Password Management Market Growth & Trends
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 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
Password Management Organization Outlook (Revenue, USD Million, 2014 – 2025)
- Small & medium organization
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