Passwords act as the authentication tool and a defense against attempts of unauthorized access. Password management has emerged as a major segment of identity management market. Human generated passwords are often algorithmically weak and prone to attacks. In the recent years, the importance of password management (also known as sensitive or shared password management or password vaulting) has grown enormously for both the enterprise and individual users owing to increased number of password secured accounts including financial, social, and official, among others. It is difficult for users or enterprise to remember all the passwords. Rise in the complexity and number of complex systems being deployed across the organizations, and strict compliance requirements and rules for generating and changing passwords makes it complicated to manage the passwords. Further, the password management problems often cause expensive delays and loss of productivity. Such issues are easily solved while using password management solutions.
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Moreover, increased instances of attacks by hackers have increased concerns toward password security and this is helping in growing demand for password management solutions. The password management products and solutions are deployed either on-premise environment or in hosted environment over cloud. The rapidly growing cloud market presents a great opportunity in the hosted password management market.
Low success of password self-service projects among end-users until now is a key concern among industry players. However, as the awareness toward the benefits of deploying such a model is increasing it is anticipated that self-service solutions would find increasing demand during the coming years. Also, growing customization, synchronization, and extension requirements are driving the demand for more extensive and sophisticated password management solutions. In order to provide improved password management and security to account, industry players such as Microsoft and Google are offering newer ways for managing passwords such as USB tokens and automatic encrypted solutions.
Two major segments of password management market are privileged password management and self services password management. Self service password management provides features such as management and resetting of passwords to the employees without needing the help of helpdesks. This helps in saving the valuable time of the IT personnel and reduces cost. The privileged password management solutions offer higher security to passwords by maintaining the passwords of privileged users deploying various methods including frequent randomization of passwords, automated password resets and privileged session recording. Key end-use sectors in this market include banking, financial services and insurance (BFSI), telecom and IT, energy and utility, public sector, manufacturing, education, healthcare and life sciences, education and retail and distribution, among others.
