SecurePass: Your Enterprise Password Management Solution

In 2022, the market for enterprise password management was estimated to be worth US$ 1,831.2 million, and by the end of 2033, it is anticipated to be worth US$ 7,801.9 million. The market for enterprise password management is anticipated to reach US$ 2,061.9 Mn in 2023 and grow at a CAGR of 14.2% between 2023 and 2033.

The enterprise password management market refers to the market for solutions and services that help organizations manage and secure their passwords used for various accounts and applications within their IT infrastructure. With the increasing number of user accounts, applications, and devices that organizations use for their day-to-day operations, password management has become a critical aspect of cybersecurity.

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The enterprise password management market includes a wide range of solutions and services that are designed to help organizations securely store, manage, and protect passwords. These solutions may include password vaults, password generators, multi-factor authentication (MFA) mechanisms, single sign-on (SSO) solutions, and privileged access management (PAM) tools. These solutions are typically used by enterprises of all sizes and across various industries, including but not limited to finance, healthcare, government, retail, and manufacturing.

Key Development in Enterprise Password Management Market

As of my knowledge cutoff date in September 2021, the enterprise password management market has been witnessing several key developments. Here are some notable ones:

Rise in Adoption of Multi-Factor Authentication (MFA): Many enterprises are adopting multi-factor authentication (MFA) as an additional layer of security to protect their passwords. MFA typically involves the use of multiple authentication factors, such as something you know (password), something you have (smartphone or hardware token), and something you are (biometric data). This helps to reduce the risk of password-related breaches and unauthorized access, and enhances the overall security of enterprise password management.

Growing Demand for Cloud-based Password Management Solutions: Cloud-based password management solutions have gained popularity among enterprises due to their scalability, flexibility, and ease of use. Cloud-based solutions enable enterprises to centrally manage and securely store passwords, and provide convenient access across different devices and locations. Additionally, cloud-based password managers often offer advanced features such as password generation, password sharing, and password strength analysis, which further enhance password security.

Increased Focus on Privileged Access Management (PAM): Privileged access management (PAM) is a subset of enterprise password management that focuses on securing and managing privileged accounts, which have elevated access privileges and can potentially cause significant damage if compromised. Enterprises are increasingly recognizing the importance of PAM in mitigating insider threats and external cyber attacks. PAM solutions typically include features such as password vaults, session monitoring and recording, and just-in-time (JIT) privilege access, which provide granular control and visibility over privileged accounts.

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Innovation and high-value product offerings are key to sustain in this competitive market space:

In May 2021, Avatier launched a passwordless biometric service for remote workers. The upgrade - SaaS Avatier Identity Anywhere 2021 Spring Edition - includes a new universal user interface and passwordless single-sign on (SSO) and IGA login for remote workers.
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 enabling organizations to automate password reconciliation through the Centrify Client to ensure business application availability, users can reduce risk and rely on their password vault as the single source of truth for reliable, consistent access to privileged account passwords.
In June, 2020, Zoho Corporation Pvt. Ltd. introduced the SIEM (Security Information and Event Management) integrations in Zoho Vault. Zoho's password management application helps businesses securely store, share, and manage passwords from anywhere.

Key Takeaways from Market Study

Demand for password management services is estimated to surge. However, password management software is estimated to continue to hold a significant market share through 2031.
The retail sector is expected to emerge as a high-growth end user. However, BFSI is estimated to dominate market share through 2031.
By enterprise size, large enterprises are estimated to hold substantial market share; however, demand from SMEs is expected to expand faster at a CAGR of over 15% throughout the next ten years.
The North America market accounts for a major market share, on the back of technological advancements in the fields of cloud and analytics and the BYOD trend.

"Enterprise password management is the process where enterprises use security controls to prevent data breaches. The software stops cyber-criminals from taking master passwords, credentials, secrets, tokens, and keys to gain access to confidential systems and data," says a Persistence Market Research analyst.

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Increasing Adoption of Password Management Solutions by SMEs

2020 has broken all records of data lost in breaches and sheer numbers of cyber-attacks on governments, companies, and individuals alike. Additionally, threats have increased from the application of emerging technologies such as artificial intelligence, machine learning, and 5G, and especially from greater tactical cooperation among state actors and hacker groups.

Enterprise password management solutions make it simple and easy to manage passwords for teams and groups of employees. Enterprise-class password managers are one of the easiest ways and the most cost-effective methods that help employees to lock their online accounts. Due to COVID-19, the number of cyber-attacks have increased drastically, which resulted in high adoption of password management solutions by small and medium enterprises. Most organizations are investing in fixing their current inefficient data and password management systems.

A password manager for a small and medium enterprise should be user-friendly, have secure password sharing, and also come with compact security to protect all the sensitive data of the business. Most industries are now becoming aware of the importance of password management, and thus, there is a significant rise that has been observed in product adoption.

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