Desktop Segment is Expected to Dominate the Global Password Manager Market
Increasing
Cybersecurity Concerns and Mobile and Proliferation of Online Services are major factor
attributable to the growth of the market.
According
to TechSci Research report, “Global Password Manager Market - Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Password Manager is
anticipated to project robust growth in the forecast period with a CAGR of 27.93% through 2028, Password management (PM)
technologies enable users to reset clients' passwords following an account
lockout or when individuals forget their credentials. Additionally, PM tools
can synchronize passwords for users across many platforms, enabling users to
log into numerous applications using a single password. As more and more
financial and personal information is kept online, the demand for complex
passwords and safe means to store them has led to the development of password
managers. According to Keeper Security, inadequate password security accounts
for more than 81% of data breaches.
As
the use of technology is going up, the risks involved in adopting technology in
critical scenarios are also on the rise. For instance, sensitive information,
such as financial and personal details, breaches, or denial of services by
servers on mission-critical systems by the breach of user and password are
driving the demand for password management. In 2021, there were at least 1,243
publicly documented security events, according to IT Governance’s monthly list
of data breaches and cyber-attacks. Compared to 2020, there has been an 11%
rise in security incidents. A FinCEN study claims that Bitcoin transactions
totaling at least USD 5.2 billion have been made due to ransomware extortions.
Further,
the growing government investments in cyber security are analyzed to bolster
the demand for password management significantly. In March 2022, the president
of United staes Joe Biden's USD5.8 trillion budget proposal for the fiscal year
2023 was published by the White House, and cybersecurity appears to be a full
focus, as seen by a large increase in spending from the previous year. About a
10.9 billion USD increase from 2022 is requested in the president’s budget for
civilian cybersecurity-related operations. USD2.5 billion of that sum has been
given to the DHS's Cybersecurity and Infrastructure Security Agency. That is a
rise of about USD 500 million from the prior year.
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Based
on Region, Asia Pacific plays a significant role in the global Password Manager
market, The major factors driving the password management market in the
Asia-Pacific include increased digitization initiatives, increased fraudulent
activities and identity theft over the last decade, and advanced digital
identity use cases across verticals. Furthermore, initiatives by governments
and businesses focusing on digitalization and the implementation of new
technologies such as AI, ML, and automation in verification solutions would present
lucrative opportunities for password management vendors.
A
fragmented regulatory environment and the rapid transition to digital commerce
have spurred several enterprise fraud management (EFM) trends in the
Asia-Pacific. The major contribution of COVID-19 as the world has shifted its
work culture from manual to automated; there was an increasing number of online
activities, which has raised the huge number of online registrations and
profile identification, due to which the risk of fraud has increased thus the
demand for the id verification is also growing. Countries like China, India,
and Japan are driving growth in the Asia-Pacific region. 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.
For
instance, the government of Japan approved formulating a venture 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 mentioned
checking 200 million IoT devices in the country with random passwords that
never changed above the default one. This will be rectified to enhance
security. According to the National Institute of Information and Communication
Technology of Japan, cyber-attacks have significantly increased, especially
with IoT devices. Such incidents encourage organizations to deploy password
management solutions at the organization and consumer/users’ levels to reset or
generate high-strength passwords automatically.
Key
market players in the Global Password
Manager Market are following:-
- Lastpass
US LP (Goto Group Inc.)
- 1Password
(AgileBits Inc.)
- Dashlane
Inc.
- Keeper
Security Inc.
- Avatier
Corporation
- Core
Security Technologies (Helpsystems LLC)
- Fastpasscorp
A/s
- Hitachi
ID Systems Inc.
- Microsoft
Corporation
- IBM
Corporation
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“The
global password manager market is primarily driven by increasing cybersecurity
threats, the proliferation of online services, and the complexity of password
management. Organizations and individuals seek solutions to secure their
accounts and sensitive data, comply with regulations, and simplify password
management. The rise of remote work, the adoption of two-factor authentication
(2FA), and the need for seamless access across multiple platforms further boost
demand. Password managers also enhance the user experience with features like
password strength assessment and automated login. These drivers emphasize the
critical role of password managers in addressing security concerns and managing
the growing number of online accounts.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting firm.
Password
Manager Market – Global Industry Size, Share, Trends, Opportunity, and Forecast
Segmented by Solution Type (Self-service Password Management, Privileged User
Password Management), by Technology Type (Desktop, Mobile Devices,
Voice-enabled Password Reset), by End-User Vertical (BFSI, Healthcare, IT &
Telecommunication), By Region, Competition 2018-2028 has evaluated the future growth
potential of Global Password Manager Market
and provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Global Password Manager Market.
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