Global Password Management Market to Grow at a 16.33% CAGR to 2019

Dallas, Texas (PRWEB) April 23, 2015

The global password management market is expected to grow at a CAGR of 16.33% from 2015-2019, according to a new report Global Password Management Market 2015-2019. For a large enterprise, having a policy in place that requires end users to pick strong passwords is not that effective – or even within most compliance regulations. A password management system helps manage passwords and secure valuable organizational data by providing automated encrypted solutions. Password management solutions are widely used by end-users to secure, audit, manage, and monitor all the activities associated with privileged accounts.

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These systems have seen increased demand as employees turn to mobile devices for their business needs. Many password managers alert users to websites that have been breached, or those that are affected by serious security vulnerabilities like Heartbleed.

The increased demand for uninterrupted connectivity between a corporate network and an employees mobile device has led to the high adoption of password management in enterprises.

The new report Global Password Management Market 2015-2019 also emphasizes technological advances that are driving vendors to offer SaaS-based password management solutions to their customers.

A password manager forces users to have strong passwords, creates a schedule to determine when passwords have to change, and includes an admin console for controlling passwords and access to key services within the company. Organizations are adopting these solutions because of the benefits they offer, including the availability of pay-per-use models and the provision of instant access. The increasingly complex requirements of companies has led to a surge in demand for SaaS-based password management solutions.

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SaaS-based solutions are outpacing traditional software and service-based password management solutions because of their considerable flexibility.

The calculates the the market size based on the revenue generated from password management software licenses, support, maintenance, implementations, subscriptions, and professional services.

Key vendors: Avatier, Courion, FastPass, Hitachi ID Systems and IBM

Other prominent vendors: CA Technologies, Centrify, Dell Sonicwall, Google, Microsoft, NetIQ, Quest Software, SailPoint and Symark International.

Market driver: Increased use of smart devices

Market challenge: Lack of efficient security measurements

Market trend: Increased adoption of SaaS-based password management solutions

Other Related Reports are:

Global Hardware OTP Token Authentication Market 2015-2019: Analysts forecast the Global Hardware OTP Token Authentication market to grow at a CAGR of 8.38% over the period 2015-2019.

The report recognizes the following companies as the key players in the Global Hardware OTP Token Authentication Market: EMC Corp., Gemalto NV, SafeNet Inc. and VASCO Data Security International Inc.

Other Prominent Vendors in the market are: ActivID, Authenex, Deepnet Security, Dell, Entrust, FEITIAN Technologies, Fortinet, ID Control, SecureMetric Technology, SecuTech, Symantec, Yubico and PortWise.

One major trend in this market is an increasing mobile workforce. Rapid globalization has resulted in employees working across many locations. The usage of hardware devices with the two-factor authentication process can provide employees with access to confidential data without any location constraints.

Global Identity and Access Management Market 2015-2019: Analysts forecast the Global Identity and Access Management market to grow at a CAGR of 12.90% over the period 2014-2019.

The report recognizes the following companies as the key players in the Global IAM Market: CA Technologies Inc., Dell Inc., EMC2 Corp., IBM Corp., Oracle Corp. and Symantec Corp.

Other Prominent Vendors in the market are: Amazon Web Services, Atos, Aujas, Avatier, Courion, Covisint, Evidian, Gemalto, Good Technology, Lepide Software, McAfee, Microsoft, NetIQ, Okta, Omada, OneLogin, OpenIAM, OSIAM, SailPoint, SecurIT, Soffid IAM, Steria, Tata Consultancy Services and Verizon Enterprise.

Vendors are increasingly offering SaaS-based IAM solutions to increase their market share and they are gaining in popularity. These solutions offer benefits such as low initial investment and pay-per-use models.

According to the report, increased demand from the BFSI sector is one of the key drivers of the market. This sector holds critical customer data; therefore, it needs a high level of security. Organizations in the BFSI sector adopt IAM solutions to reduce IT management costs, increase productivity, and ensure compliance.

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