Password Management market size, share & industry analysis, By Deployment (On-premises, Cloud Based), By Access (Mobile devices (smart-phones, tablets, laptops), Desktop, Voice Enabled Password systems, Others), By Industry (Healthcare, Finance and Banking, Government and Public Sector, Retail, BFSI, IT and Telecom, Others) and regional forecast 2022-2029

The password management is process of managing and securing the passwords from their creation to closure by adopting certain set of practices. This process mandates the adoption of centralized password management practices. The password management is broadly classified into two categories- personal password management and enterprise management.

The enterprise password management is an integral part of every organization today. Protection of corporate accounts, organization’s classified information, domain accounts, systems accounts, service accounts etc requires adoption of password management solutions. This will prevent the security threats  and cyber attacks hampering the company’s productivity.

These password management solutions are deployed on-premises and cloud based. The solution provider such as Microsoft and Google are  offering USB tokens and  upgraded encrpted software in the market.

Key Market Driver -

• Rising cyber-attacks will drive the adoption of password management solutions

Key Market Restraint -

• Lack of technical experts and complex software expected to hinder market growth.

Key Players Covered:

Secon Cyber and My1Login partnered to offer end user access and protect against data breaches to the end users. My1login provided Secon Cyber with the platform which integrates with both on-premises and cloud based applications with utmost security.

Clango (DIT) | Identity and Access Management Experts, Inc. partners with SailPoint Technologies Holdings, Inc. this partnership will allow Clango to resell and also provide the professional services for SailPoint platform and also add to Clango’s line of identity governance solutions. This collaboration will address the cybersecurity requirements and improve productivity of the business.

Some of the key players in the password management solutions market are Broadcom., Avatier, IDMWORKS, SailPoint Technologies Holdings, Inc, IBM Corporartion, Google LLC, Microsoft Corporation, Micro Focus, My1Login, Hitachi ID Systems, Inc., FastPassCorp A/S. and others.

Regional Analysis

North America is anticipated to grow in the password management market. The increasing cyber threats, attacks have necessitated government to undertake certain initiatives for the adoption of password management solution. For instance- National Institute of Standards and Technology (NIST) U.S. has issued new guidelines for authentication in 2018 to manage strong passwords at regular intervals. Additionally in 2019, NIST has recently issued new guidelines to promote U.S. industrial and innovation competitiveness by making advancements in the technology, science and standards. This will enhance the security and productivity of the nation rising the adoption of security solutions in every sector.

 Asia Pacific is expected to  surge in the market. According to GSMA report 2019-India, China and other parts of Asia Pacific will contribute more than half of world’s mobile subscribers by 2025.

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Segmentation

Key Industry Developments

• September 2019 - OneLogin, Inc has upgraded the cyber security systems beyond password based authentication. OneLogin, Inc has announced Vigilence AI to combact security threats. It uses artificial intelligence and machine learning in this risk engine. It also leverages SmartFactor Authentication. This helps the enterprise customers to protect against risk and deliver automated protection at scale.


• October 2018 – Ivanti expands the product portfolio to offer self-service password management solution. It provides users a fastest way and a secured way to reset their passwords. It enforces stronger password policies to enhance thir security posture. This expansion will be offering solutions which include automated, integrated and self-service with greater flexibility.