Dublin, Sept. 15, 2021 (GLOBE NEWSWIRE) -- The "Password Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Password Management Market was valued at USD 1,246.9 million in 2020 and is expected to reach USD 3,071 million by 2026, at a CAGR of 15.87% over the forecast period 2021 - 2026. According to cybersecurity ventures, the total number of passwords may grow to 300 billion, by 2020. Organizations, across the world, face a massively increasing cybersecurity risk from hacked or compromised users and privileged accounts. To counter this, password management is predicted to be a prominent field.
With the increasing internet services penetration, improving communication infrastructure, and data speed improvements, the growing number of internet and mobile users is influencing various businesses, across the world, to adopt the internet to offer their services and products, driving the need for the creation of different profiles by the end-users. Along with this, enterprises are increasingly adopting security measures to increase accountability by adopting user accounts. Such developments are, in turn, augmenting the demand for password management software.
Furthermore, the growth in the number of mobile and computer users is augmenting the demand for password management. The increasing amount of time spent on mobile phones is driven by the use of internet, which comes with the accounts created on various internet-based service providers, from media and entertainment to food ordering services. For instance, according to App Annie's report, during 2019, average mobile users spent 3.7 hrs. per day on their mobile.
Moreover, with the advent of mobile devices, along with high-speed internet, the BYOD trend is increasingly becoming popular in workplaces. For example, according to Dell, about 60% of employees use smartphone for work. Such trends are further augmenting the market growth for user authentication and password management.
Government mandates to create and manage passwords are also driving the market growth. This is due to an increase in cybersecurity crisis. For instance, NIST, the standards organization of the United States, issued a new set of Digital Authentication Guidelines, in February 2018.
Since, the COVID-19 outbreak, the number of cyberattacks has been drastically increasing, adversely affecting individuals, businesses, and organizations. Thus, some of the affected organizations are now investing financial resources into fixing the current inefficient data and password management systems. It is expected that the threat of cyber attacks would last longer than the COVID-19 pandemic itself and will drive the market in studied peroid.
Key Market Trends
Mobile Device Password Protection to Dominate the Market
Mobile devices are capable of supporting business applications that are critical to each organization and laptops play a vital role in providing mobility to the user. In addition to numerous benefits, they also extend the workforce's capabilities beyond the office. True to its name, mobile devices enable the performance of business tasks remotely, as they offer mobility. Thus, mobile devices have made it convenient to work remotely.
The increasing applications of mobile devices have driven the need for password management, as it can be integrated into mobile devices to be certain about the access to corporate data and password policy guidelines. This also provides organizations with a level of visibility and control over mobile apps.
According to Verizon's Mobile Security Index in 2019, about 86% of the enterprise executives expressed that threats in mobile devices are increasing rapidly and 67% of the enterprise executives are not confident about the security of their mobile devices, compared to other IT assets.
Further, companies are trying to accomplish business tasks using the latest and greatest technology. Several digital transformation initiatives have given way to digital solutions that require technological advancements, such as the use of mobile devices that offer several benefits to the companies.
A primary analysis of privacy and security settings in the MobileIron's Global Threat Report indicated that about 38% of the mobile devices introduce unnecessary risk to the organization. These increasing concerns are the clear indications of the need for efficient and reliable password management systems. This factor is expected to drive the market during the forecast period.
Asia-Pacific to Witness the Highest Growth
In the Asia-Pacific region, countries like China, India, Japan are driving the region's growth. The increasing cyber-attacks have propelled China to strengthen its defensive capabilities. This is expected to boost the adoption of security solutions, such as password management, to prevent unauthorized access. According to China's National Computer Network Emergency Response Technical Team (CNCERT), in 2018, 14,000 servers in the United States infected by a Trojan virus or botnet controlled 3.34 million host computers in China, thereby representing a nearly 90.8% increase in attacks on a year-over-year basis.
