Global Password Manager Market Report 2023

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Jan 30, 2024, 13:45 ET

DUBLIN, Jan. 30, 2024 /PRNewswire/ -- The "Password Manager Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" report has been added to ResearchAndMarkets.com's offering.

The global Password Manager Market was valued at USD 1.97 Billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 27.93% through 2028, Password management (PM) technologies enable users to reset clients' passwords following an account lockout or when individuals forget their credentials.

Additionally, PM tools can synchronize passwords for users across many platforms, enabling users to log into numerous applications using a single password. As more and more financial and personal information is kept online, the demand for complex passwords and safe means to store them has led to the development of password managers. According to Keeper Security, inadequate password security accounts for more than 81% of data breaches.

Increasing cybersecurity concerns are serving as a potent catalyst for the robust growth of the global password manager market. In an era marked by relentless cyber threats, data breaches, and identity theft incidents, the imperative to fortify digital defenses has never been more pronounced. Consequently, individuals and organizations alike are turning to password managers as an indispensable shield against the ever-present dangers lurking in the digital landscape.

One of the primary drivers of this phenomenon is the escalating sophistication and frequency of cyberattacks. Cybercriminals are continuously honing their methods to exploit vulnerabilities in password security, making it imperative for users to adopt more resilient authentication practices. Password managers offer a reliable solution by generating and securely storing complex, unique passwords for each online account, rendering them impervious to brute-force attacks and password guessing.

Rising Cybersecurity Concerns:

Evolving cyber threats and data breaches drive the need for strong password security.
Password managers generate and securely store complex, unique passwords for robust defense.
Regulatory compliance mandates encourage password manager adoption by organizations.

Increased Remote Work:

Remote work importance emphasized by COVID-19.
Password managers simplify remote password management, ensuring strong security.
Centralized access rights management enhances security and streamlines operations.

Segmental Insights:

Desktop segment significant in global password manager market, due to government cybersecurity investments.

Regional Insights:

Asia Pacific plays a significant role in the global password manager market.
Driven by increased digitization initiatives and combating fraud and identity theft.

Key Market Challenges:

User resistance and adoption hurdles are challenges.
Address by simplifying onboarding and offering secure master password recovery.
Usability and user experience are critical factors.
Password manager interfaces should be user-friendly and device-compatible.
Subscription costs can deter users, address with free trials and added benefits justification.

Competitive Landscape

Company Profiles: Detailed analysis of the major companies presents in the Global Password Manager Market.

Lastpass US LP (Goto Group Inc.)
1Password (AgileBits Inc.)
Dashlane Inc.
Keeper Security Inc.
Avatier Corporation
Core Security Technologies (Helpsystems LLC)
Fastpasscorp A/s
Hitachi ID Systems Inc.
Microsoft Corporation
IBM Corporation

Report Scope:

Global Password Manager Market, By Solution Type:

Self-service Password Management
Privileged User Password Management

Global Password Manager Market, By Technology Type:

Desktop
Mobile Devices
Voice-enabled Password Reset

Global Password Manager Market, By End-user Vertical:

BFSI
Healthcare
IT and Telecommunication
Other

Global Password Manager Market, By Region:

North America
United States
Canada
Mexico
Asia-Pacific
China
India
Japan
South Korea
Indonesia
Europe
Germany
United Kingdom
France
Russia
Spain
South America
Brazil
Argentina
Middle East & Africa
Saudi Arabia
South Africa
Egypt
UAE
Israel

For more information about this report visit https://www.researchandmarkets.com/r/4xo9u9

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