The password management market was valued at USD 1,491. 6 million, and it is expected to grow at a CAGR of 28. 52% during the forecast period 2022-2027. Password management (PM) technologies enable users to reset clients’ passwords following an account lockout or when individuals forget their credentials.
New York, Dec. 15, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Password Management Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” – https://www.reportlinker.com/p06321496/?utm_source=GNW
Additionally, PM tools can synchronize passwords for users across many platforms, enabling users to log into numerous applications using a single password. As more and more financial and personal information is kept online, the demand for complex passwords and safe means to store them has led to the development of password managers. According to Keeper Security, inadequate password security accounts for more than 81% of data breaches.
According to IBM’s Cost of a Data Breach Report 2021, the average cost of a data breach to a corporation is USD4.24 million. Password managers enable users to establish difficult-to-guess passwords and automatically log in to websites without remembering them. Many also offer secure private browsing networks, monitor accounts for data breaches, and test the strength of passwords.
As technology use is increasing, the risks involved in adopting technology in critical scenarios are also on the rise. For instance, sensitive information, such as financial and personal details, breaches, or denial of services by servers on mission-critical systems by the breach of user and password, are driving the demand for password management.
Finance and insurance is the industry that is highly prone to cyber-attacks, as indicated in the graph. For instance, according to the Department of Homeland Security (DHS), “nearly USD 4 billion in cybercrime losses reported to the US government”occurred in 2020. The advent of cryptocurrencies like Bitcoin and the exposure of network vulnerabilities by people working from home during the pandemic has only intensified this danger to cybersecurity.
The flaws in password management applications are challenging the market’s growth and the adoption of such solutions. A security breach from the perspective of the password manager is expected to be catastrophic compared to a single entity breach, owing to the presence of multiple IDs and passwords managed by applications, which make the data even more sensitive.
Since the start of the COVID-19 outbreak, the number of cyberattacks has been drastically increasing, adversely affecting individuals, businesses, and organizations. Employees working from home, lack of information about the spreading outbreak, and growing public fears led the hackers to test a wide range of cyber attack methods and receive financial profit.
Key Market Trends
Mobile Device Password Protection to Dominate the Market
Mobile devices can support each organization’s essential business applications. They provide a host of advantages in addition to expanding the workforce’s potential beyond the office. Mobile devices, as their name implies, allow for the remote execution of business duties. Therefore, remote work is now convenient, thanks to mobile devices.
The demand for password management has grown due to the proliferation of mobile applications since mobile devices can now be equipped with password management software to ensure that only authorized users have access to company data. This gives businesses some visibility and control over mobile apps.
Businesses are attempting to complete tasks using the newest technology. Many digital transformation projects have given birth to digital solutions that demand technological development, such as using mobile devices, which have many advantages for businesses. In 2021, there were 4.2 billion mobile internet subscribers globally, according to GSMA’s “The Mobile Economy 2022.”Similar to how 4G adoption is expanding quickly in early adopter markets, 5G is expected to have 1 billion connections by 2022.
Many companies are now producing dedicated password managers for mobile phones only. For instance, in June 2022, Locker Password Manager was officially launched. Locker is accessible on all popular operating systems, including Windows, macOS, Linux, Android, and iOS tablets and smartphones, as well as Google Chrome, Edge, and Brave. This demand is expected to grow as the device is placed in private and commercial application markets.
Furthermore, in February 2021, Microsoft made its new Autofill product available. Customers would be able to store and manage their website passwords using this service on various platforms, including iPad, Mac, iPhone, Windows PCs, and android smartphones.
Asia-Pacific to Witness the Fastest Growth
The major factors driving the password management market in the Asia-Pacific include increased digitization initiatives, increased fraudulent activities and identity theft over the last decade, and advanced digital identity use cases across verticals. Furthermore, initiatives by governments and businesses focusing on digitalization and the implementation of new technologies such as AI, ML, and automation in verification solutions would present lucrative opportunities for password management vendors.
A fragmented regulatory environment and the rapid transition to digital commerce have spurred several enterprise fraud management (EFM) trends in the Asia-Pacific.
The major contribution of COVID-19 as the world has shifted its work culture from manual to automated; there was an increasing number of online activities, which has raised the huge number of online registrations and profile identification, due to which the risk of fraud has increased thus the demand for the id verification is also growing.
Countries like China, India, and Japan are driving growth in the Asia-Pacific region. The increasing cyber-attacks have propelled China to strengthen its defensive capabilities. This is expected to boost the adoption of security solutions, such as password management, to prevent unauthorized access.
For instance, the government of Japan approved formulating a venture to try hands-on credential stuffing over the increasing use of IoT devices, including devices at both the enterprise network and consumer levels, primarily to ensure security among the population in the digital age. The government mentioned checking 200 million IoT devices in the country with random passwords that never changed above the default one. This will be rectified to enhance security.
According to the National Institute of Information and Communication Technology of Japan, cyber-attacks have significantly increased, especially with IoT devices. Such incidents encourage organizations to deploy password management solutions at the organization and consumer/users’ levels to reset or generate high-strength passwords automatically.
The password management market is highly competitive, with many players. Players like Lastpass US LP (Goto Group Inc.), 1Password (AgileBits Inc.), Dashlane Inc., Keeper Security, Inc, and Avatier companies collaborate strategically and launch new innovative solutions to hold the market position. Mid-size and smaller businesses are expanding their market presence by gaining new contracts and tapping into new markets due to technical improvements and product innovations.
March 2022 – LastPass, the prominent player in password management, announced a partnership with Ping Identity, including PingOneand PingFederate, to better support enterprise customers. Customers who use PingOneand PingFederate as their identity provider (IdP) can now integrate with LastPass to streamline access management and scale effective password hygiene throughout entire organizations, saving time for IT departments while maintaining the security of the data without introducing another step – or password – to the end users’ workflow. With these new improvements, LastPass Business can now be used by enterprises of all sizes and has integrations with all major IdPs.
January 2022 – In order to protect infrastructure secrets, including API keys, certificates, database passwords, and access keys, Keeper Security introduced Keeper Secrets Manager, a new cloud-based, zero-knowledge solution. Keeper Secrets Manager is fully managed and cloud-based. It also uses the same zero-knowledge security architecture as Keeper’s enterprise password management product.
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