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Password Management Market Research Report: Information By Solution Type (Self-service Password Management and Privileged User Password Management), By Access (Desktop, Mobile Devices, and Voice-Enabled Password Reset), End User (BFSI, Healthcare, and IT & Telecommunication), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032.

ID: MRFR/ICT/20355-HCR | 128 Pages | Author: Shubham Munde| June 2024

Password Management Market Overview

The Password Management Market is projected to grow from USD 2.9 Billion in 2024 to USD 8.19 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 16.00% during the forecast period (2024 - 2032). Additionally, the market size for Password Management was valued at USD 2.5 billion in 2023.

Increased regulatory compliances, technological enhancements, and implementation of biometrics and password conditions are the key market drivers enhancing market growth.

Figure 1: Password Management Market Size, 2023-2032 (USD Billion)

Password Management Market overview 2024

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Password Management Market Trends

The growing implementation of biometrics and password conditions is driving the market growth.

Market CAGR for password management is being driven by the rising implementation of biometrics and password conditions. The increasing adoption of biometric authentication methods, like fingerprint scanning, facial recognition, and iris scanning, is reshaping the landscape of password management. Biometrics offers several advantages over traditional passwords, including greater convenience, enhanced security, and reduced reliance on memorization. By leveraging unique physiological characteristics, biometric authentication provides a more robust and user-friendly means of identity verification, mitigating the risk of password-related security breaches, such as phishing and credential theft. As organizations prioritize stronger authentication methods to combat cyber threats and improve user experience, the demand for password management solutions that support biometric authentication is expected to rise significantly.

Furthermore, the evolving complexity and stringent requirements of password policies drive the adoption of password management solutions. Organizations are increasingly enforcing stronger password conditions, such as longer character lengths, combinations of alphanumeric characters, and frequent password changes, to bolster security and comply with regulatory mandates. However, these stringent password requirements often lead to password fatigue and security vulnerabilities as users struggle to create and manage complex passwords across multiple accounts. Password management solutions address this challenge by offering features such as password generation, storage, and synchronization, enabling users to securely store and access complex passwords without the need for manual management. As organizations strike a balance between security and usability in password management, the demand for solutions that streamline password management processes and enforce compliance with password policies is expected to grow.

Moreover, the proliferation of cloud-based services and remote work environments further amplifies the need for robust password management solutions. With an increasing number of employees accessing corporate resources and applications from remote locations and various devices, the risk of unauthorized access and data breaches escalates. Password management solutions that offer centralized control, multi-factor authentication, and secure password-sharing functionalities help organizations strengthen their security posture and mitigate the risks related to remote work. Additionally, the scalability and flexibility of cloud-based password management solutions cater to the dynamic needs of modern businesses, enabling seamless integration with existing IT infrastructure and support for diverse user populations. Thus, driving the Password Management market revenue.

Password Management Market Segment Insights

Password Management Solution Type Insights

The Password Management market segmentation, based on solution type, includes Self-service Password Management and Privileged User Password Management. In 2023, the self-service segment dominated the market by empowering users to securely manage their passwords without IT intervention, thereby enhancing efficiency and reducing support costs. These solutions typically offer features such as password reset, account unlocking, and password synchronization across multiple platforms, enabling users to resolve password-related issues independently and in real-time. By streamlining password management processes and reducing dependency on IT support, self-service solutions improve user experience and productivity, driving widespread adoption across various industries and organizations.

Password Management Access Insights

The Password Management market segmentation, based on access, includes Desktop, Mobile Devices, and Voice-Enabled Password Reset. In 2023, the desktop category dominated the market due to its widespread use as the primary computing platform in both corporate and personal environments. Desktop computers remain a central hub for accessing a multitude of applications, services, and resources, necessitating robust password management solutions to secure access to sensitive data and accounts. Additionally, desktop-based password management solutions offer advanced features such as browser integration, autofill capabilities, and secure password storage, enhancing user convenience and productivity. Further, mobile devices are foreseen to be the fastest growing due to the rising use of mobile apps for various purposes.

Password Management End User Insights

The Password Management market segmentation, based on end users, includes BFSI, Healthcare, and IT & Telecommunication. In 2023, the BFSI category dominated the market due to the sensitive nature of their data and regulatory compliance requirements. They handle vast amounts of confidential information, including customer financial data, making them prime targets for cyberattacks. As a result, BFSI end users are driving the demand for robust password management solutions to safeguard against unauthorized access and data breaches. These institutions often have complex IT environments and numerous user accounts, necessitating the adoption of centralized password management tools to enforce strong authentication policies and ensure compliance with industry regulations.

Figure 2: Password Management Market, by End User, 2023 & 2032 (USD Billion) Password Management Market, by End User, 2023 & 2032

Source: The Primary Research, Secondary Research, MRFR Database and Analyst Review

Password Management Regional Insights

By region, the study gives market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Password Management market area will dominate this market, owing to the increasing frequency and sophistication of cyber threats targeting businesses, coupled with stringent regulatory requirements, compelling organizations to invest in robust password management solutions to enhance the security posture and ensure compliance.

Further, the prime countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, Australia, India, and South Korea.

