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 the future of the market.
With
the upswing in the number of transactions sent via the 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 the significance of
using unique passwords for each online account. Most security professionals
recommend the 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 helps 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 the absence of an internet
connection.
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Password Management
Market Report Highlights
- 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 the
emergence of the 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.
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Password Management
Market Segmentation
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
- The U.S.
- Canada
- Europe
- The U.K.
- Germany
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- 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.
For more info visit @ https://www.grandviewresearch.com
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