TBRC: Password Manager Market to Hit $6.8 Billion by 2028 with 22.1% CAGR, Driven by Cybersecurity Risks

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Password Manager Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $6.8 billion In 2028 At A CAGR Of 22.1%:

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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Password Manager Market Major Segments
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

Key Driver - Growing Demand For Password Managers Driven By Escalating Cybersecurity Risks

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 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.

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Prominent Trend - Rise of Biometric Authentication Technologies

Major companies operating in the password manager market are focused on developing advanced technologies, such as biometric password managers, to gain a competitive advantage. Biometric password managers refer to a type of password management system that incorporates biometric authentication methods. For instance, in July 2022, VINCSS, a Vietnam-based Internet Security Services Company, introduced a FIDO2 platform for password management, positioning itself as a pioneer in the market. The VinCSS FIDO2 KeyVault utilizes an HMAC Secret Extension to eliminate the need for a master password in daily operations, thereby reducing the risk of master password exposure. New users or those creating a new vault with this solution are prompted to name their vault and select a FIDO2 key, such as a VinCSS FIDO2 Authenticator or another biometric hardware or software key. The system employs a private instance method for key derivation, ensuring that the root secret is stored in memory only during the brief period when the vault is accessed. This approach enhances security and aligns with the industry's move towards passwordless authentication solutions.

Password Manager 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

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Largest And Fastest Growing Region In The Market
North America was the largest region in the password manager market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the password manager market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Password Manager Market Report Structure
3. Password Manager Market Trends And Strategies
4. Password Manager Market - Macro Economic Scenario
5. Password Manager Market Size And Growth
…..
27. Password Manager Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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