Password Management Market Expected to Reach $709.6 Million by 2019 – New Report by MarketsandMarkets
(PRWEB) December 27, 2014 -- The report "Password Management Market by Type and by Access - Global Advancements, Forecasts & Analysis (2014-2019)”, provides a detailed overview of the major drivers, restraints, challenges, opportunities, current market trends, and strategies impacting the password management market along with estimates and forecasts of the revenue and share analysis.
Browse more than 65 market data tables and 14 figures spread through 152 pages and in-depth TOC on “Password Management Market”.
http://www.marketsandmarkets.com/Market-Reports/password-management-market-105325287.html
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The increased numbers of accounts maintained by each individual makes it difficult to remember so many passwords. Due to this, the password management need is not only restricted to enterprises, but also the individual users are also looking forward to password management solutions. There has been an immense increase in the adoption of password management solutions because it has enables the organizations to reduce the cost associated with the help-desk. However the growing need for built-in synchronization, customization and extension requirement is restraining the growth of this market.
MarketsandMarkets has segmented the global Password Management market by type of password management solutions: self service password management, and privileged user password management; by various access types: desktop, web and telephone; by deployment model: hosted and on-premise; by industry verticals: BFSI, Telecom and IT, Energy ,Oil and Gas, Public Sector, Manufacturing, Education, Healthcare, Retail and Wholesale Distribution, and others; by organization size: Small sized business, Medium sized business, and Enterprises; and by regions: North America (NA), Asia Pacific (APAC), Europe (EU), Middle East and Africa (MEA), and Latin America (LA).
The major driving forces are strict regulatory mandates, increase in number of methods password can be reset and the reduction in cost associated to the help-desk due to adoption of password management solutions. The prime opportunities which are expected to boost this market are increasing market for cloud services and increasing adoption of self service password reset market by Small and Medium size Business (SMB).
Password Management market is estimated to be $311million in 2014 and is expected to grow to $709.6million in 2019. This represents an estimated Compound Annual Growth Rate (CAGR) of 17.9% from 2014 to 2019. In the current scenario, NA is expected to be the biggest market on the basis of spending and adoption for the Password Management solutions. MarketsandMarkets further expects that the increasing Password Management markets by SMBs will further enhance the growth of the market.
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