DUBLIN--(BUSINESS WIRE)--The "Password Management Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering.
The global password management market was valued at US$726.576 million in 2019 and is expected to show good growth over the forecast period.
Changing working trends in many regions has led to an increase in the number of employees working offsite and accessing enterprise servers over an unprotected and unmonitored public network. Insufficient physical security and weak password management can allow hackers to create pathways and bypass standard controls to gain unauthorized access to sensitive data through these endpoints. This is increasing the need for advanced password management solutions and services, thus boosting the market growth.
Furthermore, security breach attempts from within the organization are harder to detect than those from outside the organization. Employees within an organization have to go through lesser layers of security to gain access to sensitive data not meant for them. Insufficient security at these endpoints can put the data at risk which is further increasing the demand for robust password managers which can provide enough security by securely storing passwords and facilitating easy creation of new passwords in case of an attack. Continuously evolving malware poses a continuous risk of the data breach.
For instance, NotPetya ransomware was a fake tax software update which emerged in Ukraine and went on to infect thousands of systems in over 100 countries. This attack caused huge losses to a large number of companies. Merck & Co., Inc. suffered a loss of around $300 million in the third quarter of 2017. Another ransomware attack called WannaCry affected thousands of machines at banks, law enforcement agencies, and other enterprises and organizations. Such attacks have increased the need for solutions that can safeguard access to any component of an enterprise's infrastructure by securing passwords to them, thus augmenting their market growth.
The market growth is also being driven by a heavy flow of investments into communication and technology across the globe. Increasing digitization across industries is increasing the number of data centers in various locations across the globe with huge volumes of data being stored at each data center. Facebook, for instance, has more than 300 PB of data in its data centers which is increasing continuously.
Similarly, other enterprises across the globe also have huge volumes of data in their data centers which calls for effective solutions to eliminate any risk of security breach attributed to password compromise. This is driving the demand for advanced password managers among enterprises. Continuously evolving attacks pose a continuous risk to the data being stored at the data centers. Rapidly shifting trends towards public cloud data centers, coupled with an increasing number of devices accessing the information in the cloud, have further elevated the risk of data loss due to unsafe passwords.
Prominent key players in the password management market include LogMeIn, Inc., 1Password, Click Studios (SA) Pty Ltd, Dashlane Inc., Hitachi ID Systems, Inc., Keeper Security, Inc., and Zoho Corp, among others. These companies hold a noteworthy share in the market on account of their good brand image and quality of offerings. Many major players in the Password Management market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Lifecycle Analysis - Regional Snapshot
5. Password Management Market Analysis, By Offering
6. Password Management Market Analysis, By Enterprise Size
7. Password Management Market Analysis, By End User
7.2. Communication and Technology
8. Password Management Market Analysis, By Geography
8.2. North America
8.3. South America
8.4.3. United Kingdom
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.3. South Korea
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.1. LogMeIn, Inc.
10.3. Click Studios (SA) Pty Ltd
10.4. Dashlane Inc.
10.5. Hitachi ID Systems, Inc.
10.6. Keeper Security, Inc.
10.7. Zoho Corp
10.9. SolarWinds MSP
For more information about this report visit https://www.researchandmarkets.com/r/bxliqk