Password Management Market Size, Share & Trends Analysis growing at a CAGR of 21.4% from 2024 to 2030
The global password management market size was estimated at USD 3,054.1 million in 2023 and is projected to reach USD 11,860.7 million by 2030, growing at a CAGR of 21.4% from 2024 to 2030. The increasing frequency and sophistication of cyberattacks have made robust cybersecurity measures imperative for individuals and organizations alike.
Key Market Trends & Insights
- In terms of region, North America was the largest revenue generating market in 2023.
- In terms of segment, self-service password management accounted for a revenue of USD 3,054.1 million in 2023.
- Self-service password management is the most lucrative type segment registering the fastest growth during the forecast period.
Market Size & Forecast
- 2023 Market Size: USD 3,054.1 million
- 2030 Projected Market Size: USD 11,860.7 million
- CAGR (2024-2030): 21.4%
- North America: Largest market in 2023
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Data breaches, phishing schemes, and ransomware attacks are becoming more common, compromising sensitive information and causing substantial financial losses. As a result, there is heightened awareness about the importance of secure password practices, driving the need for password management tools that can generate, store, and manage strong, unique passwords for multiple accounts.
The market is driven by the benefits of the password manager, such as assisting in generating strong passwords, self-service reset of passwords, protection of the user identity from phishing sites, and so on. Moreover, some individuals and organizations rely on traditional methods for managing passwords and eventually become an easy target for hackers, which results in data breaches. According to a study by Varonis, human error is the most common factor in 74% of cybersecurity breaches. Therefore, this emphasizes the necessity for implementing the best password management techniques to tackle security issues.
Numerous organizations utilize multi-factor authentication (MFA) and frequent ‘captcha’ verifications to protect customers’ identities and ensure a favorable user interface. Text messaging via SMS and other software authentication apps are the most commonly used methods for verification. According to a consumer digital identity report by LoginRadius, MFA is used by 59.1% of companies through SMS messaging and 40.9% through an authenticator app. Furthermore, rising demand for user-friendly authentication techniques is contributing to the market’s growth in the forecast period.
