According to a recent study by Hexa Research, Stringent regulations pertaining to creation and alteration of passwords and complexity of systems are generating high demand for password management solutions from many organizations worldwide. Rising accounts of cyber crimes are leading to increased need for efficient password protection services, either self serviced or privileged.
Cloud computing and effective pricing are also contributing to growth. The global password management market was valued at approximately $310 million in 2014. It is expected to grow to around $708 million in 2019. However, Hexa Research opines that higher need for customized solutions and poor success rate of implemented projects will inhibit industry growth.
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Key end-use industries for the global password management market constitute education, banking, financial services, and insurance, healthcare, telecom, manufacturing, energy, etc. These sectors are characterized by a complex network of password protected systems that permit access only to specific authorized users.
Hexa Research segments global password management industry on the basis of organizational size into enterprises and SMBs – small and medium-sized businesses. Enterprises create significant demand for password management services due to the need for securing their complex systems.
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North America will prove to be most lucrative for the growth of password management industry primarily due to widespread end-use applications. Also, there is a high presence of several market players in this region, which boosts growth. Hexa Research identifies IBM, Google, Microsoft, Dell, Sailpoint Technologies, Avatier Corporation and Knowledge Secure Systems Ltd., among others, as the main operators in the global password management industry. They offer on-site or cloud based password management solutions. Google and Microsoft are engaged in development of innovative methods for managing passwords that include USB tokens, automatic encrypted solutions, etc.
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