Password Management Market to Reach $15.2 Billion, Globally, by 2032 at 20.7% CAGR: Allied Market Research

The global password management market is experiencing growth due to several factors, including a rise in the adoption of remote work culture, an increase in demand for convenient authentication methods, and cybersecurity concerns among consumers

NEW CASTLE, Del., Oct. 20, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Password Management Market by Device Type (Self-service Password Management and Privileged User Password Management), Access (Mobile devices, Desktops and Laptops, Voice-enabled Password Systems, and Others), Enterprise Size (Large Enterprises and Small and Medium-sized Enterprises), and Industry Vertical (BFSI, IT and Telecom, Healthcare, Retail, Government and Public Sector, Manufacturing, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032." According to the report, the global password management industry generated $2.4 billion in 2022 and is anticipated to generate $15.2 billion by 2032, witnessing a CAGR of 20.7% from 2023 to 2032. 

As the information technology (IT) sector continues to grow, so does the number of passwords that need to be safeguarded. As a result, a centralized password management process becomes essential. As passwords represent the first line of defense for sensitive information, their mishandling or compromise can be disastrous, making them a prime target for hackers. 
 
Prime Determinants of Growth: 

The global password management market is experiencing growth due to several factors, including a rise in the adoption of remote work culture, an increase in demand for convenient authentication methods, and cybersecurity concerns among consumers. However, a lack of awareness among consumers and technical limitations hampers market growth. On the contrary, a rise in online accounts and an increase in the adoption of cloud-based services are anticipated to open new avenues for the growth of the password management market during the forecast period.   

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Report Coverage & Details: 

COVID-19 Scenario: 

• The COVID-19 outbreak had a positive impact on the password management market. The pandemic disrupted traditional working patterns by introducing work-from-home and remote work. The increase in remote working calls for a greater focus on cybersecurity, because of the greater exposure to cyber risk. 
• Cyber-attackers saw the pandemic as an opportunity to step up their criminal activities by exploiting the vulnerability of employees working from home. This aided the expansion of the password management market by enhancing company security and giving additional management tools to meet the diverse needs of consumers. 

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The self-service password management segment to maintain its leadership status throughout the forecast period- 

Based on type, the self-service password management segment held the highest market share in 2022, accounting for nearly two-thirds of the global password management market revenue, and is expected to maintain its leadership status throughout the forecast period. The same segment is projected to manifest the highest CAGR of 22.0% from 2023 to 2032. This is attributed to the fact that it reduces IT support costs by enabling users to reset passwords on their own and provides an intuitive one-time user registration process that allows users to reset passwords and unblock accounts on-demand from any device or location. 

The mobile devices segment to maintain its leadership status throughout the forecast period- 

Based on access, the desktops and laptops segment held the highest market share in 2022, accounting for more than half of the global password management market revenue. This is attributed to the growth in awareness about cybersecurity threats that has pushed individuals and businesses to take password protection more seriously. Desktops and laptops are the primary devices where people access sensitive information, making robust password management solutions crucial. However, the mobile devices segment to maintain its leadership status throughout the forecast period. On the other hand, the voice-enabled password systems segment is projected to manifest the highest CAGR of 24.9% from 2023 to 2032. This is attributed to the user-friendly and secure nature of voice-enabled password systems. These systems utilize the unique characteristics of the voice of an individual, making them hard to replicate. This enhances security, as voiceprints are difficult to imitate compared to traditional text passwords. 

The large enterprises segment to maintain its leadership status throughout the forecast period- 

Based on enterprise size, the large enterprises segment held the highest market share in 2022, accounting for around two-thirds of the global password management market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to an increase in the number of employees and digital accounts within large organizations which creates a higher risk of security breaches. As a result, these enterprises seek password management solutions to enhance data protection and reduce the chances of unauthorized access. However, the small and medium-sized enterprises segment is projected to manifest the highest CAGR of 23.5% from 2023 to 2032. This is attributed to the growth in the number of online accounts and services that SMEs use for their operations means more passwords to manage. 

North America to maintain its dominance by 2032- 

Based on region, North America held the highest market share in 2022, accounting for nearly two-fifths of the global password management market revenue. This is attributed to the increase in the adoption of technology and infrastructure development, which resulted in the rise in remote work culture in the region. However, Asia-Pacific is expected to maintain its dominance during the forecast period. The same segment would also display the fastest CAGR of 25.1% from 2023 to 2032. This is attributed to the rise in digitization initiatives and the increase in fraudulent activities and identity theft. Furthermore, key players in Asia-Pacific have been investing in modernizing their password management systems to simplify the creation and management of secure passwords for all online accounts across multiple platforms including mobile. 

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Leading Market Players: - 

• Bitwarden, Inc. 
• Dashlane Inc. 
• Zoho Corporation Pvt. Ltd. 
• 1Password 
• Nord Security 
• NortonLifeLock Inc.
• One Identity LLC
• SailPoint Technologies, Inc.
• LastPass US LP
• Siber Systems, Inc. 

The report provides a detailed analysis of these key players in the global password management market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

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