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Increase in the Number of Ways Password Management can be Implemented, such as Through Desktop, Web or Telephone
Password managementhas grown from simple self service password reset to complex, enterprise-scale platform. This evolution in password management enables the users to perform password reset from a desktop login screen, web UI or telephone; PIN reset through smart cards and OTP tokens; and password synchronization. Password management has become extremely important in enterprises due to the increase in the number of accounts maintained by a single person and the password complexity rules.
Most of the organizations have rapidly adopted password management solutions. However, few companies are implementing much more sophisticated version of password management, i.e. Enterprise Single Sign-On (ESSO). At present most of the best password management solutions are relied on challenging set of questions, which enable users to automatically reset their passwords. These solutions are now available on cloud, enabling the growth of cloud based solutions and services. This market has seen a surge in its adoption with the increase in the number of ways password management can be implemented, such as through desktop, web or telephone.
The demand of cloud enabled password management solutions is rapidly increasing among the SMBs because of its major benefits of low cost and high service agility. This enables SMBs to deploy best technologies in limited budget thus, is a great opportunity for the password management market.One of the other major reasons for the adoption of password management solutions by SMBs is, the strict compliance mandates. Governments are continuously updating and issuing new rules and regulations for password management such as, privileged account access control, automated password change at regular intervals, strong password generation, audit trails on password use, and secure password storage. These strict regulations are enforcing SMBís to adopt password management solutions. Even thoughthese passwords reset solutions saves time and cost of businesses but lack of proper authentication management is acting as a restraint to this market.
With the increasing number of ways to reset passwords, the password management market is gaining traction, and it is expected that this market will grow up to $709.6 million in 2019 from $311 million in 2014 with a CAGR of 17.9%.North America is anticipated as the biggest market for password management market in 2014. It is also expected that the growing adoption of password management solutions by the SMBs, and the growing economies of Europe and Asia would be a great opportunity for the growth of this market.
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)
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