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SMBs are using password management solutions, and that sector is fueling market growth.
October 10, 2022
Password management presents a lucrative opportunity for the channel. That’s because research predicts the global market to more than quadruple in value, exceeding $4.7 billion by 2028.
A new report by QYResearch expects a compound annual growth rate of 18.6% through 2028. The market was valued at more than $1.4 billion in 2021.
GoTo, Trend Micro, Hitachi ID Systems, Okta, Sailpoint Technologies and others are major players in the global password management market. The top five businesses in 2019 held a combined market share of over 39%. Trend Micro holds the dominant position with almost 12% of the global market.
One of the main factors driving password management market growth is the growing use of password management solutions by SMBs.
Hackers have a chance every time a user logs into a new program. Single sign-on (SSO) decreases the attack surface. That’s because users only log in once a day and use a single set of credentials. Enterprise security is increased by limiting the login to a single set of credentials.
In addition, SSO helps with regulatory compliance. IT controls must be documented and firms must demonstrate that sufficient measures are in place to secure data to comply with regulations like Sarbanes-Oxley. Moreover, SSO is a means to satisfy data access and antivirus needs. This factor should drive password management market growth.
Password management software employs security measures to thwart attempts by internal and external threats to get master passwords, credentials, secrets, tokens and keys in order to access private systems and data. On-premises and in the cloud are both options for these centralized password management systems.
Cloud-based password managers are safer than browser-based ones since they include more features that increase security. Most cloud-based password managers include a backup for vault as a start. An organization can restore a recent version of the database in the event that the server is damaged. Additionally, cloud-based password managers let users save protected notes and credit card information in addition to passwords. Users may safeguard all important information in this way. This in turn should drive market growth.
Based on region, look for Asia Pacific to be the most lucrative. That’s due to increasing digitization initiatives, a rise in fraud and identity theft over the past 10 years, and digital identity use cases across sectors. The use of new technologies like artificial intelligence (AI), machine learning (ML), and automation in verification solutions, as well as government and corporate initiatives focused on digitalization, would also offer the lucrative potential for password management companies.
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