The most recent study conducted by Report Ocean, titled “Global Password Management Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Password Management. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global Password Management Market is valued approximately USD 840 million in 2021 and is anticipated to grow with a healthy growth rate of more than 19.40% over the forecast period 2022-2028. Password management is useful not just for businesses, but also for individual users as a security solution for their accounts and devices. End users also utilize it extensively to audit, safeguard, monitor, and control the actions connected with privileged accounts. These solutions can meet organizational requirements such as syncing a single password across all access accounts for a person or arming IT service desks with a centralized platform for handling password service requests.
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The rising danger of data theft in important areas such as healthcare, government, and financial services is likely to provide the industry a boost. One of the primary factors driving market growth is the increasing usage of password management solutions by small and medium-sized businesses. Furthermore, the increasingly complicated compliance, regulatory, and risk management environments in enterprises stimulate the use of these solutions across sectors worldwide. As cyberattacks appear to grow more common and damaging, it is becoming increasingly important for people and companies to secure their data. Transferring client files, customer data, employee files, financial records, medical records, and other sensitive and valuable information has raised legal dangers.
LogRhythm and REAL Security will collaborate in May 2022 to assist businesses in the Adriatic zone in identifying and managing cyber risks. The collaboration broadens LogRhythm’s reach in south-east Europe while also bringing world-class security operations capabilities to real security. CyberRes purchased Debricked in March 2022, a programmer opensource intelligence firm promising to revolutionize how organizations secure their software supply chain for the future. Mobile devices are expected to be the fastest-growing market over the projected period. With the rise of BYOD in enterprises, maintaining and safeguarding several accounts, including official, social, and financial, has become complex. However, the downside of enabling access to all dangerous elements such as viruses stifles market growth over the projection period of 2022-2028.
The key regions considered for the Global Password Management Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America emerged as the market leader. The region’s market is predicted to increase significantly due to the increasing applications of password management solutions across end-use industries. Furthermore, continuous technological improvements in analytics, cloud, and BYOD trends are projected to offer a considerable boost to the regional industry. Asia Pacific is expected to grow at a rapid pace throughout the projection period, owing to the region’s growing base of small and medium-sized businesses. Countries such as India, China, and Japan have had rapid economic expansion. Furthermore, a growing technological user base and fast increasing infrastructure are propelling the industry.
Major market players included in this report are:
Avatier Corporation
CA Technologies Inc.
Centrify Corporation
Core Security SDI Corporation
Dell Software
FastPassCorp A/S
Hitachi ID Systems, Inc.
IBM Corporation
Knowledge Secure Systems Ltd.
Microsoft Corporation
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Type:
Self-service
Privileged User
By Access Type:
Desktops & Laptops
Mobile Devices
Voice-enabled password systems
Others
By Organization Type:
Small & Medium organization
Enterprise
By End-User Type:
BFSI
Education
Healthcare
Manufacturing
Public sector & Utilities
Retail & Wholesale distribution
Telecom & IT
Others
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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