Pune,India, March 06, 2023 (GLOBE NEWSWIRE) -- The global Password Management Market Size stood at USD 2.05 billion in 2022. The market is set to rise from USD 2.35 billion in 2023 to USD 7.13 billion by 2030, exhibiting a CAGR of 17.1% over the study period. The rise is due to the growing product adoption for business accounts, domain accounts, system accounts, and service accounts, among others.
Fortune Business Insights™ provides this information in its research report, titled “Password Management Market Forecast, 2023-2030”.
Key Industry Development-
December 2022: Bitwarden incorporated password-less login authentication into its password manager for the enhancement of consumer experience. The organization added ‘Login with Device’ that facilitated users in the authentication of their IDs through the use of mobile device and biometrics.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 17.1% |
| 2030 Value Projection | USD 7.13 Billion |
| Base Year | 2022 |
| Password Management Market Size in 2022 | USD 2.05 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 170 |
| Segments covered | Application, Deployment, Access, Industry, Region |
Key Takeaways-
- Password Management Market is expected to flourish & reach USD 7.13 Billion in 2030
- SMS and other authentication software are the most widely used auditing techniques.
- The company's market share has been significantly reduced and prosecuted for breaches of consumer privacy and vault security.
- Self-serve password management enables the organization's business team, reducing the number of helpdesk calls.
- Password Management Market Size in North America was USD 0.71 Billion 2022
Drivers and Restraints-
Market Share to Rise Due to Growing Advancements in Technology
One of the key drivers impelling the password management market growth is favorable regulatory compliances and an escalation in technological advancements. These advancements helped in reducing the hassle and ensuring better security measures.
However, the industry expansion may be hampered by the increasing number of cybersecurity and privacy management issues.
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Regional Insights-
North America to Lead Driven by Increasing Deployment of Cloud-based Solutions
The North America password management market share is poised to register considerable expansion throughout the projected period. The surge is due to the increasing deployment of cloud-based solutions and the presence of major market players.
The Asia Pacific market is anticipated to depict appreciable growth over the study period. The rise can be credited to the escalating adoption of innovative technologies such as cloud and IoT.
Report Coverage-
The report gives an in-depth analysis of the major factors driving the overall industry growth over the forthcoming years. It further provides an insight into the major aspects boosting the business landscape over the projected period. Other aspects of the report comprise the major steps taken by leading industry participants for consolidating their position in the industry.
Password Management Market Segments-
Self-service Solutions to Register Considerable Growth Owing to the Advantage of Faster Resolution of Issues
On the basis of application, the market is fragmented into enterprise password management and self-service password management. Of these, the self-service password management segment is estimated to depict substantial growth over the study period. The rise is due to the advantage of faster resolution of issues, resulting in improved user experience.
Cloud Segment to Gain Traction Driven by Rising Product Deployment
By deployment, the market is segmented into cloud and on-premise. The cloud segment is slated to record commendable expansion throughout the projected period. The surge can be credited to the escalating product adoption for the enhancement of security measures and the improvement of data personalization.
Desktops Segment to Depict Notable Surge Impelled by Growing Product Adoption for Enhancing Automatic Synchronization
Based on access type, the market is subdivided into devices (smartphones, laptops, tablets), desktops, and voice-enabled password systems. The desktops segment is poised to exhibit remarkable expansion throughout the anticipated period. The rise is due to the soaring inclination toward the prevention of data loss and the enhancement of consumer experience.
IT & Telecom Segment to Record Substantial Expansion Driven by Increasing Demand for Security Measures
On the basis of industry, the market is segmented into healthcare, BFSI, IT and telecommunication, government and public sector, retail, manufacturing, and others (education, energy, and others). The IT and telecom segment is estimated to depict considerable growth throughout the estimated period driven by the increasing implementation of networking services.
On the basis of geography, the market has been analyzed across North America, Asia Pacific, Europe, South America, and the Middle East & Africa.
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Competitive Landscape-
Key Players Strike Partnership Agreements to Strengthen Industry Presence
Major market players inked a range of strategic steps for strengthening their industry position. Some of these steps comprise acquisitions, mergers, and the formation of alliances. Additional initiatives include rising participation in trade conferences and the development of new products.
List of Key Players Mentioned in the Report-
- Avatier Corporation (U.S.)
- SailPoint Technologies Inc. (U.S.)
- Dell Technologies Inc. (U.S.)
- Zoho Corporation (India)
- Micro Focus International PLC. (U.K.)
- My1Login Limited (U.K.)
- LastPass (LogMeIn Inc.) (U.S.)
- Bitwarden Inc. (U.S.)
- 1Password (AgileBits Inc.) (Canada)
- Keeper Security Inc. (U.S.)
Major Table of Contents-
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Password Management Key Players Market Share/Ranking, 2022
- Global Password Management Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Application (USD)
- Self-Service Password Management
- Enterprise Password Management
- By Deployment (USD)
- On-premise
- Cloud
- By Access Type (USD)
- Mobile Devices (Smartphones, Tablets, Laptops)
- Desktop
- Voice-enabled Password Systems (Face, Voice, Fingerprint)
- By Industry (USD)
- BFSI
- Healthcare
- Retail
- Government & Public Sector
- IT and Telecom
- Manufacturing
- Others (Education, Energy, etc.)
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Password Management Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Application (USD)
- Self-Service Password Management
- Enterprise Password Management
- By Deployment (USD)
- On-premise
- Cloud
- By Access Type (USD)
- Mobile Devices (Smartphones, Tablets, Laptops)
- Desktop
- Voice-enabled Password Systems (Face, Voice, Fingerprint)
- By Industry (USD)
- BFSI
- Healthcare
- Retail
- Government & Public Sector
- IT and Telecom
- Manufacturing
- Others (Education, Energy, etc.)
- By Country (USD)
- U.S.
- By Access Type
- Canada
- By Access Type
- Mexico
- By Access Type
- U.S.
- South America Password Management Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Application (USD)
- Self-Service Password Management
- Enterprise Password Management
- By Deployment (USD)
- On-premise
- Cloud
- By Access Type (USD)
- Mobile Devices (Smartphones, Tablets, Laptops)
- Desktop
- Voice-enabled Password Systems (Face, Voice, Fingerprint)
- By Industry (USD)
- BFSI
- Healthcare
- Retail
- Government & Public Sector
- IT and Telecom
- Manufacturing
- Others (Education, Energy, etc.)
- By Country (USD)
- Brazil
- By Access Type
- Argentina
- By Access Type
- Rest of South America
- Brazil
TOC Continued…!
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FAQ:
How big is the Password Management Market?
The global password management market size was valued at USD 2.05 billion in 2022. The market is projected to grow from USD 2.35 billion in 2023 to USD 7.13 billion by 2030, exhibiting a CAGR of 17.1% during the forecast period.
How big is Password Management Market in North America?
The market in North America stood at USD 0.71 Billion in 2022 and is expected to gain a huge portion of the market share in the coming years.
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