Figure 3: Password Management Market Share By Region 2023 (USD Billion)

Password Management Market Share By Region 2023

Source: The Primary Research, Secondary Research, MRFR Database and Analyst Review

Europe's Password Management market accounts for the second-largest market share because of the surging focus on GDPR compliance and stringent data protection regulations. Further, the German Password Management market held the largest market share, and the UK Password Management market was the rapidly growing market in the European region.

The Asia-Pacific Password Management Market is expected to grow at the fastest CAGR from 2024 to 2032. This is due to the increasing digitization of businesses and stringent regulatory requirements. Moreover, China’s Password Management market held the largest market share, and the Indian Password Management market was the rapid growing market in the Asia-Pacific region.

Password Management Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Password Management market grow even more. Market participants are also undertaking several strategic activities to spread their footprint, with important market developments including contractual agreements, new product launches, mergers and acquisitions, higher investments, and collaboration with other organizations. To spread and sustain in a more competitive and rising market climate, the Password Management industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by the manufacturers in the Password Management industry to benefit the clients and raise the market sector. In recent years, the Password Management industry has offered some of the most significant advantages to several industries. Major players in the Password Management market, including Bitwarden, Inc., Dashlane Inc., Zoho Corporation Pvt. Ltd., 1Password, Nord Security, NortonLifeLock Inc., One Identity LLC, SailPoint Technologies, Inc., LastPass US LP, and Siber Systems, Inc., and others, are trying to raise market requirements by investing in the research and development operations.

ExpressVPN is a leading provider of virtual private network (VPN) services, offering users secure and private internet access. Founded in 2009, operates a vast network of servers across 94 countries, ensuring fast and reliable connections. The company is renowned for its commitment to user privacy, employing strong encryption protocols and a strict no-logs policy. ExpressVPN's user-friendly applications are available on various platforms, catering to both individual and business needs. With its focus on security, speed, and accessibility, ExpressVPN continues to be a trusted choice for safeguarding online privacy and bypassing geo-restrictions. In November 2023, ExpressVPN launched its password manager, ExpressVPN Keys. These keys assist people in managing their passwords and enjoying an effortless and secure online experience. They are fabricated for security and convenience.

1Password is a renowned company specializing in password management solutions, offering secure storage for sensitive information like passwords, credit card details, and personal notes. Established in 2005, 1Password has gained widespread recognition for its commitment to security and user privacy, employing advanced encryption techniques to safeguard data. The company's flagship product, also named 1Password, is available across various platforms, including macOS, Windows, iOS, and Android, catering to a broad spectrum of users. With an emphasis on intuitive design and seamless user experience, 1Password simplifies the process of managing passwords and promotes stronger security practices. In November 2022, 1Password acquired Passage Identity, which developed authentication platforms that helped organizations integrate biometric and passwordless login techniques. This acquisition caused the implementation of Face ID, Touch ID, and Windows Hello to improve consumer experience and boost business growth.

Key Companies in the Password Management market include

  • 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.

Password Management Industry Developments

July 2022: Google updated its password managers by integrating various highly requested features to help consumers, like auto-login, credential saving, and password generation. This led to enhanced market growth owing to the higher utilization of the Google Chrome browser for web surfing and remote working.

June 2022: Lookout Inc. acquired SaferPass, offering simple and secure password managers for enterprises and individuals. The acquisition helps in delivering proactive security platforms to safeguard user data and privacy while broadening the business footprint.

January 2022: Keepers Security launched Secrets Manager, which secured infrastructure credentials like API keys, certificates, access keys, and database passwords. The solution included cloud-based integration with a zero-knowledge security model similar to their enterprise password management platform.

Password Management Market Segmentation

Password Management Solution Type Outlook

  • Self-service Password Management

  • Privileged User Password Management

Password Management Access Outlook

  • Desktop

  • Mobile Devices

  • Voice-Enabled Password Reset

Password Management End User Outlook

  • BFSI

  • Healthcare

  • IT & Telecommunication

Password Management Regional Outlook

  • North America

  • US

  • Canada

  • Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

  • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Attribute/Metric Details
Market Size 2023 USD 2.5 Billion
Market Size 2024 USD 2.9 Billion
Market Size 2032 USD 8.196 Billion
Compound Annual Growth Rate (CAGR) 16.00% (2024-2032)
Base Year 2023
Market Forecast Period 2024-2032
Historical Data 2019- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, The Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Solution Type, Access, End User, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, Australia, India, South Korea, and Brazil
Key Companies Profiled  Bitwarden, Inc., Dashlane Inc., Zoho Corporation Pvt. Ltd., 1Password, Nord Security, NortonLifeLock Inc., One Identity LLC, SailPoint Technologies, Inc., LastPass US LP
Key Market Opportunities Increasing demand for secure and convenient authentication solutions amidst the rising threat of cyber-attacks and data breaches.
Key Market Dynamics Growing concern over cybersecurity threats and rising adoption of password management solutions.

Frequently Asked Questions (FAQ) :

The Password Management market size will be valued at USD 2.5 Billion in 2023.

The market is foreseen to rise at a CAGR of 16.00% during the forecast period, 2024-2032.

North America had the largest share of the market.

The key players in the market are Bitwarden, Inc., Dashlane Inc., Zoho Corporation Pvt. Ltd., 1Password, Nord Security, NortonLifeLock Inc., One Identity LLC, SailPoint Technologies, Inc., and LastPass US LP, among others.

The Self-service Password Management category dominated the market in 2023.

The desktop had the largest share in the market.

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