Password Management market is expected to grow from $311 million in 2014 to $709.6 million by 2019, at an estimated Compound Annual Growth Rate (CAGR) of 17.9 % from 2014 to 2019
Dallas, TX -- (SBWIRE) -- 07/15/2014 -- The report "Password Management Market by Type (Self Service Password Reset, Privileged User Password Management) & by Access (Desktop, Mobile Devices, Voice Enabled Password Reset) - Global Advancements, Forecasts & Analysis (2014-2019)", segments the global market into various sub-segments with in-depth analysis and forecasting of revenues. It also identifies the drivers and restraints for this market with insights into trends, opportunities, and challenges.
MarketsandMarkets expects that the global Password Management market is estimated to be $311million in 2014 and is expected to grow to $709.6million in 2019. This represents an estimated Compound Annual Growth Rate (CAGR) of 17.9% from 2014 to 2019. In the current scenario, NA is expected to be the biggest market on the basis of spending and adoption for the Password Management solutions. MarketsandMarkets further expects that the increasing Password Management markets by SMBs will further enhance the growth of the market.
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Browse more than 65 market data tables and 13 figures spread through 170 pages and in-depth TOC on Password Management Market - Global Advancements, Forecasts & Analysis (2014-2019)
The complex and strict, password creation rules and regulations by government are playing a major role in shaping the future of password management market. On the other hand, the fact that increased numbers of accounts maintained by each individual makes it difficult to remember so many passwords. This results into forgotten password and locking of important accounts. Due to this, the password management need is not only restricted to enterprises, but also the individual users are also looking forward to password management solutions, as a must have security tool. There has been an immense increase in the adoption of password management solutions because it has enables the organizations to reduce the cost associated with the helpdesk. However the growing need for built-in synchronization, customization and extension requirement is restraining the growth of this market.
MarketsandMarkets has segmented the global Password Management market by type of password management solutions: self service password management, and privileged user password management; by various access types: desktop, web and telephone; by deployment model: hosted and on-premise; by industry verticals: BFSI, Telecom and IT, Energy ,Oil and Gas, Public Sector, Manufacturing, Education, Healthcare, Retail and Wholesale Distribution, and others; by organization size: Small sized business, Medium sized business, and Enterprises; and by regions: North America (NA), Asia Pacific (APAC), Europe (EU), Middle East and Africa (MEA), and Latin America (LA).
The major forces driving this market are strict regulatory mandates, increase in number of methods password can be reset and the reduction in cost associated to the helpdesk due to adoption of password management solutions. The prime opportunities which are expected to boost this market are increasing market for cloud services and increasing adoption of self service password reset market by Small and Medium size Business (SMB).
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