San Francisco, 14 December 2018: The Report Password Management Market Size, Share & Trends Analysis Report By Type, By
Access Type (Desktops, Mobile Devices), By Organization Type (BFSI,
Healthcare), By End-User Type, And Segment Forecasts, 2018 - 2025
The Report Password Management Market Size, Share &
Trends Analysis Report By Type, By Access Type (Desktops, Mobile Devices), By
Organization Type (BFSI, Healthcare), By End-User Type, And Segment Forecasts,
2018 - 2025
According to a report by Grand
View Research, Inc.; the global password management market is anticipated to reach
around USD 2.05 billion by 2025. High demand for advanced security for
important organizational and individual data and accounts is anticipated to
propel market. These solutions cater to the needs of enterprises such as
synchronizing single password through all access accounts with help of a central
tool for managing password service requests. This east of accessibility is
anticipated to bode well for market expansion in near future.
Increasing complexity of
regulatory, compliance, and risk management environment in businesses is likely
to promote implementation of password management solutions across various
industries. This factor is anticipated to drive global market in the
forthcoming years. Stringent government rules and mandates regarding password
creation are expected to further boost adoption of these solutions in the
forthcoming years.
The worldwide password
management market can be segregated on the basis of type, access, organization,
end-user, and region. Based on type, the market can be bifurcated into
self-service and privileged user password management. In 2016, self-service
password management dominated the market and emerged as the largest service
segment. This service can enable users to reset and manage their passcodes on their
own without any help from helpdesk. Hence, it can reduce waste of time of the
IT department.
Based on access, the market
can be classified into desktops and laptops, mobile devices, voice enabled
password systems, and others. In 2016, desktops and laptops dominated the
market and accounted for the largest market share. Password management software
secure privileged user accounts existing on network devices, servers, desktops,
and laptop operating systems of IT infrastructure. In addition, they can be
used to monitor, audit, manage, and secure all activities related to privileged
accounts. This factor is expected to propel demand over the forecast period.
Access Research Report of Password Management Market@ www.grandviewresearch.com/industry-analysis/password-management-market
Based on organization, the
market can be bifurcated into Small and Medium-sized Businesses (SMBs) and
large enterprises. Despite limited budgets, small businesses are estimated to witness
significant demand owing to growing threats and stringent compliance mandates.
With constantly evolving and dynamic nature of businesses, it is likely to be
essential for organizations to ensure that their data can be secured using
passcode management processes and systems. Password security can safeguard
sensitive information. Many large enterprises are investing in these tools as
first line of account defense.
Based on end-user, the market for
password management can be categorized into education, healthcare,
manufacturing, public sector, retail and wholesale distribution, telecom and IT,
and others. In 2016, BFSI dominated with the maximum market share. Highly
sensitive nature of assets and information maintained by banking and financial
institutions is expected to surge demand for highly secure environment. Any
lapse or breach in security can be disastrous and costly, leading to high
revenue losses, operating costs, and damaged reputation of organization.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/network-security-software-and-services
Increasing incidence of data
breaches, security threats, and fraud are encouraging institutions to focus on
public security and passcode management solutions. Such software allow management
and identification of risks associated with user access to crucial systems and
applications in structured and centralized way. Moreover, agencies such as Federal
Deposit Insurance Corporation (FDIC) and Federal Financial Institutions Examination
Council (FFIEC) are establishing principal standards and reports to promote
uniformity in supervision of financial institutions.
Regional segmentation includes
Europe, North America, Asia Pacific, Latin America, and Middle East and Africa.
In 2016, North America dominated the market and accounted for around 38% of
overall market share. Rising applications across various end-use sectors can
augment regional market growth. In addition, constant technological
advancements in analytics and cloud coupled with rising trend of Bring Your Own
Device (BYOD) can further boost regional market over the forecast period.
Asia Pacific is likely to expand
at a significant CAGR during the forecast period attributed to expanding base
of SMBs in the region. Countries such as China, India, and Japan have been
experiencing strong economic growth. In addition, rising user base and rapidly
developing infrastructure are likely to augment growth of market for password
management during the forecast period.
Some of the leading companies operating in the global password
management market are Quest Software, NetIQ, CA Technologies, Avatier
Corporation and FastPass.
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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