Complete growth overview on Password Management Market in 2019-2026 including top key players Avatier, Ca Technologies, Courion Corporation, etc

Password Management Market Snapshot:

The global password management market was valued at USD 400 million in 2017 and is expected to grow at a CAGR of 16% during the forecast period, 2019–2026.

Password management primarily involves the adoption of a software application to manage and store passwords that a user possesses for various online accounts. The primary functions of password management systems include imposing password complexity, password rotation, and others. Cloud-based storage, mac, and Linux-based systems are, at present, trending in the market as they improve workflow and hence, facilitate cost savings. However, each of these resources requires its own password for access, which propels the demand for password management systems.

The rapidly increasing cases of cybercrime and the losses associated with them on an individual or organization level are the key factors expected to drive market growth during the forecast period, 2019–2026. According to a report by Cybersecurity Ventures and Thycotic, in 2016, more than 3 billion passwords and credentials were stolen. Additionally, according to the Verizon Data Breach Investigation Report (DBIR), in 2017, 81% of hacking-related breaches were a result of stolen/weak passwords.

The growing trend of consumer identity and access management and Europe’s General Data Protection and Regulation (GDPR) are the key factors expected to fuel market growth during the forecast period. Certain policies adopted by government bodies in Europe to protect personal data are also expected to provide impetus to market growth during the forecast period, 2019–2026. For instance, the General Data Protection Regulation released in May 2016 by the European Union states that organizations that gather or process personal data in the European Union must comply with the new rules and regulations.

Rapid digital transformation with the increased adoption of smartphones and increase in the number of online transactions is a key trend expected to propel market growth in Asia Pacific during the forecast period. This trend has created a new avenue for cybercriminals, fraudsters, and others to steal identity information. According to the global Security Intelligence Report (SIR) released by Microsoft Corporation, in 2017, emerging economies in Asia are the most vulnerable to malware, phishing, and other cyber threats. The SIR report also noted a 300% increase in global cyber accounts managed in the cloud service. Additionally, the total number of logins from malicious IP addresses increased by 44% year over year.

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The Major Players Covered in this Report: Avatier, Ca Technologies, Courion Corporation, Dell Sonicwall, Fastpass Corp, Hitachi ID Systems, IBM, Netiq, Microsoft, and Sailpoint Technologies. & More.

Each section of the report reveals critical information about the global Password Management market that could be used to ensure strong growth in the coming years. Our unique blend of primary and secondary research techniques helped us to acknowledge hidden business opportunities available within the global Password Management market, besides collecting significant insights of market participants and obtaining precise market data. It includes several research studies like manufacturing analysis, absolute dollar opportunity, pricing analysis, company profiling, production and consumption analysis, and market dynamics.

By Type, Self-Service Password Management, Privileged User Password Management,
By Enterprise, Small and Medium Enterprises, Large Enterprises,
By End-User, Energy, and Utilities, Retail, BFSI, Government and Defence, Healthcare, Others,

Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Password Management in the APAC Region
Asia-Pacific region is anticipated to hold the largest market share in the global Password Management market during the forecast period 2019-2026. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia, which account for the largest share in this region. India is one of the largest producers of Password Management and a major exporter of the product to various countries across the globe. India accounts for around 80% of the world’s exports of Password Management. The favorable climatic conditions and growth of agricultural inputs and allied services like cold storage and warehousing in India are prompting higher production.

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Recent Developments:
In September 2018, Google released new features for Chrome to improve the overall browser experience. Major features in this update include an improved password manager, which will allow the browser to automatically generate a random password when you sign up to websites for the first time. This would allow the browser to stop users from picking the same password for each site, thereby ending up with a security headache if a site is breached.
In October 2018, Ivanti, a company involved in the development of cybersecurity and IT management solutions, launched a new solution named Ivanti Password Director, which allows quick and secure password reset. The new service would allow users to unlock their accounts from any desktop window or mobile app without seeking permission from the enterprise service desk.
In August 2017, SyferLock Technology Corporation announced its partnership with Avatier Corporation to upgrade SyferLock’s authentication solution interoperable with Avatier’s Password Station.
In November 2017, Tunnelbear, a popular virtual private network provider, announced the decision to expand its operations in password management with Remember, which primarily encrypts and stores all passwords and other credentials and automatically fills data when the user is purchasing or surfing various retail sites.

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Key Password Management Market Trends:
- The report identifies, determines, and forecasts the Global Password Management Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Password Management Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is Expected to Drive the Growth
- Rising Adoption of Market Segments in this Growth
- North American, Europe is Expected to Witness Higher Growth Rate over the Forecast Period
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Password Management Market.

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This release was published on openPR.