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Password Management Software Market Segmented by Software (Self-serviced Password Management Software, Privileged User Password Management Software) | Services (Support & Maintenance, Implementation Service) Solutions in Cloud-based and On-Premise Enterprise Password Management
The market for enterprise password management was valued at US$ 1,831.2 Mn in 2022, and it is expected to grow to US$ 7,801.9 Mn by the end of 2033. The enterprise password management market is estimated to valuate to US$ 2,061.9 Mn in 2023 and is predicted to grow at a CAGR of 14.2% from 2023 to 2033.
A password is a series of characters that grants access to computer devices or services. The basic function of password management is to encrypt and decrypt data. Passwords provide an additional layer of security against unauthorised access. Password management software is a piece of software that stores and manages passwords. Password management is advantageous for both individual and enterprise users. Various algorithms are used to assemble and manipulate the password strings. Due to the greater complexity of systems and rules for generating and changing passwords, the need for an efficient password management solution has grown among businesses.
Employee management applications are being widely used due to the rising risk associated with the data theft in critical industries such as banking, healthcare, and government. Enterprise password management applications allow users to reset their customers' passwords after an account lockout or when they forget their credentials. Furthermore, PM tools can synchronize passwords for users across multiple platforms, allowing them to log into multiple applications with a single password.
The market in North America held the leading share of 26.4% in the global landscape in 2022 and is expected to retain its leading position throughout the forecast period. Meanwhile, demand for enterprise password management in the Europe region will hold around 22.3% of the market in 2022.
| Attributes | Key Insights |
|---|---|
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Enterprise Password Management Market Size (2023) |
US$ 2,061.9 Mn |
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Projected Market Value (2033) |
US$ 7,801.9 Mn |
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Global Market Growth Rate (2023-2033) |
14.2% |
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Enterprise Password Management software Segment Market Share (2022) |
56.7% |
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India Market Growth Rate (2022) |
15.6% |
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On-Premise Enterprise Password Management Segment Market Share (2022) |
57.8% |
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“Data security risks associated with the adoption of the password management solutions”
Password management software allows you to read and learn all of the passwords stored on your device, as well as the email address or other unique identifier for each account. When unauthorised access is gained, keeping multiple passwords in a single memory becomes an important topic. In the case of password management, while these tools store all of the passwords in one memory, they also have the disadvantage of allowing any toxic substance, such as malware, to read all of the passwords stored in that memory.
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Get a Customized Version“Growing awareness regarding consumer identity & access management services”
Rising trend of consumer identity & access management services, as well as the presence of prominent companies such as Microsoft Corporation, IBM, and others, are driving the increased adoption of password management solutions across various industry verticals in the United States.
Due to these factors, U.S. region is analyzed to dominate the global enterprise password management market with the share of 17.5% in 2022.
“Increased user-base of smartphones & other smart devices”
The widespread use of mobile and cloud services, as well as the growing popularity of social media applications, increase the vulnerability to cyber-attacks and phishing, creating a favorable opportunity for the adoption of such password management solutions.
Due to these factors the enterprise password management market is estimated to grow at a CAGR of 15.6% over the forecast period in India.
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“Governmental initiatives towards the regulation of General Data Protection and Regulation (GDPR) law”
Germany is one of the most economically significant country in Europe and it holds the market share of 11.10% in 2022. Government policies in Europe to protect personal information are expected to drive market growth. The European Union's General Data Protection Regulation requires organisations that collect or process personal data in the European Union to comply with the new regulations and guidelines.
Such factors are expected to accelerate the adoption of enterprise password management systems in the European region.
Why software segment Have the Larger Market Share in the enterprise password management market?
Software segment is analyzed to dominate the enterprise password management market with the share of 56.7%, owing to the factors such as growing trend towards cloud computing & the Internet of Things (IoT) and so on. Additionally, the password management software segment is expected to hold a significant market share due to the ease of operation provided by these solutions along with that they eliminate the need for assistance of third parties, which reduces the time and cost incurred leading to the increased market share of enterprise password management software.
Why cloud deployment segment holds the largest CAGR in the enterprise password management Market during the forecast period of 2023-2033?
Based on the deployment, cloud-based enterprise password management market is growing at the fastest rate of 10.9% during the forecast period of 2023-2033. This market growth is attributed to the factors such as increase in digital economy initiatives, rise in fraudulent activities & identity theft and so on. Furthermore, as the adoption of cloud services across various industries grows, so does the adoption of digital monitoring services due to their low cost and ease of use leading to the rising demand for cloud-based enterprise password management systems.
Major enterprise password management companies are collaborating to accelerate the technological advancements in the development and adoption of the enterprise password management systems, these companies need to keep an eye on the cyber security trends.
Recent developments related to key players providing enterprise password management market solutions have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.
| Attribute | Details |
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Forecast Period |
2023-2033 |
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Historical Data Available for |
2018-2022 |
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Market Analysis |
US$ Mn for Value |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Pricing |
Available upon Request |
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In 2022, the market value of enterprise password management was US$ 1,831.2 Mn.
The global enterprise password management market is estimated to advance at a 14.2% CAGR through 2033.
The market for enterprise password management is forecasted to climb to US$ 7,801.9 Mn by 2033 end.
Demand for enterprise password management market in India is projected to rise at a CAGR of 15.6% over the forecast period.
In 2022, the North America enterprise password management market held a dominant market share of 26.4%.
