Password Management Market Size, Application Analysis,
Regional Outlook, Competitive Strategies And Forecasts,
2014 To 2020
Increasing data privacy concerns and strict regulatory compliance are expected to
drive the password management market. There is an increasing need to protect
official and personal data through passwords; therefore password management is
crucial for improved security and system usage. Growing complex systems in
organizations and rules to create and change them frequently have made password
management a complex job. Additionally, hacked passwords and inefficient
helpdesk systems may cause loss and delay in productivity. Password management
solutions increase productivity and reduce confusion at the help desk.
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Cost-reduction and convenience owing to the ease of operation and elimination of
help desk are expected to favor the password management market. Increasing
customization and synchronization needs may restrict market demand over the
forecast period. Increasing cloud computing requirements are expected to provide
new growth opportunities to the password management market. Additionally,
increasing use of self services password solutions in small and medium businesses
owing to their limited budget is also expected to provide positive avenues to
market growth.
Password management projects are preferred over user provisioning projects owing
to identical team requirements, shorter implementation time and simplicity.
Additionally, users can be trained directly to change their passwords routinely or
reset the forgotten password. Configuration and deployment can generally be
completed in 5-15 days depending on the size of the organization. Helpdesk can
also be trained in minutes to use the system. Once deployed the system enables
cost saving by reducing password related help desk queries.
Password management is used in various industries including telecommunication,
BSFI, government, manufacturing, education & research, healthcare, and energy.
Telecommunication and government are expected to grow at a considerable rate
over the forecast period. This system is used for secure communication services,
cyber security, and countering spam technically. There are various security
recommendations by ITU for data and information security.
Some of the major players providing password management solutions are Avatier,
Curion Corporation, CA Technologies, Hitachi ID System, Dell, FastPass
Corporation, Microsoft, IBM, Knowledge Secure System, and SailPoint. IBM
Corporation offers KeePassX an open source password manager, which can be
used on platforms including Linux, Windows, and Mac. It also offers auto-type
feature, which can automatically enter passwords on web pages. The solution uses
a 256-bit encrypted file for data storage.
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