Password manager is one of the most popular software applications that assist the users to remember, organize and store passwords. These passwords are encrypted with help of a single master password. This system has become crucial in the present day scenario. Due to the revolutionary use of information technology across the enterprises and individual users, password management market solutions come in extremely handy. The prime aim of the key players in the market is to provide the most suitable managers to the customers that will also take care of the account security and provide advanced organization of the passwords. Growth in adoption of these services is also creating strong business opportunities across the global marketplace.
Scope of Research
The global market is segmented into two major types, namely, privileged management and self-service management of the passwords. Privileged services maintain and frequently randomize passwords of the privileged users. They also offer services like automated password resets and session recording of the accounts while unlocked. Self-service management assists the users to manage and reset their passwords on their own. This type of service saves both time and cost of the IT department of the enterprises. The global password management market is witnessing steady demand for both the types of systems. The steady demand in the industry is strongly attributed to the rising rate of adoption.
Drivers and Restraints
Apart from the applications across the enterprises and individual users, the password management market is also witnessing growth due to several other factors. These drivers include continual decrease of the cost of the help desks, rising number of ways to reset the passwords, and strict compliance mandates by the authorities and governing bodies. The strong restraining factors for the industry include growth in the practices like synchronization, extension, and customization requirements. Apart from that, low success rate of the self-service systems is also a hindering factor for the global market. Despite the restraints, researchers predict healthy growth in the global market.
Opportunities and Forecasts
According to the expert analysis about the growth drivers, restraints and current trends, researchers are expecting the industry to witness impressive growth during near future. As per their predictions, the password management market is expected to reach past $709.6 million by the end of 2019. During the forecasting window, the market is expected to maintain an impressive CAGR of over 17%. As of 2014, the market is estimated to be worth $311 million. Growing demand for the privileged services is also a strong factor boosting the investment and growth opportunities in the global market. Demand from the emerging regions is also considered to be a vital force behind the global industry.