The password manager global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Password Manager Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The password manager market size has grown exponentially in recent years. It will grow from $2.5 billion in 2023 to $3.06 billion in 2024 at a compound annual growth rate (CAGR) of 22.4%. The growth in the historic period can be attributed to increasing awareness of cybersecurity threats, rise in the number of online accounts and passwords, high-profile data breaches and identity theft incidents, growing adoption of digital services and e-commerce, regulatory requirements for stronger password security.
The password manager market size is expected to see exponential growth in the next few years. It will grow to $6.8 billion in 2028 at a compound annual growth rate (CAGR) of 22.1%. The growth in the forecast period can be attributed to continued advancements in password manager technology, integration of biometric authentication for enhanced security, rising emphasis on user convenience and seamless user experience, escalating demand for multi-factor authentication solutions, continuous growth in online activities and remote work arrangements. Major trends in the forecast period include artificial intelligence and machine learning integration, biometric authentication adoption, passwordless authentication solutions, enhanced user experience and interface design, cloud-based password management, increased focus on security education and training, integration with internet of things (iot) devices, blockchain-based security solutions.
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Scope Of Password Manager Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Password Manager Market Overview
Market Drivers –
The increasing cybersecurity risks are expected to propel the growth of the password manager market going forward. Cybersecurity risks refer to potential threats and vulnerabilities in the digital realm that can compromise the confidentiality, integrity, and availability of information and technology systems. Password managers can produce intricate and distinct passwords for each account, heightening the difficulty for attackers to guess or crack them, typically comprising a blend of letters, numbers, and symbols, often longer than those individuals would generate independently. For instance, in November 2022, according to the Australian Cyber Security Centre, an Australia-based government agency, the number of cybercrime reports received in 2021-2022 was 76,000, an increase of nearly 13% from the 2020-2021 financial year. Therefore, increasing cybersecurity risks will drive the password manager market.
Market Trends –
Major companies operating in the password manager market are focused on developing advanced technologies, such as biometric password managers, to gain a competitive advantage. Biometric password managers refer to a type of password management system that incorporates biometric authentication methods. For instance, in July 2022, VINCSS, a Vietnam-based Internet Security Services Company, introduced a FIDO2 platform for password management, positioning itself as a pioneer in the market. The VinCSS FIDO2 KeyVault utilizes an HMAC Secret Extension to eliminate the need for a master password in daily operations, thereby reducing the risk of master password exposure. New users or those creating a new vault with this solution are prompted to name their vault and select a FIDO2 key, such as a VinCSS FIDO2 Authenticator or another biometric hardware or software key. The system employs a private instance method for key derivation, ensuring that the root secret is stored in memory only during the brief period when the vault is accessed. This approach enhances security and aligns with the industry’s move towards passwordless authentication solutions.
The password manager market covered in this report is segmented –
1) By Solution Type: Self-Service Password Management, Privileged User Password Management
2) By Product Type: Windows System, Android System, iOS Systems, Linux Systems, Other Systems
3) By Deployment: Cloud Based, On-Premise
4) By Application: Commercial User, Private User
5) By End-User Vertical: Banking, Financial Services And Insurance (BFSI), Healthcare, IT And Telecommunication, Other End-User Verticals
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Regional Insights –
North America was the largest region in the password manager market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the password manager market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Apple Inc., Microsoft Corporation, Dell Inc., IBM Corporation, CA Technologies Inc., Zoho Corporation, Okta Inc., CyberArk Software Ltd., Untethered Labs Inc., Nord Security, Delinea , Lastpass US LP, 1Password, Keeper Security Inc., ManageEngine, Hitachi ID Systems Inc., Dashlane Inc., Core Security SDI Corporation, Bitwarden Inc., Avatier Corporation, Siber Systems, Id Agent LLC, Lunabee Studio, GateKeeper Enterprise, CommonKey Inc., EnPass, Hypervault , Lamantine Software Company, Password Boss Inc., SplashData Inc., True Key
Table of Contents
1. Executive Summary
2. Password Manager Market Report Structure
3. Password Manager Market Trends And Strategies
4. Password Manager Market – Macro Economic Scenario
5. Password Manager Market Size And Growth
…..
27. Password Manager Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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