Password Management Market - Global Analysis and Industry Forecast, 2014-2020

Passwords act as the authentication tool and a defense against attempts of unauthorized access. Password management has emerged as a major segment of identity management market. Human generated passwords are often algorithmically weak and prone to attacks. In the recent years, the importance of password management (also known as sensitive or shared password management or password vaulting) has grown enormously for both the enterprise and individual users owing to increased number of password secured accounts including financial, social, and official, among others. It is difficult for users or enterprise to remember all the passwords. Rise in the complexity and number of complex systems being deployed across the organizations, and strict compliance requirements and rules for generating and changing passwords makes it complicated to manage the passwords. Further, the password management problems often cause expensive delays and loss of productivity. Such issues are easily solved while using password management solutions.

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Moreover, increased instances of attacks by hackers have increased concerns toward password security and this is helping in growing demand for password management solutions. The password management products and solutions are deployed either on-premise environment or in hosted environment over cloud. The rapidly growing cloud market presents a great opportunity in the hosted password management market.

Low success of password self-service projects among end-users until now is a key concern among industry players. However, as the awareness toward the benefits of deploying such a model is increasing it is anticipated that self-service solutions would find increasing demand during the coming years. Also, growing customization, synchronization, and extension requirements are driving the demand for more extensive and sophisticated password...