Password Management Market Size To Reach $11.86 Billion By 2030

Password Management Market Growth & Trends

The global password management market size is anticipated to reach USD 11.86 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 21.8% from 2024 to 2030. Increasing complexity of compliance, regulatory, and risk management environment in businesses are promoting the implementation of password management solutions across several industries worldwide. In addition, strict and complex password creation rules and mandates by governments are playing a vital role in shaping the future of the market.

With the upswing in the number of transactions sent via the internet every day, it has become more imperative to follow secure and safe password management practices. Passwords help in protecting online information such as emails, bank accounts, medical records, and more. Breaches that occurred in 2015 with various enterprises such as Home Depot, Target, TJX, and Heartland Payment systems helped in creating widespread awareness regarding the significance of using unique passwords for each online account. Most security professionals recommend the use of password management applications as the most secure and practical way for people to follow safe password practices.

Password management use is not only restricted to enterprises but also helps individual users as it is a security tool for their accounts and devices. Additionally, it is widely used by end-users to audit, secure, monitor, and manage all the activities associated with privileged accounts.

Mobile device password management is poised to post the highest CAGR of 19.8% between 2017 and 2025. These solutions help organizations secure mobile devices, including tablets and smartphones, from threats. Password security applications help in securing the devices even in offline mode in the absence of an internet connection.

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Password Management Market Report Highlights

• Self-service password management held the largest market revenue share of 57.1% in 2023. It enhances user convenience by allowing individuals to reset and manage their passwords without IT assistance, reducing downtime and increasing productivity.

• Desktops & laptops segment accounted for the largest market revenue share in 2023. With the rise in remote work and online activities, individuals and businesses rely more heavily on these devices to access sensitive information and conduct secure transactions.

• The large enterprises segment held the largest market revenue share in 2023. Large enterprises typically handle vast amounts of sensitive data, making robust cybersecurity measures critical to protect against increasingly sophisticated cyber threats.

• North America password management market held the largest market revenue share in 2023. The increasing demand is due to heightened cybersecurity threats, the shift towards remote work, and the proliferation of digital services.

Password Management Market Segmentation

Grand View Research has segmented the global password management market on the basis of type, access, enterprise size, end-use, and region:

Password Management Market Type Outlook (Revenue, USD Million, 2018 - 2030)

• Self-Service Password Management

• Privileged User Password Management

Password Management Market Access Outlook (Revenue, USD Million, 2018 - 2030)

• Mobile Devices

• Desktops & Laptops

• Voice-Enabled Password Systems

• Others

Password Management Market Enterprise Size Outlook (Revenue, USD Million, 2018 - 2030)

• Small and Medium Enterprises (SMEs)

• Large Enterprises

Password Management Market End-use Outlook (Revenue, USD Million, 2018 - 2030)

• BFSI

• Education

• Healthcare

• Manufacturing

• Public Sector & Utilities

• Retail & Wholesale Distribution

• Telecom & IT

• Others

Password Management Market Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

• Latin America

  • Brazil

  • Argentina

• Middle East and Africa (MEA)

  • Saudi Arabia

  • UAE

  • South Africa

List Of Key Players in the Password Management Market

• 1Password

• Avatier.

• Bravura Security Inc.

• Fortra, LLC (Core Security Technologies)

• Dashlane Inc.

• EmpowerID, Inc.

• FastPassCorp A/S

• Intuit Inc.

• Keeper Security, Inc.

• LastPass US LP

• Microsoft

• SailPoint Technologies, Inc.

• Siber Systems, Inc.

• Trend Micro Incorporated

• Zoho Corporation Pvt. Ltd.