San Francisco, 29 October
2018: According to a report published by Grand View Research,
Inc.; the passwordmanagement market is expected to reach a valuation of around USD 2.05
billion by 2025.
Factors such as rise in complexity
of compliance, and risk management setting in businesses can propel the market
over the forecast period (2015 to 2025). Additionally, stringent and complex
password creating rules and guidelines provided by government are expected to
support the market growth.
These services can be
beneficial to enterprises as well as individual users as a security tool for
their devices and accounts. Also, it is widely used by end users to audit,
secure, monitor, and manage the activities associated with privileged accounts.
Need for these services has increased due to rising transactions over internet.
Password helps to protect online information like emails, medical records, bank
accounts, and other. In addition, it can be used to monitor, audit, and manage
the activities connected with privileged accounts. Increasing cases of cyber
attacks and data breaches have increased the need for individual users and
enterprises to protect their data. For instance, as per Cybersecurity Ventures
and Thycotic, more than 3.0 billion passcodes and user credentials were stolen
in 2016. In addition, breaches happened in 2015 with several organizations including
Home Depot, TJX, Target, and Heartland Payment systems have created remarkable
awareness about using password for all online account.
The worldwide password
management market can be segmented on the basis of type, access, organization,
end user, and region.
Access Research Report of Password Management Market@ www.grandviewresearch.com/industry-analysis/password-management-market
Based on type, the market can
be classified into self-service and privileged.
The self-service segment
estimated for the largest market share in 2016. These solutions allow users to
reset and manage their passwords on their own without seeking help from the
helpdesk. The privileged segment is likely to show high growth in the coming
years. These solutions offer advanced security to privileged users by
implementing techniques such as frequent passcode randomization, privileged
session recording, and automated password resets.
On the basis of access, the
market can be categorized into mobile devices, desktops and laptops, voice
enabled password systems, and others.
In 2016, desktops and laptops segment
appeared as major segment and projected to occupy more than 35.0% of total
revenue by 2025.
The mobile devices segment is expected
to exhibit high CAGR of 19.8% during 2017 to 2025. Growing trend of BYOD is
expected to boost this segment. These solutions are intended to protect mobile
devices from possible threats even the device is in offline mode.
As per organization, the
market can be bifurcated into enterprise and small and medium organization.
Based on end user, the market
can be split into education, BFSI, healthcare, public sector and utilities, manufacturing,
telecom and IT, retail and wholesale distribution, and others. In 2016, The
BFSI segment reported as a largest segment. Since banking and financial
institutions maintains sensitive information related to assets.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/network-security-software-and-services
Geographically, the market can
be divided into North America, Europe, Asia Pacific, Latin America, and Middle
East & Africa.
In 2016, North America estimated
for the major revenue share over 38.0% of the total market due to increasing
application across end-user industries. In addition, continuous technological
advancements in cloud technologies, analytics, and emergence of bring your own
devices (BYOD) are likely to drive the market significantly in this region.
Asia Pacific is likely to
display a CAGR of 20.9% during 2017 to 2025 owing to growing small and medium
organizations in the region and several progresses across major countries, particularly
in terms of BYOD trends and internet of things (IoT). Additionally, rapid
infrastructure development and increasing technology user base across this
region is also expected to fuel the market growth. Countries including Japan,
China, and India have been undergoing robust economic growth, which will fuel
the market growth.
Prominent companies operating
in the market include Quest Software Inc.; Knowledge Secure Systems Ltd.; CA
Technologies Inc.; Microsoft Corporation; and Avatier Corporation.
The market is extremely
competitive due to presence of numerous players. The companies are implementing strategies such
as acquisition, collaboration, and development of innovative solutions to
sustain in the competition.
Access
Press Release of Password Management Market@
www.grandviewresearch.com/press-release/global-password-management-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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