Password Management Market Size, Share & Trends Report

Password Management Market Size, Share & Trends Analysis Report By Type, By Access Type (Desktops, Mobile Devices), By Organization Type (BFSI, Healthcare), By End-User Type, And Segment Forecasts, 2018 - 2025

  • Published Date: Mar, 2018
  • Base Year for Estimate: 2016
  • Report ID: 978-1-68038-219-8
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2016
  • Number of Pages: 135

Industry Insights

The global password management market size was valued at USD 414.7 million in 2016. Increasing adoption of password management solutions by small and medium enterprises is one of the key trends escalating market growth. Moreover, increasingly complex compliance, regulatory, and risk management environment in businesses is encouraging implementation of these solutions among industries across the globe.

These solutions can satisfy needs of enterprises such as synchronizing a single password via all access accounts for a person or empowering IT service desks with the help of a central tool for managing password service requests. Increasing risk of data theft in critical industries such as healthcare, public sector, and BFSI is expected to provide a fillip to the market.

U.S. password management market

Password management use is not only restricted to enterprises, but also helpful to individual users as a security tool for their accounts and devices. Also, it is widely used by end users to audit, secure, monitor, and manage the activities associated with privileged accounts.

As cyberattacks seem to become progressively more prevalent and far reaching in their damage, it is more essential for individuals as well as organizations to protect their data. Ability to transfer client files, customer data, employee files, financial records, medical records, and other sensitive & valuable information has increased the legal risks.

According to a report by Cybersecurity Ventures and Thycotic, over three billion passcodes and user credentials were stolen in the year 2016. Moreover, the report also says that there is a potential for cybercrime damages to amount to about USD six trillion by 2021. Growing complex systems & rules for generating and changing passwords are augmenting the need for efficient password management solutions has increased among enterprises.

Type Insights

The global demand for these solutions has witnessed a tremendous rise in the past few years owing to emergence of Internet of Things (IoT), cloud technology, and other digital frameworks within the processes. Based on type, the password management market is classified into self-service and privileged user password management.

Self-service password management emerged as the largest service segment in 2016. These solutions enable users to reset and manage their passcodes on their own without any help from the helpdesk. This helps in saving valuable time of the IT department along with reduction in cost incurred within the department. Privileged solutions facilitate higher security by maintaining passwords of privileged users, deploying different methods including automated password resets, frequent passcode randomization, and privileged session recording.

Access Type Insights

Desktops & laptops emerged as the largest segment in 2016. Password management software solutions assist in securing privileged users’ accounts that exist on server, network appliance, desktop, and laptop operating system of an IT infrastructure. It is widely used to secure, audit, monitor, and manage all activities related to privileged accounts.

Mobile devices is anticipated to the fastest growing segment during the forecast period. With increasing trend of BYOD among organizations, managing and securing various accounts including official, social, and financial becomes difficult. With the help of passcode managers, employers of all the sectors can have access to collaborative portals subsequent back-end systems.

Organization Insights

Based on the size of organization, the market is segmented into large enterprises and small and medium-sized businesses (SMBs). Even though small businesses have limited budget, increasing threat and strict compliance mandate have bound them to use appropriate security measures.

With dynamic and constantly evolving nature of businesses, it is essential for organizations to ensure that their data is kept secured by using effective passcode management processes and systems. Password security helps to keep sensitive information safe. Many large enterprises have invested in password management tools as the first line of account defense.

End User Insights

The key end-use sectors reviewed in the report are banking, financial services and insurance (BFSI), public sector & utilities, education, manufacturing, healthcare, retail and wholesale distribution, telecom and IT, and others. Such industries have a network of complex systems that are passcode protected so that access is granted only to authorized individuals. Password management solutions help to reduce congestion at helpdesks and improve security and productivity.

Global password management market

The BFSI sector was the most prominent end user in 2016. Owing to highly sensitive nature of assets and information maintained by banking and financial institutions, it is imperative to ensure a highly secure environment. Any lapse or breach in security can be costly and disastrous with higher operating costs, revenue losses, and damaged reputation of organization.

With growing security threats, data breaches, and incidents of fraud, institutions are under increasing regulatory and public scrutiny, passcode management solutions have become essential. They allow these institutions to manage and measure security and identify risks associated with user access to crucial systems and applications in a structured and centralized way. Agencies such as Federal Deposit Insurance Corporation (FDIC) and Federal Financial Institutions Examination Council (FFIEC) establish uniform principal standards and reports for promoting uniformity in the supervision of financial institutions.

Regional Insights

North America was the leading region and accounted for just over 38.0% of the overall market revenue in 2016, owing to rising applications of password management solutions across end-use industries. Moreover, constant technological advancements in fields of analytics, cloud, and BYOD trends are expected to provide a significant push to the regional market.

Asia Pacific is projected to exhibit a substantial CAGR over the forecast period owing to expanding base of small & medium organizations in the region. Countries such as India, China, and Japan have been experiencing strong economic growth. In addition, growing technology user base and rapidly developing infrastructure are responsible for driving the market.

Password Management Market Share Insights

The global password management market is highly competitive and fairly concentrated, with top five companies accounting for maximum share of the global production in 2016. Key market participants include CA Technologies, Quest Software, NetIQ, and FastPass. The market players are using strategies such as collaboration, acquisition, and new product development and launches to strengthen their positions in the market.

Application development and customized software are expected to be key parameters to sustain competition in the arena, with frequent mergers and acquisitions being undertaken as an attempt to diversify product portfolio and gain market share. These players provide solutions that may be delivered via on-premise or cloud models. Companies such as Microsoft and Google are trying to deliver innovative ways of password management such as USB tokens and automatic encrypted solutions.

Report Scope

Attribute

Details

Base year for estimation

2016

Actual estimates/Historical data

2014 - 2016

Forecast period

2017 - 2025

Market representation                                

Revenue in USD Million and CAGR from 2017 to 2025

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Country scope

U.S., Canada, Germany, U.K., China, India, Japan, Brazil, Mexico.

Report coverage      

Revenue forecast, company share, competitive landscape, growth factors and trends

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Segments Covered in the Report

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global password management market report on the basis of product and region:

  • Type Outlook (Revenue, USD Million, 2014 - 2025)

    • Self-service password management

    • Privileged user password management

  • Access Outlook (Revenue, USD Million, 2014 - 2025)

    • Mobile devices

    • Desktops & laptops

    • Voice enabled password systems

    • Others

  • Organization Outlook (Revenue, USD Million, 2014 - 2025)

    • Small & medium organization

    • Enterprise

  • End user Outlook (Revenue, USD Million, 2014 - 2025)

    • BFSI

    • Education

    • Healthcare

    • Manufacturing

    • Public sector & utilities

    • Retail & wholesale distribution

    • Telecom & IT

    • Others

  • Regional Outlook (Revenue, USD Million, 2014 - 2025)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

    • Asia Pacific

      • China

      • India

      • Japan

    • Latin America

      • Brazil

      • Mexico

    • Middle East & Africa

Key questions answered by the report
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