Cybersecurity is rapidly gaining interest from the Japanese government and enterprises. Increased cyber-attacks on Japanese organizations, especially identity thefts, are prompting the government to establish new legislation, strategies, and facilities. The enterprises in the country have been among the early adopters of ERP systems and enterprise-level digitization. This is driving the adoption of security systems.
For instance, in 2019, the government of Japan approved to formulate a venture, in order to try hands on credential stuffing over the increasing use of IoT devices, including devices at both the enterprise network and consumer levels, primarily to ensure security among the population in the digital age. The government organization mentioned to check 200 million IoT devices in the country, with random passwords, which are never changed above default one. This will be rectified to enhance security.
Moreover, developing countries such as India have experienced a rapid increase in cyber crimes registration, with the country ranking fifth in terms of the overall DNS hijacks. Also, according to Gemalto, India accounts for 37% of the global breaches in terms of records compromised or stolen.
India ranks second only after the United States for hacking attempts in the world, according to the recent report by Akamai Technologies. The report has mentioned that, in 2018 over 120 crore attempts were made to hack financial institutes in the country.
The password management market is concentrated due to the presence of a few major players like Avatier Corporation, Broadcom Inc. (CA Technologies), Core Security Technologies, SonicWall Inc., and Fastpass Corporation. ?These major players, with a prominent share in the market, are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market share and increase their profitability. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.
June 2020 - Centrify Corporation announced the integration of its Privileged Access Service with ServiceNow's Management, Instrumentation, and Discovery (MID) Server. Centrify's MID Server plugin enables IT Operations Management (ITOM) capabilities like ServiceNow Discovery, Orchestration, leveraging Centrify Privileged Access Service as the centralized source of truth for credentials. Centrify integration with ServiceNow will help to avoid hard-coded passwords for stronger security and reduced administrative overhead.
April 2020 - FastpassCorp announced a new product with the name - FastPass Identity Verification Client or IVC. IVC is an extension and replacement of the previously mentioned FPR. IVC solves a significant security issue for companies and organizations working with a help desk. With IVC, the company delivers an intelligent workflow that determines how each employee's identity can be verified before a new password is issued. With the data available to IVC, the level of security will be significantly improved.
March 2020 - Keeper Partnered with LogRhythm to Offer Integrated Password Security & Enterprise Security Monitoring. The partnership enables businesses to seamlessly integrate Keeper's extensive password-related event data into LogRhythm's NextGen Security Information and Event Management (SIEM) platform for threat monitoring.
Reasons to Purchase this report:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
4.4 Impact of COVID-19 on the Industry
4.5 Market Drivers
4.5.1 Increased Cybersecurity Risk in the Recent Times
4.6 Market Restraints
4.6.1 Security Flaw Related to Hacking of Password Managers
5 MARKET SEGMENTATION
5.1 Solution Type
5.1.1 Self-service Password Management
5.1.2 Privileged User Password Management
5.2 Technology Type
5.2.2 Mobile Devices
5.2.3 Voice-enabled Password Reset
5.3 End-user Vertical
5.3.3 IT and Telecommunication
5.3.4 Other End-user Verticals
5.4.1 North America
5.4.4 Latin America
5.4.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 LogMeIn Inc
6.1.2 1Password (AgileBits Inc.)
6.1.3 Dashlane Inc.
6.1.4 Keeper Security Inc.
6.1.5 Avatier Corporation
6.1.6 Core Security Technologies
6.1.7 Fastpass Corp.
6.1.8 Hitachi ID Systems Inc.
6.1.9 Microsoft Corporation
6.1.10 IBM Corporation
6.1.11 Cyberark Software Ltd
6.1.12 Trend Micro Inc.
6.1.14 Ivanti Software Inc.
6.1.15 Intuitive Security Systems Pty Ltd
6.1.16 Steganos Software GmbH
6.1.17 AceBIT GmbH
6.1.18 Siber Systems (Roboform)
6.1.19 Centrify Corporation
6.1.20 Zoho Corporation Pvt. Ltd
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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