"Demand from BFSI Industry to Drive Growth Prospects"
Banking, Financial Services and Insurance (BFSI) remains the largest value contributing end-use segment in the global password management market. The dominance of the BFSI segment will continue throughout the forecast period. In a bid to ensure data confidentiality and security, organizations and institutions offering BFSI services use password management solutions that help them monitor, identify, control, and defy data breaches. With digitalization and continually evolving business models worldwide, it has become imperative for organizations to ensure data is kept safe and secured using passcode management processes. Many firms, especially large enterprises have shown inclination towards use of password management solutions as their first line of defense. Adoption of password management solutions is bound to surge across wide range of verticals, driving market growth in the coming years.
The global password management market expected to expand at a CAGR of 14.5% during the forecast period from 2018 to 2026.
"North America to Dominate, Asia Pacific to Register Strong Growth"
In terms of value contribution, North America led the global password management market followed by Europe in 2017. The value contribution of North America in the global password management market stood at around 36% in the same year. The U.S. represents the largest individual password management market worldwide. This dominance is on the back of regulations, laws and mandates that support deployment of identity and access management solutions across large enterprises as well as SMEs. On the flipside, Asia Pacific is presumed to register stronger growth over the forecast period. With multitude of industries embracing information technology, demand for security solutions including password management solutions will surge in Asia Pacific during the forecast period.
Key Players:
The global password management market is moderately fragmented and competitive. Some of the major vendors profiled in the research report include CA Technologies, Avatier, Courion Corporation, Fastpass Corporation, Sonicwall, Hitachi ID Systems, IBM Corporation, Netiq, Microsoft Corporation, SplashData, Inc., Zoho Corporation, and Sailpoint Technologies among others.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Password Management market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
ATTRIBUTE | DETAILS |
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Research Period | 2022-2032 |
Base Year | 2023 |
Forecast Period | 2024-2032 |
Historical Year | 2022 |
Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report