The global password management market size
is expected to reach USD 2.05 billion by 2025, according to a new report by
Grand View Research, Inc., progressing at a CAGR of 19.4% during the forecast
period. Increasing complexity of compliance, regulatory, and risk management
environment in businesses are promoting the implementation of password
management solutions across several industries worldwide. In addition, strict
and complex password creation rules and mandates by governments are playing a
vital role in shaping future of the market.
With upswing in the number of transactions
sent via internet every day, it has become more imperative to follow secure and
safe password management practices. Passwords help in protecting online
information such as emails, bank accounts, medical records, and more. Breaches
that occurred in 2015 with various enterprises such as Home Depot, Target, TJX,
and Heartland Payment systems helped in creating widespread awareness regarding
significance of using unique passwords for each online account. Most security
professionals recommend use of password management applications as the most
secure and practical way for people to follow safe password practices.
Password management use is not only
restricted to enterprises, but also helpful to individual users as it is a security
tool for their accounts and devices. Additionally, it is widely used by
end-users to audit, secure, monitor, and manage all the activities associated
with privileged accounts.
Mobile device password management is poised
to post the highest CAGR of 19.8% between 2017 and 2025. These solutions help
organizations secure mobile devices, including tablets and smartphones, from
threats. Password security applications help in securing the devices even in
offline mode in absence of internet connection.
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or view summary of this report, click the link below:
https://www.grandviewresearch.com/industry-analysis/password-management-market
https://www.grandviewresearch.com/industry-analysis/password-management-market
Further key findings from the report suggest:
· Desktops & laptops emerged as the
largest access type segment in 2016 and is estimated to contribute more than
35.0% of the overall market revenue by 2025
· Global demand for password management
solutions in mobile devices amounted to USD 113.3 million in 2016 and is anticipated
to witness phenomenal growth over the coming years
· The U.S. enterprise market for password
management was USD 80.1 million in 2016
· The market in Asia Pacific is projected to
witness substantial growth over the forecast period owing to various developments
across major economies, especially in terms of emergence of Internet of Things
(IoT) and BYOD trends. The regional market is expected to exhibit a CAGR of
20.9% from 2017 to 2025
· Key players including CA Technologies,
Quest Software, NetIQ, and SailPoint Technologies dominated the global password
management market while accounting for over 19% of the total revenue in 2016.
Grand View Research has segmented the
global password management market on the basis of type, access type,
organization, end user, and region:
Password Management Type Outlook (Revenue,
USD Million, 2014 - 2025)
·
Self-service password management
·
Privileged user password management
Password Management Access Outlook
(Revenue, USD Million, 2014 - 2025)
·
Mobile devices
·
Desktops & laptops
·
Voice enabled password systems
·
Others
Password Management Organization Outlook
(Revenue, USD Million, 2014 - 2025)
·
Small & medium organization
·
Enterprise
Password Management End user Outlook
(Revenue, USD Million, 2014 - 2025)
·
BFSI
·
Education
·
Healthcare
·
Manufacturing
·
Public sector & utilities
·
Retail & wholesale distribution
·
Telecom & IT
·
Others
Password Management Regional Outlook
(Revenue, USD Million, 2014 - 2025)
·
North America
o
U.S.
o
Canada
·
Europe
o
U.K.
o
Germany
·
Asia Pacific
o
China
o
India
o
Japan
·
Latin America
o
Brazil
o
Mexico
·
Middle East & Africa
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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