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Password Manager Market Analysis, Business Development, Size, Forecast To 2033
Password Manager Market
As per the report, 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 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%.
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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, 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.
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.
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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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
Contents of the report:
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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