According to a new market research report published by Credence Research, “Password Management Market (by End-use Vertical (BFSI, Education, Healthcare, Government & Public Sector, Retail, Telecom & IT, Education, and Other End-use Verticals), by Applicable System Type (Desktops, Mobile Devices, Voice-enabled Password Devices, and Others), by Type (Self-service Password Management & Privileged User Password Management), by Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2018 -2026”, the global password management market is expected to expand at a CAGR of 14.5% during the forecast from 2018 to 2026 .
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Proliferation of the information technology and ever-increasing use of web services in our daily lives have led to manifold increase in the number of user accounts and related passwords that users need to remember and manage. The choice of passwords used across different accounts presents an altogether different challenge to users.
On one hand an intruder may gain access to all accounts if the same password is set and on the other hand, when different passwords are set for different accounts, users generally tend to set easy-to-remember or weak passwords, thereby jeopardizing the security. Thus, overriding need to optimally manage passwords and mitigate related security concerns is the major factor driving demand for password management solutions worldwide.
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In wake of growing cyber security concerns, the governments across the globe have laid stringent and complex password creation rules, which is further supporting the adoption of password management solutions across industry verticals. Use of password management solutions is not only limited to individual users, but also useful to enterprises to audit, monitor, secure, and manage all the activities connected with privileged accounts. All these factors will contribute towards a CAGR of 14.5% over the forecast period from 2018 to 2026.
The global password management market is moderately fragmented and competitive. Some of the major vendors profiled in the research report include CA Technologies, Avatier, Courion Corporation, Fastpass Corporation, Sonicwall, Hitachi ID Systems, IBM Corporation, Netiq, Microsoft Corporation, SplashData, Inc., Zoho Corporation, and Sailpoint Technologies among others.
While the domestic vendors dominate their respective markets, international players are focusing on offering multi-factor support and additional security to gain grounds in overseas markets. Intensifying competition between the domestic and international password management vendors is expected to stir the password management industry in the coming years.