Password management is the process of securing and managing passwords throughout their life cycle. This is achieved with the assistance of password managers, who use built-in encrypted vaults to store privileged credentials. Password manager is a software application that stores and organizes login credentials, usernames, and passwords, logging users in automatically to websites. Furthermore, it is an attempt to improve password usability and security, enabling users to create unique, complex passwords for every online account without needing to remember them. All information is securely stored in a password vault and accessible via the password manager.
One of the key drivers of the password management market is the rise in adoption of remote work culture among various businesses. Furthermore, increase in demand for convenient authentication methods drives market growth. In addition, cybersecurity concerns among consumers have accelerated the market growth. Password management systems play a vital role in protecting sensitive data and reducing the risk of cyberattacks. These systems help users create and manage strong, unique passwords for all their accounts, streamlining the process of maintaining good password hygiene. Thus, this factor propels the growth of the password management market. However, lack of awareness among individuals & businesses and technical limitations are some of the factors that hamper the password management market growth. On the contrary, the rise in online accounts and an increase in adoption of cloud-based services are expected to provide lucrative growth opportunities to the password management market in the upcoming years.
The password management market is segmented into type, access, enterprise size, industry vertical, and region. On the basis of type, the market is bifurcated into self-service password management and privileged user password management. On the basis of access, it is fragmented into mobile devices, desktops & laptops, voice-enabled password systems, and others. On the basis of enterprise size, the market is bifurcated into large enterprises and small and medium-sized enterprises. On the basis of industry vertical, the market is divided into BFSI, IT and telecom, healthcare, retail, government and public secto, manufacturing, and others. On the basis of region, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the password management market include Bitwarden, Inc., Dashlane Inc., Zoho Corporation Pvt. Ltd., 1Password, Nord Security, NortonLifeLock Inc., One Identity LLC, SailPoint Technologies, Inc., LastPass US LP, and Siber Systems, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the password management industry.
One of the key drivers of the password management market is the rise in adoption of remote work culture among various businesses. Furthermore, increase in demand for convenient authentication methods drives market growth. In addition, cybersecurity concerns among consumers have accelerated the market growth. Password management systems play a vital role in protecting sensitive data and reducing the risk of cyberattacks. These systems help users create and manage strong, unique passwords for all their accounts, streamlining the process of maintaining good password hygiene. Thus, this factor propels the growth of the password management market. However, lack of awareness among individuals & businesses and technical limitations are some of the factors that hamper the password management market growth. On the contrary, the rise in online accounts and an increase in adoption of cloud-based services are expected to provide lucrative growth opportunities to the password management market in the upcoming years.
The password management market is segmented into type, access, enterprise size, industry vertical, and region. On the basis of type, the market is bifurcated into self-service password management and privileged user password management. On the basis of access, it is fragmented into mobile devices, desktops & laptops, voice-enabled password systems, and others. On the basis of enterprise size, the market is bifurcated into large enterprises and small and medium-sized enterprises. On the basis of industry vertical, the market is divided into BFSI, IT and telecom, healthcare, retail, government and public secto, manufacturing, and others. On the basis of region, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the password management market include Bitwarden, Inc., Dashlane Inc., Zoho Corporation Pvt. Ltd., 1Password, Nord Security, NortonLifeLock Inc., One Identity LLC, SailPoint Technologies, Inc., LastPass US LP, and Siber Systems, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the password management industry.
Key Benefits For Stakeholders
- The study provides in-depth analysis of the password management market along with current trends and future estimations to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the Password management market size are provided in the report.
- The Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the password management market from 2022 to 2032 is provided to determine the market potential.
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Key Market Segments
By Enterprise Size
- Large Enterprises
- Small and Medium-sized Enterprises
By Industry Vertical
- BFSI
- IT and Telecom
- Healthcare
- Retail
- Government and Public Sector
- Manufacturing
- Others
By Type
- Self-service Password Management
- Privileged User Password Management
By Access
- Mobile Devices
- Desktops and Laptops
- Voice-enabled Password Systems
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- Bitwarden, Inc.
- SailPoint Technologies, Inc.
- Siber Systems, Inc. (RoboForm)
- LastPass US LP
- One Identity LLC
- NortonLifeLock Inc.
- Nord Security
- 1Password
- Zoho Corporation Pvt. Ltd.
- Dashlane Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: PASSWORD MANAGEMENT MARKET, BY TYPE
CHAPTER 5: PASSWORD MANAGEMENT MARKET, BY ACCESS
CHAPTER 6: PASSWORD MANAGEMENT MARKET, BY ENTERPRISE SIZE
CHAPTER 7: PASSWORD MANAGEMENT MARKET, BY INDUSTRY VERTICAL
CHAPTER 8: PASSWORD MANAGEMENT MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the password management market was valued at $2.4 billion in 2022, and is estimated to reach $15.2 billion by 2032, growing at a CAGR of 20.7% from 2023 to 2032.The password management market is likely to experience a significant growth rate of 20.7% from 2022-2032, owing to the rise in adoption of remote work culture, increase in demand for convenient authentication methods, and cybersecurity concerns among consumers.
