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.
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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.
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Regional Insights
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.
Competitive Insights
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.
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