Enterprise Password Management Market is Predicted to grow at a CAGR of 14.2% from 2023 to 2033

In 2022, the market for enterprise password management was estimated to be worth US$ 1,831.2 million, and by the end of 2033, it is anticipated to be worth US$ 7,801.9 million. From 2023 to 2033, the enterprise password management market is anticipated to develop at a CAGR of 14.2%, valued at US$ 2,061.9 Mn in 2023.

A password is a string of letters, numbers, and symbols that allows access to computer hardware or services. The encryption and decryption of data is the fundamental purpose of password management. An additional layer of protection against unauthorised access is offered by passwords. Software that stores and manages passwords is known as password management software.

Both individual users and business users can benefit from password management. The password strings are put together and adjusted using a variety of techniques. Businesses now require a reliable password management solution as a result of the increasing complexity of password generation and change processes and regulations.

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Innovation and high-value product offerings are key to sustain in this competitive market space:

In May 2021, Avatier launched a passwordless biometric service for remote workers. The upgrade - SaaS Avatier Identity Anywhere 2021 Spring Edition - includes a new universal user interface and passwordless single-sign on (SSO) and IGA login for remote workers.

In July 2020, Centrify, a provider of Identity-Centric PAM solutions, announced Client-based Password Reconciliation included in version 20.3 of Centrify Privileged Access Service.
By enabling organizations to automate password reconciliation through the Centrify Client to ensure business application availability, users can reduce risk and rely on their password vault as the single source of truth for reliable, consistent access to privileged account passwords.

In June, 2020, Zoho Corporation Pvt. Ltd. introduced the SIEM (Security Information and Event Management) integrations in Zoho Vault. Zoho's password management application helps businesses securely store, share, and manage passwords from anywhere.

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Key Takeaways from Market Study

Demand for password management services is estimated to surge. However, password management software is estimated to continue to hold a significant market share through 2031.

The retail sector is expected to emerge as a high-growth end user. However, BFSI is estimated to dominate market share through 2031.

By enterprise size, large enterprises are estimated to hold substantial market share; however, demand from SMEs is expected to expand faster at a CAGR of over 15% throughout the next ten years.

The North America market accounts for a major market share, on the back of technological advancements in the fields of cloud and analytics and the BYOD trend.

"Enterprise password management is the process where enterprises use security controls to prevent data breaches. The software stops cyber-criminals from taking master passwords, credentials, secrets, tokens, and keys to gain access to confidential systems and data," says a Persistence Market Research analyst.

Increasing Adoption of Password Management Solutions by SMEs

2020 has broken all records of data lost in breaches and sheer numbers of cyber-attacks on governments, companies, and individuals alike. Additionally, threats have increased from the application of emerging technologies such as artificial intelligence, machine learning, and 5G, and especially from greater tactical cooperation among state actors and hacker groups.

Enterprise password management solutions make it simple and easy to manage passwords for teams and groups of employees. Enterprise-class password managers are one of the easiest ways and the most cost-effective methods that help employees to lock their online accounts.
Due to COVID-19, the number of cyber-attacks have increased drastically, which resulted in high adoption of password management solutions by small and medium enterprises. Most organizations are investing in fixing their current inefficient data and password management systems.

A password manager for a small and medium enterprise should be user-friendly, have secure password sharing, and also come with compact security to protect all the sensitive data of the business. Most industries are now becoming aware of the importance of password management, and thus, there is a significant rise that has been observed in product adoption.

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Key Companies Profiled
Trend Micro Inc.
LogMeIn Inc.
Fastpass Corporation
Avatier Corporation
Dashlane Inc.
Keeper Security Inc
EmpowerID

Key Segments of Enterprise Password Management Market Industry Research

Solution:

Software
Self-serviced Password Management Software
Privileged User Password Management Software
Services
Support & Maintenance

Deployment:
Cloud-based Enterprise Password Management
On-Premise Enterprise Password Management
Implementation Service

Enterprise Size:
Enterprise Password Management for Small and Medium Enterprises (SMEs)
Enterprise Password Management for Large Enterprises

Industry:
Enterprise Password Management for BFSI
Enterprise Password Management for IT & Telecom
Enterprise Password Management for Government & Defense
Enterprise Password Management for Retail
Enterprise Password Management for Healthcare
Enterprise Password Management for Manufacturing
Enterprise Password Management for Education
Others

By Region:
North America
Latin America
Europe
East Asia
South Asia Pacific
Middle East and Africa

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Expert analysis, actionable insights, and strategic recommendations - the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.

This release was published on openPR.