Enterprise Password Management Market

Market Study on Enterprise Password Management: Retail Sector to Emerge as High-growth End User

Password Management Software Market Segmented By Self-serviced, Privileged User Password Management Software in Support & Maintenance and Implementation Service

Market Snapshot

As per Persistence Market Research’s analysis on the enterprise password management market, global revenue is expected to top US$ 1.55 Bn in 2021, with the market projected to register impressive growth at 14.2% CAGR through 2031.

The enterprise password management market research indicates 13% Y-o-Y growth in 2021. Software solutions are set to enjoy the largest market share, while demand for cloud deployment is forecast to surge at 15.2% CAGR over the decade.

Market size 2020

US$ 1.38 Bn

Market CAGR (2021 to 2031)

14.2%

Share of Top 5 Providers

20% - 25%

Find Out More about the Report Coverage

Companies

  • IBM Corporation
  • Broadcom Inc.
  • Microsoft Corporation
  • Cyberark Software Ltd.
  • Trend Micro Inc.
  • LogMeIn Inc.
  • Fastpass Corp
  • Avatier Corporation
  • Dashlane Inc.
  • Keeper Security Inc
  • EmpowerID
  • AceBIT GmbH
  • Centrify Corporation
  • Zoho Corporation Pvt. Ltd.
  • Core Security Technologies

Enterprise Password Management Demand Analysis from 2016-2020 Compared to Market Outlook for 2021-2031

The global enterprise password management market size expanded at 11.8% CAGR from 2016 to 2020, and is estimated to be valued at US$ 1.55 Bn in 2021.

The COVID-19 pandemic created a huge challenge for all businesses around the world to continue operating despite massive shutdowns of offices. Change in the work culture affected IT security to a large extent. Disruptions to business operations in the form of cyber-attacks, data breaches, and network attacks became a major challenge for organizations across sectors.

Increase in remote working brought greater focus on cybersecurity because of greater exposure to cyber risks. Demand for secured passwords in systems increased. Password managers increase security levels and provide strong encryption, which serves as a strong defense against cyber-criminals.

The global market is anticipated to witness growth in revenue from US$ 1.38 Bn in 2020 to over US$ 5.86 Bn by 2031.

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Increase in Number of Cyber-attacks Driving Market Growth

Password managers a great way to improve business security and eliminate difficulty in storing and securing complex passwords of accounts. Every employee in an organization has different accounts to handle and manage, with each needing a unique, secure password. Increasing number of cyber-attacks across the globe has resulted in high demand for secured working patterns.

Cybersecurity is a huge concern for any modern business. Unsecured passwords can lead to data breaches of confidential data, or leave companies exposed to ransomware attacks, potentially costing millions. Also, with the pandemic worsening a wide range of security problems, a good password manager can make all the difference.

Companies are popular targets because of the high level of personal information they have. Using password managers offers high security, easy setup and onboarding, and admin control, among others. Furthermore, growing complex compliance, regulatory, and risk management environment in businesses is boosting the implementation of these solutions across verticals.

enterprise-password-management-market

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Country-wise Insights

Why is Demand for Enterprise Password Management Surging across the U.S.?

According to Persistence Market Research analysis, enterprise password management spending in the U.S. alone is likely to increase at the rate of 11.7% from 2021 to 2031, with a market value of US$ 466.5 Mn in 2021.

The U.S. is anticipated to remain the largest market for enterprise password management in North America, owing to rising application across various end-use verticals. Additionally, strong presence of solution providers such as Quest Software, NetIQ, FastPass, and IBM Corporation, among others, is positively impacting market growth in the country.

Why are Enterprise Password Management Solution Providers Eyeing China?

According to the Persistence Market Research analysis, the market for enterprise password management in China is likely to accelerate at a CAGR of around 11.6% from 2021 and 2031.

Major factor responsible for growth is small & medium organizations in the country. Growing number of SMEs is resulting in increasing adoption of password management solutions to protect data breaches and identity thefts.

Increasing adoption of IoT applications, BYOD trend, and cloud-based deployments among enterprises in the country are triggering an increase in advanced level threats. Additionally, a growing technology user base and developing IT infrastructure are responsible factors for market growth.

Also, rising concerns regarding data security are influencing enterprises to adopt password management solutions across the country.

How are Enterprise Password Management Sales Faring across India?

The market in India is anticipated to witness growth in revenue from around US$ 76.3 Mn in 2020 to US$ 553.8 Mn by 2031.

Increasing cyber-attacks have resulted a rise in research & development investments by governments from different countries across South Asia & Pacific. Also, the digital transformation trend in enterprises across India has presented lucrative opportunities for major password management solutions providers.

According to a report by Akamai Technologies, India ranks second followed by the U.S. for hacking attempts across the world. In 2018, it registered 1.2 Bn attempts to hack financial institutes in the country. Therefore, increasing threats has raised security concerns among enterprises, which has resulted in rising adoption of security solutions such as include password management.

Furthermore, the Indian government is concentrating on creating a stringent framework to cope with potential cyber-threats. Increasing number of data breaches evolving across the country has resulted in high need for creating a secure framework for all government organizations.

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Category-wise Insights

Why is Privileged User Password Management Software Witnessing Huge Popularity?

On the basis of software, the market is segmented into self-service and privileged user password management. Self-service password management dominated the market with a high share of 54.2% in 2020.

However, demand for privileged user password management is anticipated to grow faster over the coming years. Privileged user password management solutions facilitate higher security by managing the passwords of privileged users, deploying various methods such as frequent passcode randomization, automated password resets and privileged session recording.

