Global Password Manager Software Market Insights Forecasts to 2032.

• The Password Manager Software Market Size was valued at USD 2.3 Billion in 2022.
• The Market is Growing at a CAGR of 15.4% from 2022 to 2032
• The Worldwide Password Manager Software Market Size is expected to reach USD 5.9 Billion by 2032.
• Europe is expected To Grow the fastest during the forecast period

The Global Password Manager Software Market is expected to reach USD 5.9 Billion by 2032, at a CAGR of 15.4% during the forecast period 2022 to 2032.

A password is a group of letters and numbers that grants access to computer hardware or services. Encoding and decrypting data is the fundamental function of password management. A line of defence against unauthorised access is a password. A software programme that stores and manages passwords is called password management. Managing passwords is advantageous for both individual users and business users. To assemble and alter the password string, many algorithms are used. Due to the development in complex systems and rules for creating and updating passwords, there is an increased need for an effective password management solution among businesses.

Impact of COVID 19 On Global Password Manager Software Market

With the onset of the COVID 19 pandemic, the number of cyber crimes have drastically increased across the world which is adversely affecting people, organizations, as well as businesses. Not only this but also the people who are working on a remote basis, lack of proper knowledge about the spreading outbreak, and increasing fear among the public has led the hackers to test lots of cyber attacks methods and generate profits. Many organizations which are affected due to cyber frauds have started investing in financial resources in order to fix the present inefficient data and password management systems. The possibility of cyber attacks is anticipated to last longer even after the COVID 19 pandemic. According to the survey done by Deloitte, over half a million people were affected by breaches like phishing attacks and stolen credentials from February to March 2020. This has resulted the market to grow by strengthening the security factors of organizations and offering additional management features to cover the multiple needs of the customers. Thus, pandemic have advanced the digitization process as well as digital transformation.

Key Market Drivers

The requirements of the regulatory agencies for reporting companies’ Anti Money Laundering and KYC compliances are getting more strict. In fact, the Financial Action Task Force has made expansion in the list of reporting businesses and suggested that member nations compel art dealers, compel lawyers, and virtual assets providers to do AML check on the customers. In addition, technological development have taken place in the past ten years. Many companies have started investing in biometric based and next generation identity verification system which are supported by AI. All these factors are resulting into the positive growth in the business by offering better security measures and reducing unnecessary hassles which are propelling the market growth.

Key Market Challenges

Many companies are still not prioritizing the security measures implemented by the data loss and privacy concerns of the customers.  As per the Verizon Data Breach report published in the 2019, around 60% of the cybercrimes were targeted on mi to small sized companies. Password manager flaws, app management issues, and poor construction are restricting the overall growth of the global password management software market. For instance, in August 2022, LastPass has faced cyberattack which has led to data leaks, various password leaks, and exposed encrypted vaults. This has reduced  and received lawsuits for vault breaches and consumer privacy.

Market Segmentation

Type Insights

Self service password management segment accounts the largest market share over the forecast period

Based on type, the global password manager software market is segmented into self service password management and privileged user password management. Among these, self service password management segment accounted the largest market share over the forecast period. This solution helps the users in managing and resetting their passcodes on their own without taking help from helpdesk. This also helps in saving their precious time for the IT department with the reducing in prices incurred within the department. Privileged user password management on the other hand is witnessing the fastest market growth over the forecast period as it facilitates higher security by maintaining passwords of the privileged users, deployment of different methods such as frequent password randomization, automated password resets,  and privileged session recording.

Access Type Insights

Desktop and Laptops segment is dominating the market with the largest market share

On the basis of access type, the global password manager software is segmented into mobile devices, desktops and laptops, voice enabled password systems, and others. Among these desktop and laptops segment is dominating the market with the largest market share over the forecast period. Password management software solutions helps to securing privileged users’ accounts which is present on the server, desktop and laptop operating systems of an IT infrastructure. It is increasingly used to audit, secure, manage, and monitor various tasks related to privileged accounts.

Mobile devices, on the other hand is witnessing the fastest market share over the forecast period. The growth is attributed to the rising trend of BYOD among industries, securing and managing various accounts such as official, financial, and social becomes difficult. Through the help of passcode managers, people of all sectors will get access to collaborative portals.

Organization Insights

Small and medium sized businesses to dominate the market with the largest market share

On the basis of organization, the global password manager software market is segmented into large enterprises, small and medium sized businesses (SMBs). Among these, small and medium sized businesses holds the largest market share over the forecast period. Small businesses must implement suitable security measures despite their limited financial resources and the growing threat. Due to the dynamic and ever-changing nature of business, it is crucial for organisations to use password management systems and processes that effectively protect their data. Sensitive information is kept safe with the aid of password security. As the first line of account defence, many large corporations have invested in password management software.

End User Insights

BFSI segment is dominating the market with the largest market share over the forecast period

Based on the end user, the global password manager software market is segmented into BFSI, education, manufacturing, healthcare, retail and wholesale distribution, public sector and utilities, telecom and IT, and others. The growth is attributed to the highly sensitive nature of assets as well as information which is maintained by banking and financial institutions. Any kind of breach or lapse  in security can be very costly and disastrous along with higher operating costs, revenue losses, and damaged the reputation of the enterprise.

Regional Insights

North America is dominating the market with the largest market share over the forecast period

North America is dominating the global Password Manager Software market over the forecast period because password management solutions are increasingly being used throughout end-use sectors. Moreover, the regional market is anticipated to receive a major boost from ongoing technical developments in the realms of analytics, cloud computing, and BYOD trends.

Asia Pacific, on the other hand is anticipated to witness the fastest market growth over the forecast period. Increased digitization initiatives, a rise in fraud and identity theft over the past ten years, and cutting-edge digital identity use cases across sectors are the main market drivers for password management in the Asia-Pacific region. The use of new technologies like AI, ML, and automation in verification solutions, as well as government and corporate initiatives focused on digitalization, would also offer lucrative potential for password management companies.

Recent Market Developments

• In November 2022, FastPassCorps had launched its updated Identity Verification Client (IVC) version 4.
• In March 2022, CyberRes has acquired Debricked in order to revolutionize how enterprises safeguard their software supply chain for the upcoming years.

List of Key Companies

• Avatier Corporation
• CA Technologies Inc.
• Centrify Corporation
• Core Security SDI Corporation
• Dell Software
• FastPassCorp A/S
• Hitachi ID Systems, Inc.
• IBM Corporation
• Knowledge Secure Systems Ltd.
• Microsoft Corporation

Market Segment

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Password Manager Software Market based on the below-mentioned segments:

Password Manager Software Market, Type Analysis

• Self service password management
• Privileged user password management

Password Manager Software Market, Access Analysis

• Mobile devices
• Desktops & laptops
• Voice enabled password systems
• Others

Password Manager Software Market, Organization Analysis

• Small & medium organization
• Large Enterprise

Password Manager Software Market, End User Type

• BFSI
• Education
• Healthcare
• Manufacturing
• Public sector & utilities
• Retail & wholesale distribution
• Telecom & IT
• Others

Password Manager Software Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa