Passwords provide a line of defense against unauthorized access. A password manager is a software application that helps users to organize and manage their passwords. Password management is not just beneficial for individuals but also for enterprises. Often companies require that the passwords are reset after regular intervals which may be tedious for some employees.
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The increasing number of complex systems and strict rules for creating and changing passwords has heightened the need for a password management solution among enterprises. Forgotten and hacked passwords may cause a delay and loss for the individual or the enterprise. These issues can be overcome with a password management solution. Password management solutions may be self-service or privileged. Self-service solutions enable employees to reset the password on their own without the need for any helpdesk. Privileged password management solutions maintain passwords through methods such as session recording, frequent randomization, and automated resets. The increasing need for securing valuable data has increased the demand for password management solutions.
The password management market is expected to witness strong growth in the coming years. This may be attributed to the growing number of password protected accounts and rising number of associated cyber threats. Key drivers for the market’s growth are the strict regulatory compliance and increasing the number of password reset mechanisms. However, the low success rate of such projects and growing customization requirements could pose a restraint for the market’s growth. Use of cloud technology and development of attractive pricing models may provide a substantial growth opportunity for the global market.
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Key players in the global password management market are Microsoft Corporation, IBM Corporation, CA Technologies Inc., Avatier Corporation, Dell Inc., Hitachi ID Systems Inc., Knowledge Secure Systems Ltd., FastPassCorp, Sailpoint Technologies, Curion Corporation and Google Inc. among others.
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