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3. Password Management:Surging market due to the strict compliance mandate and increasing adoption of self service password reset

Growing strictness in compliance mandate and increasing complexity of creating passwords arethe major driving forces for advanced and innovative password reset solutions. Due to the adoption of self services password reset solutions, users can reset their passwords on their own without any help from the helpdesk, which reduces the cost associated to helpdesks.

This continual reduction in cost associated with helpdeskand growing number of ways by which passwords can be reset such as desktop, web and telephone; are the two major forces pushing the global password management market. As the numbers of employees in organizations are increasing and the cloud services deployment has increased, it has become difficult to maintain the security of the users as well as the network. This has resulted in complex password creation system. All these factors overburden the employees and usually end up as forgotten password problems.

Password Management provides a simple and easy solution for all the issues and enables the users to manage all their passwords without a need to remember them. Only a single key password or security tokenis enough to manage multiple account of a single user. Many big players are trying to develop new methods to eliminate these problems. The self service password reset (SSPR) segment and privileged user password reset segment are the two major segments of the password management market. Both of these markets are expected to increase rapidly because of the attractive pricing options offered by the password management solution vendors.The increasing adoption of SSPR by the Small and Medium size Business (SMB) is a great opportunity for this market. Though the SMBs have budget constraints, but due to the stringent regulatory compliance, SMBs are rapidly adopting self service password reset. However, password management solutions are already a great success in the large enterprises, due to large number of employees and higher data security concern.

The global market for Password Managementis expected to grow from $311million in 2014 to $709.6million by 2019, at an estimated Compound Annual Growth Rate (CAGR) of 17.9%. The well known players in this market comprises of Avatier, CA Technologies, Courion Corporation, Dell, FastPass Corporation, Hitachi ID System, IBM, NetIQ, SailPoint and Microsoft.

Related Reports:

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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