Password Manager Market Growth Trajectory Through 2024-2033

The Password Manager Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Password Manager Global Market Report 2024, 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.

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.

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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

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 report table of contents includes:

1. Executive Summary
2.Password Manager Market Characteristics
3.Password Manager Market Trends And Strategies
4.Password Manager Market analysis
5.Password Manager Market Size And Growth
6.Password Manager Segmentation
7.Password Manager Regional And Country Analysis
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27.Password Manager Competitive Landscape And Company Profiles
28.Password Manager Key Mergers And Acquisitions
29.Password Manager Future Outlook and Potential Analysis

TOP MAJOR PLAYERS:

• Apple Inc.
• Microsoft Corporation
• Dell Inc.
• IBM Corporation
• CA Technologies Inc.
• Zoho Corporation

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