Press release
Password Manager Market Growth, Trends And Forecast 2024-2033
Password Manager Market
The Business Research Company presents an extensive market research report on the Password Manager Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The password manager market size has grown exponentially in recent years. It will grow from $2.5 billion in 2023 to $3.06 billion in 2024 at a compound annual growth rate (CAGR) of 22.4%. The growth in the historic period can be attributed to increasing awareness of cybersecurity threats, rise in the number of online accounts and passwords, high-profile data breaches and identity theft incidents, growing adoption of digital services and e-commerce, regulatory requirements for stronger password security.
The password manager market size is expected to see exponential growth in the next few years. It will grow to $6.8 billion in 2028 at a compound annual growth rate (CAGR) of 22.1%. The growth in the forecast period can be attributed to continued advancements in password manager technology, integration of biometric authentication for enhanced security, rising emphasis on user convenience and seamless user experience, escalating demand for multi-factor authentication solutions, continuous growth in online activities and remote work arrangements. Major trends in the forecast period include artificial intelligence and machine learning integration, biometric authentication adoption, passwordless authentication solutions, enhanced user experience and interface design, cloud-based password management, increased focus on security education and training, integration with internet of things (iot) devices, blockchain-based security solutions.
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Key Market Players:
Major companies operating in the password manager market report are Apple Inc., Microsoft Corporation, Dell Inc., IBM Corporation, CA Technologies Inc., Zoho Corporation, Okta Inc., CyberArk Software Ltd., Untethered Labs Inc., Nord Security, Delinea , Lastpass US LP, 1Password, Keeper Security Inc., ManageEngine, Hitachi ID Systems Inc., Dashlane Inc., Core Security SDI Corporation, Bitwarden Inc., Avatier Corporation, Siber Systems, Id Agent LLC, Lunabee Studio, GateKeeper Enterprise, CommonKey Inc., EnPass, Hypervault , Lamantine Software Company, Password Boss Inc., SplashData Inc., True Key
Market Drivers:
The increasing cybersecurity risks are expected to propel the growth of the password manager market going forward. Cybersecurity risks refer to potential threats and vulnerabilities in the digital realm that can compromise the confidentiality, integrity, and availability of information and technology systems. Password managers can produce intricate and distinct passwords for each account, heightening the difficulty for attackers to guess or crac*k them, typically comprising a blend of letters, numbers, and symbols, often longer than those individuals would generate independently. For instance, in November 2022, according to the Australian Cyber Security Centre, an Australia-based government agency, the number of cybercrime reports received in 2021-2022 was 76,000, an increase of nearly 13% from the 2020-2021 financial year. Therefore, increasing cybersecurity risks will drive the password manager market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/password-manager-global-market-report
The password manager market covered in this report is segmented -
1) By Solution Type: Self-Service Password Management, Privileged User Password Management
2) By Product Type: Windows System, Android System, iOS Systems, Linux Systems, Other Systems
3) By Deployment: Cloud Based, On-Premise
4) By Application: Commercial User, Private User
5) By End-User Vertical: Banking, Financial Services And Insurance (BFSI), Healthcare, IT And Telecommunication, Other End-User Verticals
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