Password Management Market to Hit Sales of $7.09 Billion by 2028 | LastPass, 1Password, and Dashlane are Leading the Market

Global password management market size was valued at USD 1.49 billion in 2021, and it is expected to reach a value of USD 7.09 billion by 2028, at a CAGR of more than 24.96% over the forecast period (2022–2028).

Westford, USA, Oct. 06, 2022 (GLOBE NEWSWIRE) -- As the number of online accounts continues to grow, so does the need for password management. According to a recent study, the average person has over 90 online accounts, with nearly one-third using the same password for most or all of them. This presents a serious security risk, as a single compromised password can give an attacker access to all of online accounts in the global password management market.

Password managers can help alleviate this problem by generating strong, unique passwords for each of online accounts and storing them in a secure encrypted database. Many also include features such as two-factor authentication and auto-password changing to further protect the accounts.

With the growing number of data breaches and cyber-attacks in the news, more and more people are becoming aware of the importance of password management market. As a result, the demand for password managers is increasing, with both individuals and businesses looking for solutions to keep their online accounts safe. Some popular password managers include LastPass, 1Password, and Dashlane.

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In today's business world, data security is more important than ever before. With the rise of cybercrime, it's crucial for companies to have a strong password management system in place to protect their confidential information.

SkyQuest recently released an analysis of the password management market landscape, comparing the features and competitiveness of various vendors. Their findings indicated that while there are many reputable vendors out there, some are better than others.

Key Findings in Password Management Market

As businesses increasingly move online, the importance of having a secure password management system is more important than ever. SkyQuest’s analysis looks at the current state of password management and provides recommendations on how businesses can improve their systems.

The Netherlands has a strong password management regime, with multiple laws and regulations in place to protect consumers' data. The country also has a robust private sector, which is quick to adopt new technologies and innovation.

China, on the other hand, has weak password management practices in the global password management market. The country lacks laws and regulations governing data protection, and its private sector is slow to adopt new technologies. In addition, Chinese companies are often the targets of cyber-attacks.

It has been found in our study on global password management market that 59% of organizations do not have a formal password management policy in place. This lack of policy can lead to passwords that are easy to guess or that are not changed regularly enough. The report also found that only 33% of organizations encrypt their passwords, leaving them vulnerable to being hacked.

One of the key findings from the report is that businesses need to do a better job of managing passwords. The report recommends that businesses use a password management system that includes features such as two-factor authentication and encrypted storage.

Another key finding in the global password management market is that businesses need to educate employees about password security. The report recommends that businesses provide employees with training on how to choose strong passwords and how to spot phishing attempts.

The SkyQuest’s report on global password management market is a valuable resource for businesses of all sizes. By following the recommendations in the report, businesses can improve their password management systems and make themselves less vulnerable to attack.

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Growing Inclination towards Passwordless Authentication to Pose Challenge to Password Management Market

There is no question that passwords are increasingly becoming a thing of the past. In their place, biometrics and passwordless authentication are making significant inroads, with the latter in particular experiencing growing adoption in recent years. As per SkyQuest study, the global biometric market to generate a revenue of $95.52 billion by 2028 at a CAGR of 13.51% in the years to come.

One of the primary benefits of passwordless authentication is that it is much more secure than passwords. With passwords, if they are compromised, then consumers’ entire account is as well. However, with passwordless authentication, even if someone were to obtain biometric data, they would still not be able to access the account unless they also had the physical device. This has been a key in challenging the growth momentum of the global password management market.

It has been observed that large number of enterprises are turning to passwordless authentication because of convenience that it offers. Google, Microsoft, and Apple are each taking their own approach to passwordless authentication. Google has been working on developing its own protocol called FIDO2. Microsoft recently announced that it would support FIDO2 in its Azure Active Directory service. And Apple is supporting FIDO2 in its Safari browser on macOS and iOS.  

LastPass, 1Password, and Dashlane are Leading the Global Password Management Market

As the popularity of online services and applications continue to grow, so does the need for effective password management. While there are many password management solutions available, competition among them is intensifying. As users become more concerned about data security and privacy, they are looking for password management solutions that offer robust features and functionality. In addition, they want solutions that are easy to use and can be easily integrated into their workflow.

Password managers that offer these features are in high demand in the password management market, and the competition among them is becoming increasingly intense. To stay ahead of the competition, providers of password management solutions need to continuously improve their offerings and stay up-to-date with the latest trends in password security.

In the password management industry, there are a few key players that compete against each other for market share. The main players in this market are LastPass, 1Password, and Dashlane.

LastPass is a leading player in the password management market and offers a variety of features to its users. The company offers both free and premium versions, with the premium version offering more features such as unlimited device syncing, priority tech support, and 1 GB of encrypted file storage.

1Password is another popular password manager that also offers both a free and premium version of its service. 1Password’s premium version includes features such as unlimited device syncing, travel mode (which allows you to safely use 1Password on untrusted devices), and 1 GB of secure cloud storage. Pricing for 1Password starts at $36 per year for an individual subscription or $60 per year for a family subscription.

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Key Players in Global Password Management Market

  • 1Password (AgileBits Inc.) (Canada)
  • Dashlane Inc. (US)
  • Keeper Security Inc. (US)
  • Avatier Corporation (US)
  • Core Security Technologies (Helpsystems LLC) (US)
  • Fastpass Corp. (Denmark)
  • Hitachi ID Systems Inc. (Canada)
  • Microsoft Corporation (US)
  • IBM Corporation (US)
  • Cyberark Software Ltd (US)
  • Trend Micro Inc. (Japan)
  • EmpowerID Inc. (Canada)
  • Ivanti (US)
  • Intuitive Security Systems Pty Ltd (Australia)
  • Steganos Software GmbH (Germany)
  • AceBIT GmbH (Germany)
  • Siber Systems Inc (Roboform) (US)
  • Delinea Inc (Centrify Corp) (US)
  • Zoho Corporation Private Limited (India)

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