Implementation of Enterprise Password Management across Business to Improve Cyberthreats
NEW YORK, Oct. 26, 2021 /PRNewswire/ -- The global enterprise password management market reached a valuation of around US$ 1.37 Bn in 2020, and is anticipated to exhibit a high CAGR of 14.2% over the next ten years.
Rising trend of digitization creates potential growth opportunities for new security threats, leading companies to opt for security solutions so as to ensure unauthorized users are unable to access their critical data and information. Preventing security threats by protecting information with cyber-secure IT infrastructure is vital for any businesses.
With the rise of Internet penetration, improving communication infrastructure, and data speed improvements, increasing number of Internet and mobile users are influencing businesses across the world to provide their services and products online, driving the need for the creation of different profiles of end users.
Also, with growing digitization, focus on data collection to drive smart automation and leveraging emerging tech such as Artificial Intelligence (AI) and Machine Learning (ML) is a fast-rising trend. This further increases focus on data protection & privacy, developing a futuristic security ecosystem. As a result of this increasing trend of digitization, demand for security solutions such as password management is surging at a relatively high rate.
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Innovation and high-value product offerings are key to sustain in this competitive market space:
- In May 2021, Avatier launched a passwordless biometric service for remote workers. The upgrade - SaaS Avatier Identity Anywhere 2021 Spring Edition - includes a new universal user interface and passwordless single-sign on (SSO) and IGA login for remote workers.
- In July 2020, Centrify, a provider of Identity-Centric PAM solutions, announced Client-based Password Reconciliation included in version 20.3 of Centrify Privileged Access Service. By enabling organizations to automate password reconciliation through the Centrify Client to ensure business application availability, users can reduce risk and rely on their password vault as the single source of truth for reliable, consistent access to privileged account passwords.
- In June, 2020, Zoho Corporation Pvt. Ltd. introduced the SIEM (Security Information and Event Management) integrations in Zoho Vault. Zoho's password management application helps businesses securely store, share, and manage passwords from anywhere.
Key Takeaways from Market Study
- Demand for password management services is estimated to surge. However, password management software is estimated to continue to hold a significant market share through 2031.
- The retail sector is expected to emerge as a high-growth end user. However, BFSI is estimated to dominate market share through 2031.
- By enterprise size, large enterprises are estimated to hold substantial market share; however, demand from SMEs is expected to expand faster at a CAGR of over 15% throughout the next ten years.
- The North America market accounts for a major market share, on the back of technological advancements in the fields of cloud and analytics and the BYOD trend.
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"Enterprise password management is the process where enterprises use security controls to prevent data breaches. The software stops cyber-criminals from taking master passwords, credentials, secrets, tokens, and keys to gain access to confidential systems and data," says a Persistence Market Research analyst.
Increasing Adoption of Password Management Solutions by SMEs
2020 has broken all records of data lost in breaches and sheer numbers of cyber-attacks on governments, companies, and individuals alike. Additionally, threats have increased from the application of emerging technologies such as artificial intelligence, machine learning, and 5G, and especially from greater tactical cooperation among state actors and hacker groups.
Enterprise password management solutions make it simple and easy to manage passwords for teams and groups of employees. Enterprise-class password managers are one of the easiest ways and the most cost-effective methods that help employees to lock their online accounts. Due to COVID-19, the number of cyber-attacks have increased drastically, which resulted in high adoption of password management solutions by small and medium enterprises. Most organizations are investing in fixing their current inefficient data and password management systems.
A password manager for a small and medium enterprise should be user-friendly, have secure password sharing, and also come with compact security to protect all the sensitive data of the business. Most industries are now becoming aware of the importance of password management, and thus, there is a significant rise that has been observed in product adoption.
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More Valuable Insights on Offer
Persistence Market Research's report on the enterprise password management is segmented into five major sections: solution (software [software-self-serviced password management software and privileged user password management software] and services – (implementation services and support & maintenance), deployment (cloud-based and on-premise), enterprise size (small & medium enterprises (SMEs) and large enterprises), industry (BFSI, IT & telecom, government & defense, retail, healthcare, manufacturing, education, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate the lucrative opportunities in the market.
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