New York, According to a new market research report published by Global Insight Services “Password Management Market” is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Password management is the process of creating, storing, and managing passwords in a secure and efficient manner. Strong passwords are essential to protecting online accounts and data, but creating and remembering multiple complex passwords can be difficult. Password management tools and techniques can help simplify the process and reduce the risk of password theft.
There are a number of different password management strategies that can be used, depending on the needs of the individual or organization. One common approach is to use a password manager, which is a software application that stores passwords and other sensitive information in a secure database. The user can then access all of their passwords with a single master password or passphrase. Another approach is to use a mnemonic device, such as a phrase or song, to help remember complex passwords. This can be particularly helpful for long and difficult-to-remember passwords. Finally, it is also important to choose passwords that are not easily guessed and to change them regularly.
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Key Trends
There are a few key trends in password management technology:
1. The move to cloud-based password managers: More and more password managers are moving to the cloud, which makes it easier to sync passwords across devices and share passwords with others.
2. The rise of biometric authentication: Biometric authentication, such as fingerprint scanning and facial recognition, is becoming more common as a way to log into password manager apps.
3. The growth of 2-factor authentication: 2-factor authentication, which adds an extra layer of security to your login, is also becoming more common.
4. The need for stronger security: With the increasing number of data breaches, it’s more important than ever to have a strong password manager in place.
Key Drivers
There are a few key drivers of the Password Management market. Firstly, the increasing number of cyber attacks is driving businesses to invest in password management solutions. Secondly, the need to comply with regulations such as the General Data Protection Regulation (GDPR) is also fuelling the demand for these solutions. Lastly, the growing trend of Bring Your Own Device (BYOD) is also driving the need for password management solutions, as businesses need to ensure that their data is secure when employees are using their own devices for work purposes.
Market Segments
By Type
- Self-service
- Privileged User
By Access
- Mobile
- Desktop & Laptops
- Voice Enabled Password Systems
- Others
By End-User
- Healthcare
- BFSI
- IT & Telecom
- Retail
- Education
- Others
Key Player
The password management market report includes players such as Avatier Corporation, CA Technologies Inc., Centrify Corporation, Core Security SDI Corporation, Dell Software, FastPassCorp A/S, Hitachi ID Systems, Inc., IBM Corporation, Knowledge Secure Systems Ltd., and Microsoft Corporation.
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