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Growing Demand For Password Managers Driven By Escalating Cybersecurity Risks: Powering Innovation and Expansion in the Global Password Manager Market by 2025
Password Manager
What Is the Expected CAGR for the Password Manager Market Through 2025?
The market size of the password manager has experienced remarkable growth in the past few years. It has been projected to ascend from $3.06 billion in 2024 to $3.75 billion in 2025, indicating a compound annual growth rate (CAGR) of 22.6%. This substantial growth over the historical timeline can be linked to numerous factors, including increased consciousness towards cybersecurity threats, the surge in the quantity of online accounts and passwords, instances of critical data breaches and identity thefts, the rising embracement of digital services and e-commerce, and strengthened password security guidelines enforced by regulators.
What's the Projected Size of the Global Password Manager Market by 2029?
Anticipations are high for a significant surge in the password manager market size in the forthcoming years. The market is projected to expand to $8.26 billion by 2029 with a compound annual growth rate (CAGR) of 21.9%. The predicted growth for this period is tied to the relentless advancements in password manager technology, the integration of biometric authentication for improved security, an ascending focus on user comfort and effortless user interaction, burgeoning requirement for multi-factor authentication solutions and the steady increase in online activities and work-from-home setups. Major tendencies for the forecast period encompass the embedding of artificial intelligence and machine learning, application of biometric authentication, passwordless authentication solutions, an improved user interaction and interface design, management of passwords via the cloud, amplified concentration on security education and training, amalgamation with Internet of Things (IoT) devices, and security solutions based on blockchain.
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Top Growth Drivers in the Password Manager Industry: What's Accelerating the Market?
The growth of the password manager market appears to be fuelled by increasing cybersecurity risks. These refer to digital threats and susceptibilities that could potentially compromise the confidentiality, integrity, and accessibility of IT systems. Password managers enhance security by generating complex and unique passwords for each account. These password combinations usually comprise a mix of letters, numbers, and symbols, and they are typically longer than those generated by individuals. For instance, the UK's Department for Science, Innovation and Technology stated in April 2024 that about 22% of businesses and 14% of charities faced cyber crime during the previous year. These percentages rose to 45% for medium-sized businesses, 58% for large businesses, and 37% for high-income charities. Among half of businesses and 32% of charities who reported some sort of cybersecurity breaches or attacks, a little over two-fifths (44% for businesses and 42% for charities) ended up as victims of cyber crime. Consequently, the rise in cybersecurity risks is expected to boost the demand for password manager market.
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What Trends Will Shape the Password Manager Market Through 2029 and Beyond?
Key players in the password manager marketplace are concentrating on the creation of sophisticated technologies, like biometric password managers, in order to stay competitive. Biometric password managers constitute a type of password management system that utilizes biometric verification procedures. For example, in July 2022, VINCSS, an internet security company based in Vietnam, launched a FIDO2 platform for password management, marking itself as an industry front-runner. The VinCSS FIDO2 KeyVault employs an HMAC Secret Extension, removing the requirement for a daily master password, thereby mitigating master password breach risk. Users who are newer or establishing a new vault with this system are directed to label their vault and select a FIDO2 key. This can either be a VinCSS FIDO2 Authenticator or a different biometric hardware or software key. The system applies a private method for key derivation, ensuring the root secret is only preserved in memory during the short interval that the vault is being accessed. This method increases security and corresponds with the industry's shift towards passwordless verification solutions.
What Are the Main Segments in the Password Manager Market?
The password managermarket 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
Subsegments:
1) By Self-Service Password Management: Password Reset Tools, Self-Service Password Recovery Solutions, Multi-Factor Authentication (MFA) Integration, Security Questions And Answers, Mobile Password Management Apps
2) By Privileged User Password Management: Password Vaulting Solutions, Session Management Tools, Password Rotation And Policy Enforcement, Access Control And Auditing Features, Secure Sharing And Collaboration Tools
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Which Top Companies are Driving Growth in the Password Manager Market?
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
Which Regions Will Dominate the Password Manager Market Through 2029?
North America was the largest region in the password manager market in 2024. 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.
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