A password is string of characters which allows user to access a system or computer. They provide line of security from unauthorized users and hackers. Password manager is software which enables users to manage and organize their passwords. Increasing requirement of password management by organizations and individuals is expected to drive the market growth. With the help of password manager the companies can manage and organize the passwords whenever they reset the passwords. Stringent rules and growing number of complex systems for changing and creating passwords is expected to boost the demand for password management among organizations. Manually created passwords are algorithmically weak and can be easily hacked. Hacked and forgotten passwords may cause a loss and delay for the enterprise and the individuals. These problems can be solved by password management software.
Password management may be privileged or self service. Self service helps employees to reset password without any helpdesk. Privileged password management keep up passwords by methods such as automated resets, frequent randomization and recording. Rising need for securing data is expected to provide positive avenues to password management market over the next five years. Increasing number of hackers and cyber thefts is expected to create immense opportunities for the market in near future. Less favorable outcome of password self service management solutions is likely to pose restraint for the market’s growth.
Deployment Model Insights
Password management can be either hosted or on-premise. On-premise provides password customization and control, which are easy to manage. Hosted password management is chosen over on-premise owing to more flexibility and security to manage the passwords. Increasing cloud services market is expected to drive the hosted password management market.
End-Use Industry Insights
End-use industries include education, energy, banking financial services and insurance (BFSI), manufacturing, healthcare, wholesale distribution and retail, IT and telecom and others. These industries uses password protected systems which can be accessed by only authorized users. Password management solutions improve productivity and security and also decrease congestion at helpdesks.
Organization Size Insights
Organizations can be segmented on the basis of the size such as small and medium-sized businesses (SMBs) and enterprises. Increasing strict compliance mandate and threats is expected to boost the usage of password management by SMBs. Growing cyber thefts and securing data centers for enterprises is expected to fuel the market growth over the forecast period.
North America and Europe is expected to grow at a significant rate owing to increase in usage of password management by end-use segment. Increasing cyber thefts and hackers in this region is expected to drive the market. Increasing consumer, SMBs and enterprise awareness regarding cyber thefts is expected to drive the smart homes market in Asia Pacific over the forecast period
The key players in the password management solutions market include IBM Corporation, Microsoft Corporation, CA Technologies Inc., Dell Inc., Avatier Corporation, Hitachi ID Systems Inc., FastPassCorp, Sailpoint Technologies, Knowledge Secure Systems Ltd., Google Inc., and Curion Corporation among others. The market players provide service by hosted cloud and on-premise models. Market participants enter into mergers & acquisitions to sustain in the market. Companies such as Microsoft and Google offer innovative ways of password management such as automatic encrypted and USB tokens.
Research Support Specialist, USA