Password Management Market Size with CAGR Status, Competitive Landscape, Industry Share, Future Trends, Growth Opportunities and Forecast to 2022-2031

8 min read
21 October 2022

Kenneth Research, in its repository of market research reports, have recently added a report on Password Management Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Password Management Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.

In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.

On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.

Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.

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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further.

Password Management Market valued approximately USD 400 Million in 2016 is anticipated to grow with a healthy growth rate of more than 18% over the forecast period 2017-2025. The key factor which gives growth the market is growing adoption of password management solutions by small and medium organization. Furthermore, rising strict compliance, is encouraging application of these solutions among various end users across the globe. However, till now, success of password self-service projects is low among various end-users is a major concern among major market players.

Password management is not only used by enterprises, but also it is helpful for individual users like a security tool for their devices and accounts. Similarly, it is largely used by various end users to secure, monitor, manage, and audit the activities connected with privileged accounts. Now a day cyberattacks appear to become more prevalent and far reaching in their damage, further it is required for individuals and also for organizations to protect their data. Ability to transfer customer data, client files, medical records, employee files, financial records, and other valuable and sensitive information has enhanced the legal risks.

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study.

Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:

*Self-Service Password Reset
*Privileged User Password Management

By Access:

*Desktop
*Mobile Devices
*Voice Enabled Password Reset

By Deployment:

*On-Premise
*Hosted

By Industry vertical:

*BFSI
*Telecom & IT
*Energy, Oil & Gas
*Public Sector & utilities
*Manufacturing
*Education
*Healthcare
*Retail & Wholesale Distribution
*Others

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By Regions:
North America
U.S.
Canada
Europe
UK
Germany
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2015
Base year – 2016
Forecast period – 2017 to 2025

Some of the key manufacturers involved in the market are Avaiter, Ca Technologies, Courion Corporation, Hitachi ID Systems, IBM, Netiq, Dell Sonicwall, Fastpass Corp, Microsoft, and Sailpoint Technologies. Acquisitions and effective mergers are some of the strategies adopted by the key manufacturers. New product launches and continuous technological innovations are the key strategies adopted by the major players.

Target Audience of the Password Management Market in Market Study:

*Key Consulting Companies & Advisors
*Large, medium-sized, and small enterprises
*Venture capitalists
*Value-Added Resellers (VARs)
*Third-party knowledge providers
*Investment bankers
*Investors

Chapter 1. Global Password Management Market Definition and Scope
1.1. Research Objective
1.2. Market Definition
1.3. Scope of The Study
1.4. Years Considered for The Study
1.5. Currency Conversion Rates
1.6. Report Limitation
Chapter 2. Research Methodology
2.1. Research Process
2.1.1. Data Mining
2.1.2. Analysis
2.1.3. Market Estimation
2.1.4. Validation
2.1.5. Publishing
2.2. Research Assumption
Chapter 3. Executive Summary
3.1. Global & Segmental Market Estimates & Forecasts, 2015-2025 (USD Billion)
3.2. Key Trends
Chapter 4. Global Password Management Market Dynamics
4.1. Growth Prospects
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.2. Industry Analysis
4.2.1. Porter’s 5 Force Model
4.2.2. PEST Analysis
4.2.3. Value Chain Analysis
4.3. Analyst Recommendation & Conclusion

Chapter 5. Global Password Management Market, by Type
5.1. Market Snapshot
5.2. Market Performance – Potential Model
5.3. Password Management Market, Sub Segment Analysis
5.3.1. Self-Service Password Reset
5.3.1.1.1. Market estimates & forecasts, 2015-2025 (USD Billion)
5.3.1.1.2. Regional breakdown estimates & forecasts, 2015-2025 (USD Billion)
5.3.2. Privileged User Password Management
5.3.2.1.1. Market estimates & forecasts, 2015-2025 (USD Billion)
5.3.2.1.2. Regional breakdown estimates & forecasts, 2015-2025 (USD Billion)

Chapter 6. Global Password Management Market, by Access
6.1. Market Snapshot
6.2. Market Performance – Potential Model
6.3. Password Management Market, Sub Segment Analysis
6.3.1. Desktop
6.3.1.1.1. Market estimates & forecasts, 2015-2025 (USD Billion)
6.3.1.1.2. Regional breakdown estimates & forecasts, 2015-2025 (USD Billion)
6.3.2. Mobile Devices
6.3.2.1.1. Market estimates & forecasts, 2015-2025 (USD Billion)
6.3.2.1.2. Regional breakdown estimates & forecasts, 2015-2025 (USD Billion)
6.3.3. Voice Enabled Password Reset
6.3.3.1.1. Market estimates & forecasts, 2015-2025 (USD Billion)
6.3.3.1.2. Regional breakdown estimates & forecasts, 2015-2025 (USD Billion)

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