Password management is the process of securing and managing passwords throughout their life cycle. This is achieved with the assistance of password managers, who use built-in encrypted vaults to store privileged credentials. Password manager is a software application that stores and organizes login credentials, usernames, and passwords, logging users in automatically to websites. Furthermore, it is an attempt to improve password usability and security, enabling users to create unique, complex passwords for every online account without needing to remember them. All information is securely stored in a password vault and accessible via the password manager.
Furthermore, LastPass and Sherweb, an award-winning global cloud solutions provider, are now offering MSP partners the ability to secure the digital workplace from data breaches and cyber threats while minimizing administrative hassle. With this new partnership, Sherweb partners can deploy the LastPass MSP solution across their clients, while relying on the same vendor they trust for their other technology needs. Therefore, such strategies drive the growth of the market.
The market also offers growth opportunities to the key players in the market. Key players are adopting strategies to strengthen their market positions in the password management industry, including new technology adoption, product developments, mergers and acquisitions, joint ventures, alliances, and partnerships. For instance, in June 2020, 1Password, the world’s enterprise password manager, formed a partnership with Rippling, an employee management platform. The partnership extends access to 1Password's market-leading enterprise password manager (EPM) to make it easier for employees to use secure and unique passwords that protect against credential stuffing and other attacks. The partnership also enables small businesses to manage administrative tasks within Rippling using the 1Password SCIM bridge, helping to bolster security while reducing demands on IT such as onboarding employees, especially important with 89% of employees working from home.
The password management market is segmented into type, access, enterprise size, industry vertical, and region. On the basis of type, the market is bifurcated into self-service password management and privileged user password management. On the basis of access, it is fragmented into mobile devices, desktops & laptops, voice-enabled password systems, and others. On the basis of enterprise size, the market is bifurcated into large enterprises and small and medium-sized enterprises. On the basis of industry vertical, the market is divided into BFSI, IT and telecom, healthcare, retail, government and public sector, manufacturing, and others. Region wise, it is analyzed across North America (the U.S., and Canada), Europe (UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players profiled in the study are Bitwarden, Inc., Dashlane Inc., Zoho Corporation Pvt. Ltd., 1Password, Nord Security, NortonLifeLock Inc., One Identity LLC, SailPoint Technologies, Inc., LastPass US LP, and Siber Systems, Inc. The players in the market have been actively engaged in the adoption of various strategies such as business expansion, product launch, collaboration, and partnership to remain competitive and gain an advantage over the competitors in the market. For instance, in April 2023, the Proton Mail company expanded its product offerings with a new password manager: Proton Pass. Proton Pass was programmed by the developers at SimpleLogin, a company offering an anonymous email service that Proton AG acquired over a year ago. SimpleLogin and Proton shared a common interest in solving the issue of making logins"more secure, more private, and easier" to use.
Key Market Insights
By type, the self-service password management segment was the highest revenue contributor to the market and is estimated to reach $10.84 billion by 2032, and is projected to be the fastest-growing segment with a CAGR of 22.0% during the forecast period.By access, the desktops and laptops segment was the highest revenue contributor to the market, and is estimated to reach $6.02 billion by 2032, with a CAGR of 17.7%. However, the voice-enabled password systems segment is estimated to be the fastest-growing segment with a CAGR of 24.9% during the forecast period.
By enterprise size, the large enterprises segment was the highest revenue contributor to the market, and is estimated to reach $8.82 billion by 2032, with a CAGR of 19.1%. However, the small and medium-sized enterprises segment is estimated to be the fastest-growing segment with a CAGR of 23.5% during the forecast period.
By industry vertical, the BFSI segment was the highest revenue contributor to the market, and is estimated to reach $3.38 billion by 2032, with a CAGR of 17.3%. However, the healthcare segment is estimated to be the fastest-growing segment with a CAGR of 26.2% during the forecast period.
Based on region, North America was the highest revenue contributor, accounting for $881.68 million in 2022, and is estimated to reach $4.24 billion by 2032, with a CAGR of 17.3%. However, Asia-Pacific is estimated to be the fastest-growing region with a CAGR of 25.1% during the forecast period.
Companies Mentioned
- Bitwarden, Inc.
- SailPoint Technologies, Inc.
- Siber Systems, Inc. (RoboForm)
- LastPass US LP
- One Identity LLC
- NortonLifeLock Inc.
- Nord Security
- 1Password
- Zoho Corporation Pvt. Ltd.
- Dashlane Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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