Industry Background:
Passwords act as the authentication tool and defense against attempts of unauthorized access. A password is a string of characters that allows access to computer devices or services. The basic task of password management is to encode and decrypt the data. Password provides a line of protection against unauthorized access. increased instances of attacks by hackers have increased concerns toward password security and this is helping in a growing demand for password management solutions. The password management products and solutions are deployed either the on-premise environment or in a hosted environment overcloud. The rapidly growing cloud market presents a great opportunity in the hosted password management market. Asia-Pacific has been the biggest contributor to the global subscriber growth, in recent years, and still has room for growth. In order to provide improved password management and security to account, industry players such as Microsoft and Google are offering newer ways for managing passwords such as USB tokens and automatically encrypted solutions.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | Google Inc. (United States), Microsoft Corporation (United States), Fastpass Corporation (United States), IBM Corp. (United States), NetIQ Corp (United States), Knowledge Secure Systems Ltd. (United Kingdom), Hitachi ID Systems, Inc. (Canada), Sonicwall Inc. (United States), SailPoint Technologies Pvt. Ltd. (United States) and Avatier Corporation (United States) |
According to AMA, the market for Password Management Software is expected to register a CAGR of 19.2% during the forecast period to 2027. This growth is primarily driven by The Rising Network Security Threats and The Upswing in the Number of Transactions Sent Via Internet Every Day.
Globally, a noticeable market trend is evident The Increasing Complexity of Compliance, Regulatory, and Risk Management Environment in Businesses
The Internet Software & Services sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Google Inc. (United States), Microsoft Corporation (United States), Fastpass Corporation (United States), IBM Corp. (United States), NetIQ Corp (United States), Knowledge Secure Systems Ltd. (United Kingdom), Hitachi ID Systems, Inc. (Canada), Sonicwall Inc. (United States), SailPoint Technologies Pvt. Ltd. (United States) and Avatier Corporation (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
April 2019 - Avatier released "Avatier Apollo". It is the world's first artificial intelligence virtual customer assistant (VCA) for customer identity and access management (CIAM) and identity governance and administration (IGA) platforms.
February 2019 - HelpSystems acquired the Core Security assets from SecureAuth. The assets acquired from SecureAuth were solutions for identity governance, administration, penetration testing, threat detection, and vulnerability management.
Influencing Trend:
The Increasing Complexity of Compliance, Regulatory, and Risk Management Environment in Businesses and Strict and Complex Password Creation Rules and Mandates by Governments are Playing a Vital Role in Shaping the Future of the Market
Market Growth Drivers:
The Rising Network Security Threats and The Upswing in the Number of Transactions Sent Via Internet Every Day
Challenges:
The Low Success of Password Self-Service Projects among End-Users and Lack of Efficient Security Measurements
Restraints:
Exposure of User Credentials in Computer Memory while Locked and Threat from open-source password management software providers
Opportunities:
Technological Innovation in the Software Associated with Password Management Software
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Password Management Software Market
- Analysis about New Entrants in Password Management Software Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Password Management Software Study Sheds Light on
The Password Management Software Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Password Management Software industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Password Management Software industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.