Insight Partners

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The password policy enforcement software market was valued at US$ 212.31 million in 2021 and is projected to reach US$ 426.46 million by 2028. It is expected to grow at a CAGR of 10.5% from 2021 to 2028.

Increasing Internet services penetration, upgrading communication infrastructure, and improving data speed, and the surge in Internet and mobile user base are influencing various businesses to offer their services and products online, further asking end users to create different profiles on the online buying portals.Businesses are progressively implementing security measures such as monitored accounts to improve responsibility.

Such a shift toward internet-based service offerings is driving the need for password policy enforcement software.

Further, the need to comply with tight compliance standards and the rising risk of data theft in the BFSI, healthcare, and public sectors, among others, is driving the password policy enforcement market. The development of the password policy enforcement market is being stifled by the growing need for built-in administration, customization, and extension features.

Password policy enforcement software solutions ensure that strong passwords are used across all platforms in a company.Organizations install password policy enforcement software to make related users to create passwords that meet company password policy restrictions, in terms of password complexity that is defined by symbols, numbers, upper- and lowercase letters, character minimums and maximums; the restrictions also ensure that the passwords do not contain commonly used words, phrases, or passwords; company-specified blacklisted words; or passwords from known hacking dictionaries.

Several digital suppliers have entered into the password policy enforcement software market with simplified offerings for various industrial verticals.

The password policy enforcement software market is becoming increasingly competitive, and the competitiveness of market players is based on the distinctiveness of the products they offer. Furthermore, many firms are attempting to meet the rising need for customized solutions to expand their shares in password policy enforcement software market.

Lately, the technology sector is witnessing significant growth in cloud-based solutions as they are time and cost-efficient.Due to these advantages, cloud-based solutions have attracted many end users.

Moreover, key market players are offering cloud-based products in the market with the rising demand for cloud-based software.Further, the internet infrastructure has matured in developed countries.

It is flourishing in several developing countries, allowing end users in both developed and developing countries to access cloud-based solutions.This factor is positively influencing the adoption of software in various industries.

Moreover, due to incremental advancements in cloud computing, cloud-based solutions are experiencing significant growth. These factors are positively influencing the password policy enforcement software market.

The password policy enforcement software market is broadly segmented into five major regions — North America, Europe, APAC, MEA, and SAM.Countries, such as China, India, and Japan, are major contributors to the overall password policy enforcement software market growth of Asia Pacific.

China has tightened its defense capabilities in response to the rising number of cyber-attacks. This is likely to increase the use of security solutions, to prevent illegal access to content positively influencing the password policy enforcement software market growth.

North America is one of the most critical regions for adopting and growing new technologies due to favorable government policies to boost innovation, a substantial industrial base, and high purchasing power, especially in developed countries, such as the US and Canada.The US is a prominent country for password policy enforcement software market.

The country consists of the maximum number of password policy enforcement software developers.Further, the COVID-19 pandemic forced companies to adopt work-from-home trends.

The pandemic created an enormous challenge for businesses in North America to continue operating despite massive shutdowns of offices and other facilities.The changing nature of working has affected IT security.

Therefore, organizations are witnessing an increased risk of breaches due to the extensive use of open-source software during remote working. Furthermore, the surge in digital traffic presented an opportunity for numerous online frauds, phishing attacks, denial of inventory, and ransomware attacks are contributing to the password policy enforcement software market growth.

The overall global password policy enforcement software market has been derived using both primary and secondary sources.Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining an overview and forecast for the market with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic.

Participants of this process include industry experts, such as VPs, business development managers, intelligence managers, and national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the market.

The key companies operating in the password policy enforcement software market and profiled in the report include Enzoic; Avatier; Specops Software; Safepass.me; and Zoho Corp (MANAGEENGINE); Hitachi ID Systems, Inc.; Netwrix Corporation; nFront Security, Inc.; Tools4ever (Password Complexity Manager (PCM); and Jumpcloud Inc.

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