Overview and Scope
A password manager is a software tool designed to store and manage a user’s passwords for various online accounts in a secure and organized manner. The primary purpose of a password manager is to help users create, store, and retrieve complex and unique passwords for each of their accounts, thereby enhancing the security of their online presence.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the password manager market report are 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
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 – Macro Economic Scenario
5. Global Password Manager Market Size and Growth
…..
32. Global Password Manager Market Competitive Benchmarking
33. Global Password Manager Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Password Manager Market
35. Password Manager Market Future Outlook and Potential Analysis
36. Appendix
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