Password Management Software Market: - An Overview
Passwords are the authentication or defense tool against the attempt of unauthorized access. Individuals are managing various accounts including social account, official and financial accounts that are secured with passwords so it becomes difficult to remember the password of different accounts and secure the account from hacking. The best solution for keeping the account safe and managing password is password management software, which helps both the enterprise and individual to secure their account credentials.
Password management software is collection of algorithms that are operated to sequences of the password. Password management software stores the user’s login credential for the various sites that user visits and these passwords are encrypted in the database using a master password so that there is no need to remember the password. While using the password management software user need to set a master password and this master password is used for login into various accounts.
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Impact of COVID-19 Pandemic Outbreak on Password Management Software Market
As the world is struggling with the impact of COVID-19, the hackers have sensed an opportunity amid the pandemic. Due to social distancing norms, companies are adopting work from policies and this is resulting in security issues. Cyber threats are increased, as the data is available remotely on end point devices, and user are accessing critical infrastructure, and also collaboration tool are being used for interaction between team members. Hackers are using the COVID-19 as a part of attack with various viruses in form of data phishing emails, and ransomware as an opportunity is to steal the user credential.
As the threats are increasing the security concern are also increasing that is leading the organizations to adopt various security solutions like password managers for securing the accounts from hackers. The cyber security market is estimated to grow by 1.3X from 2019 to 2020. The market for cyber security grew around 11% Y-o-Y in the past two years. However, the longevity of the COVID-19 crisis will lead organization to adopt work from home policy in 2021 as well, so for ensuring security, the organizations will adopt security products like password management software to prevents from unauthorized access.
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Password Management Software Market: - Market Dynamics
Increasing Cyber Attacks is Driving the Password Management Software Market Growth
Nowadays, it is not possible to have strong password that are different or unique for every account and remembering this password is also a difficult task. As hacking issues are increasing day by day due to usage of weak passwords by enterprises or individuals. Common password attacks that are used for hacking the account are dictionary attack, brute force attack and hybrid attack. Attacks like brute force attacks are increasing as hacker simply tries every possible combination of allowed characters until it finds a match. This kind of attacks are able to hack password composed of randomized character. To prevent the accounts from hacking the demand is increasing for password management software.
Password manager software store the user’s credential of user’s account. These software encrypts the password with strong encryption algorithms that are hard to break for hackers to ensure security. Password manager stores all the credentials like credit card details, license number, and other important information that user want to keep secure. Moreover, password management software performs security assessment on the entire list of user’s password and tell them which passwords are weak and need to be changed. Hence, to prevent the accounts from being hacked the adoption of password management software is increasing.
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Asia Pacific Region is Expected to Register High Growth
In countries like India, China and Japan the cyber-attacks are increasing and these is expected to increasing adoption of security solution such as password management software to prevent unauthorized access. Cybersecurity is rapidly gaining traction, as there are increasing cyber-attacks like identity theft, account hijacking etc. For instance, in 2019, the Japanese Government approved to form a venture, for credential stuffing due to increasing use of IoT devices, including devices in enterprises and that are used by individuals, primarily for ensuring security among the users of digital age. The Japanese government mentioned to check 200 Mn IoT devices in the country, with random passwords, which are never changed above default one.
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Password Management Software Market: - Key Players
The key players in the Password Management Software are Microsoft Corporation, IBM Corporation, Sailpoint Technologies, FastPass Corporation, Dell Sonicwall, NetIQ Corporation, LogMeIn, CA Technologies, and Trend Micro, among others.
Password Management Software Market: - Segmentation
Password Management Software Market- Report Highlights:
- A detailed overview of parent market of Password Management Software market
- Changing Password Management Software market dynamics in the industry
- In-depth segmentation of the Password Management Software market
- Historical, current, and projected Password Management Software market size by value
- Recent industry trends and developments in Password Management Software market
- Competitive landscape of the Password Management Software market
- Strategies for key players in Password Management Software and solutions and services offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on Password Management Software market performance
- Must-have information for Password Management Software market players to sustain and enhance their market footprint