What are the Prospects for Sales of Enterprise Password Management to SMEs?

In terms of enterprise size, the market is segmented into small & medium enterprises (SMEs) and large enterprises. The SMEs segment is expected to register a higher CAGR of 15.1%, while also creating an incremental opportunity of US$ 2,676.8 Mn through 2031. However, large enterprises dominate market share.

Major factor responsible is increasing instances of threats across large network infrastructures and database servers. It is significant for most organizations to keep data secured by using effective passcode management processes and systems. Password security helps in keeping confidential data safe from unauthorized users. Technology companies across various industries have invested in password management tools that act as the first line of account defense.

Impact of COVID-19

In response to the COVID-19 pandemic, enterprise password management solution providers are taking special measures to meet customer demand for cloud usage due to sudden shift to a remote-first workforce. Most companies across industries are making their IT departments ensure that all applications that are required for business operations are running smoothly for all employees.

Following standard protective measures for remote working environment has resulted in growth in the usage of digital platforms, third-party networks, and personal computing devices. This has resulted in increased risks from advanced malware and cyberattacks. As threats are increasing, organizations are adopting password managers for securing their accounts from hackers.

The cyber-security market has grown significantly from 2019 to 2020. Also, surge in high digital traffic exposed an opportunity to various online frauds, phishing attacks, ransomware attacks, and denial of inventory. There has been significant increase in demand for security solutions as a result of COVID-19 lockdown measures, as most employees are working remotely.

According to Persistence Market Research’s study, demand for enterprise password management is estimated to rise from 11.7% in 2019 to 13% in 2021.

Competitive Landscape

Companies providing enterprise password management solutions are aiming at product innovation and strategic partnerships with other vendors to improve their product portfolios while addressing the demand of an expanding customer pool. Introduction of new products and strategic partnerships are across this landscape.

  • In June, 2020, Zoho Corporation introduced the Security Information and Event Management integrations in Zoho Vault, which is Zoho’s password management application, helping businesses securely store, share, and manage passwords from remote locations. This integration can help IT administrators by pushing all password-related logs from Zoho Vault to SIEM service, automating security workflows based on pre-defined conditions, securing confidential data, and complying with regulatory mandates such as HIPAA, PCI DSS, FISMA, SOX, GDPR, and ISO 27001.
  • 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 allowing organizations to automate password resolution by the Centrify Client to ensure business application availability, users can eliminate risks and rely on their password vault as a single source for reliable, consistent access to privileged account passwords.

Enterprise password management providers are also focusing on entering into partnerships with technology and digital solution providers to target new innovations within the market. This strategy helps companies broaden their geographic reach with additional service portfolios.

Enterprise Password Management Industry Report Scope

Attribute

Details

Forecast period

2021-2031

Historical data available for

2016-2020

Market analysis

USD million for value

Key regions covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia and Pacific
  • Middle East & Africa

Key countries covered

  • US
  • Canada
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia
  • New Zealand
  • GCC Countries
  • Turkey
  • Northern Africa
  • South Africa

Key market segments covered

  • Solution
  • Deployment Mode
  • Enterprise Size
  • Industry
  • Region

Key companies profiled

Report coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Customization & pricing

Available upon request

Categorization of Enterprise Password Management Industry Research

Solution

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

Deployment

  • Cloud-based Enterprise Password Management
  • On-Premise Enterprise Password Management

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

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Media Release

- FAQs -

The global enterprise password management market is currently valued at around US$ 1.38 Bn.
Demand for enterprise password management increased at 11.8% CAGR from 2016 to 2020.
Increasing adoption of IoT & mobile applications, cloud-based deployments, and the BYOD trend among enterprises is initiating a rise in advanced level threats across the globe, resulting in higher adoption of password management solutions among enterprises. 
According to Persistence Market Research analysis, the U.S., U.K., and China are key countries providing enterprise password management solutions.
North America dominated the global market for enterprise password management, accounting for 35% market share in 2020.
The European market for enterprise password management is expected to rise at a CAGR of 14.5% from 2021 to 2031.
The BFSI sector is expected to dominate the market, generating revenue of US$ 925.7 Mn by 2031. However, the retail sector is estimated to drive more demand.
Leading countries driving demand for enterprise password management are the U.S., China, India, U.K., Germany, and Brazil.
Demand for enterprise password management in Japan and South Korea is expected to account for 35.8% and 17.3% value share in 2021, respectively, in the East Asia market.
The global enterprise password management market is currently valued at around US$ 1.38 Bn.
Demand for enterprise password management increased at 11.8% CAGR from 2016 to 2020.
Increasing adoption of IoT & mobile applications, cloud-based deployments, and the BYOD trend among enterprises is initiating a rise in advanced level threats across the globe, resulting in higher adoption of password management solutions among enterprises. 
According to Persistence Market Research analysis, the U.S., U.K., and China are key countries providing enterprise password management solutions.
North America dominated the global market for enterprise password management, accounting for 35% market share in 2020.
The European market for enterprise password management is expected to rise at a CAGR of 14.5% from 2021 to 2031.
The BFSI sector is expected to dominate the market, generating revenue of US$ 925.7 Mn by 2031. However, the retail sector is estimated to drive more demand.
Leading countries driving demand for enterprise password management are the U.S., China, India, U.K., Germany, and Brazil.
Demand for enterprise password management in Japan and South Korea is expected to account for 35.8% and 17.3% value share in 2021, respectively, in the East Asia market.

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