Password Management Software Market: Overview
Passwords are the authentication or defence tool against the attempt of unauthorized access. Individuals are managing various accounts including social account, official and financial accounts that are secured with passwords so it becomes difficult to remember the password of different accounts and secure the account from hacking. The best solution for keeping the account safe and managing password is password management software, which helps both the enterprise and individual to secure their account credentials.
Password management software is collection of algorithms that are operated to sequences of the password. Password management software stores the user’s login credential for the various sites that user visits and these passwords are encrypted in the database using a master password so that there is no need to remember the password. While using the password management software user need to set a master password and this master password is used for login into various accounts.
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Password Management Software Market: Dynamics
Increasing Cyber Attacks is Driving the Password Management Software Market Growth
Nowadays, it is not possible to have strong password that are different or unique for every account and remembering this password is also a difficult task. As hacking issues are increasing day by day due to usage of weak passwords by enterprises or individuals. Common password attacks that are used for hacking the account are dictionary attack, brute force attack and hybrid attack. Attacks like brute force attacks are increasing as hacker simply tries every possible combination of allowed characters until it finds a match. This kind of attacks are able to hack password composed of randomized character. To prevent the accounts from hacking the demand is increasing for password management software.
Password manager software store the user’s credential of user’s account. These software encrypts the password with strong encryption algorithms that are hard to break for hackers to ensure security. Password manager stores all the credentials like credit card details, license number, and other important information that user want to keep secure. Moreover, password management software performs security assessment on the entire list of user’s password and tell them which passwords are weak and need to be changed. Hence, to prevent the accounts from being hacked the adoption of password management software is increasing.
Password Management Software Market: Segmentation
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Password Management Software Market: Regional Outlook
In countries like India, China and Japan the cyber-attacks are increasing and these is expected to increasing adoption of security solution such as password management software to prevent unauthorized access. Cybersecurity is rapidly gaining traction, as there are increasing cyber-attacks like identity theft, account hijacking etc.
For instance, in 2019, the Japanese Government approved to form a venture, for credential stuffing due to increasing use of IoT devices, including devices in enterprises and that are used by individuals, primarily for ensuring security among the users of digital age. The Japanese government mentioned to check 200 Mn IoT devices in the country, with random passwords, which are never changed above default one.
Password Management Software Market: Key Players
The key players in the Password Management Software are Microsoft Corporation, IBM Corporation, Sailpoint Technologies, FastPass Corporation, Dell Sonicwall, NetIQ Corporation, LogMeIn, CA Technologies, and Trend Micro, among others.
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