Password Manager Global Market Report 2024

The password manager market size has grown exponentially in recent years. It will grow from $2.5 billion in 2023 to $3.06 billion in 2024 at a compound annual growth rate (CAGR) of 22.4%. The growth observed in the historic period can be attributed to several factors, including the increasing awareness of cybersecurity threats, a rise in the number of online accounts and passwords, high-profile data breaches and identity theft incidents, the growing adoption of digital services and e-commerce, and regulatory requirements for stronger password security. These factors collectively contributed to the heightened demand for cybersecurity solutions and services, as individuals and organizations sought to safeguard their digital assets and sensitive information from evolving cyber threats.

The password manager market size is expected to see exponential growth in the next few years. It will grow to $6.8 billion in 2028 at a compound annual growth rate (CAGR) of 22.1%. The anticipated growth during the forecast period is driven by the ongoing evolution of password manager technology, the incorporation of biometric authentication for heightened security measures, a growing emphasis on user convenience and seamless experiences, increasing demand for multi-factor authentication solutions, and the sustained expansion of online activities and remote work setups. Key trends expected in the forecast period encompass the integration of artificial intelligence and machine learning, the adoption of biometric authentication methods, the emergence of passwordless authentication solutions, enhancements in user experience and interface design, the adoption of cloud-based password management systems, a heightened focus on security education and training, integration with Internet of Things (IoT) devices, and the exploration of blockchain-based security solutions.

The anticipated rise in cybersecurity risks is poised to drive the growth of the password manager market in the coming years. Cybersecurity risks encompass potential threats and vulnerabilities in the digital domain that pose a threat to the confidentiality, integrity, and availability of information and technology systems. Password managers play a crucial role in mitigating these risks by generating intricate and unique passwords for each account, significantly enhancing the difficulty for attackers to guess or crack them. These passwords typically consist of a combination of letters, numbers, and symbols, often longer than those individuals would create independently. For instance, in November 2022, the Australian Cyber Security Centre reported a significant increase in cybercrime reports received during the 2021-2022 financial year, reaching 76,000 - an uptick of nearly 13% from the previous year. Consequently, the escalating cybersecurity risks are expected to fuel the demand for password managers.

Major companies in the password manager market are strategically focusing on the development of advanced technologies, such as biometric password managers, to establish a competitive edge. Biometric password managers integrate biometric authentication methods into their password management systems. For instance, in July 2022, VINCSS, an Internet Security Services Company based in Vietnam, unveiled a pioneering FIDO2 platform for password management. The VinCSS FIDO2 KeyVault leverages an HMAC Secret Extension to eliminate the necessity for a master password in day-to-day operations, thereby mitigating the risk of master password exposure. When new users or those establishing a new vault with this solution, they are prompted to name their vault and select a FIDO2 key, such as a VinCSS FIDO2 Authenticator or another biometric hardware or software key. The system employs a private instance method for key derivation, ensuring that the root secret is stored in memory only briefly during vault access. This approach not only enhances security but also aligns with the industry's progression towards passwordless authentication solutions.

In October 2023, Okta, a United States-based company specializing in identity management and platform services, completed the acquisition of Uno for an undisclosed sum. This strategic move by Okta aims to leverage Uno's expertise in security, identity, and artificial intelligence to accelerate the development and deployment of Okta Personal. Uno, also based in the US, is known for its password manager applications designed for iOS and Mac platforms, along with a Chrome extension.

Major companies operating in the password manager market report are Apple Inc., Microsoft Corporation, Dell Inc., IBM Corporation, CA Technologies Inc., Zoho Corporation, Okta Inc., CyberArk Software Ltd., Untethered Labs Inc., Nord Security, Delinea, Lastpass US LP, 1Password, Keeper Security Inc., ManageEngine, Hitachi ID Systems Inc., Dashlane Inc., Core Security SDI Corporation, Bitwarden Inc., Avatier Corporation, Siber Systems, Id Agent LLC, Lunabee Studio, GateKeeper Enterprise, CommonKey Inc., EnPass, Hypervault, Lamantine Software Company, Password Boss Inc., SplashData Inc., True Key.

North America was the largest region in the password manager market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the password manager market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the password manager market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A password manager is a software tool specifically designed to securely store and organize a user's passwords for various online accounts. Its primary function is to assist users in generating, storing, and retrieving complex and unique passwords for each account, thereby bolstering the security of their online presence.

Password managers typically offer two main solution types such as self-service password management (SSPM) and private user password management. SSPM enables end-users to independently reset, recover, or manage their passwords without requiring direct IT intervention. These password manager products are categorized based on the operating systems they support, including Windows, Android, iOS, Linux, among others. They are deployed in both cloud-based and on-premise environments, catering to commercial and private user applications across various industry verticals such as banking, financial services, and insurance (BFSI), healthcare, IT and telecommunications, among others.

The password manager research report is one of a series of new reports that provides password manager market statistics, including the password manager industry's global market size, regional shares, competitors with an Password manager market share, detailed password manager market segments, market trends and opportunities, and any further data you may need to thrive in the password manager industry. This password manager market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The password manager market includes revenues earned by entities by storing subscriptions, managing digital passwords, cross-platform compatibility, privileged user password management, and password auditing. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The password manager market also includes sales of secure USB drives and smart cards. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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