Global Statistics Representing Password Management Market Scenario
Password management primarily involves the adoption of a software application to manage and store passwords that a user possesses for various online accounts. The primary functions of password management systems include imposing password complexity, password rotation, and others. Cloud-based storage, mac, and Linux-based systems are, at present, trending in the market as they improve workflow and hence, facilitate cost savings. However, each of these resources requires its own password for access, which propels the demand for password management systems.
The rapidly increasing cases of cybercrime and the losses associated with them on an individual or organization level are the key factors expected to drive market growth during the forecast period, 2019–2026. According to a report by Cybersecurity Ventures and Thycotic, in 2016, more than 3 billion passwords and credentials were stolen. Additionally, according to the Verizon Data Breach Investigation Report (DBIR), in 2017, 81% of hacking-related breaches were a result of stolen/weak passwords.
The global password management market was valued at USD 400 million in 2017 and is expected to grow at a CAGR of 16% during the forecast period, 2019–2026.
The global password management system market can be segmented by type, organization size, and end-user.
Based on type, the market can be segmented into self-service password management and privileged user password management. The emergence of cloud technology and the Internet of things (IoT) has tremendously increased the demand for password management solutions. The self-service password management segment is expected to hold a significant market share, owing to the ease of operation offered by these solutions without any help from third parties, which reduces the time and cost incurred. Privileged password management mainly operates by password reset and session recording, among others.
Based on organization size, the market can be bifurcated into small and medium enterprises and large enterprises. Growth in the number of small- and medium-sized enterprises in developing economies, increasing threats, and implementation of stringent rules have led to the mandatory adoption of security measures. Additionally, many large organizations are adopting password management systems to ensure data safety.
Based on end-user, the market can be segmented into energy and utilities, retail, BFSI, government and defense, healthcare and retail. Financial sectors such as banks, insurance, and others are expected to account for prominent shares, owing to the presence of highly-sensitive assets and the information maintained regarding them. Rising data breach issues in the banking sector have led to the adoption of efficient security measures, which is expected to fuel market growth during the forecast period. In May 2018, about 90,000 customers’ data was stolen from a major Canadian bank.
Geographically, the global password management market has been analyzed across North America, Europe, Asia Pacific and Latin America, the Middle East and Africa (LAMEA).
North America is expected to dominate the market, owing to the presence of prominent companies, coupled with the growing adoption of password management solutions across various end-use sectors. Additionally, technological advancements in the field of cloud, analytics, and others are also expected to significantly propel market growth during the forecast period.
The growing trend of consumer identity and access management and Europe’s General Data Protection and Regulation (GDPR) are the key factors expected to fuel market growth during the forecast period. Certain policies adopted by government bodies in Europe to protect personal data are also expected to provide impetus to market growth during the forecast period, 2019–2026. For instance, the General Data Protection Regulation released in May 2016 by the European Union states that organizations that gather or process personal data in the European Union must comply with the new rules and regulations.
Asia Pacific is expected to emerge as the fastest growing region, owing to the expansion of small- and medium-sized enterprises in developing economies such as China and India. Increasing incidences of cyber crimes in the region are also fueling market growth. Growth in the number of mobile and cloud users with poorly managed credential functions has also favored criminals to launch various password breach attacks such as phishing, malware, and others.
Rapid digital transformation with the increased adoption of smartphones and increase in the number of online transactions is a key trend expected to propel market growth in Asia Pacific during the forecast period. This trend has created a new avenue for cybercriminals, fraudsters, and others to steal identity information. According to the global Security Intelligence Report (SIR) released by Microsoft Corporation, in 2017, emerging economies in Asia are the most vulnerable to malware, phishing, and other cyber threats. The SIR report also noted a 300% increase in global cyber accounts managed in the cloud service. Additionally, the total number of logins from malicious IP addresses increased by 44% year over year.
Some of the key players operating in the market are Avatier, Ca Technologies, Courion Corporation, Dell Sonicwall, Fastpass Corp, Hitachi ID Systems, IBM, Netiq, Microsoft, and Sailpoint Technologies.
Password Management Market Segmentation
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