A password is a string of
characters that enable users to gain access to an interface, computer or
system. Passwords provide a line of defense against unauthorized access. A
password manager is a software application that helps users to organize and
manage their passwords. Password management is not just beneficial for
individuals but also for enterprises. Often companies require that the
passwords are reset after regular intervals which may be tedious for some
employees.
The increasing number of complex
systems and strict rules for creating and changing passwords has heightened the
need for a password management solution among enterprises. Forgotten and hacked
passwords may cause a delay and loss for the individual or the enterprise.
These issues can be overcome with a password management solution. Password
management solutions may be self-service or privileged. Self-service solutions
enable employees to reset the password on their own without the need for any
helpdesk. Privileged password management solutions maintain passwords through
methods such as session recording, frequent randomization, and automated
resets. The increasing need for securing valuable data has increased the demand
for password management solutions.
The password management market is
expected to witness strong growth in the coming years. This may be attributed
to the growing number of password protected accounts and rising number of
associated cyber threats. Key drivers for the market’s growth are the strict
regulatory compliance and increasing the number of password reset mechanisms.
However, the low success rate of such projects and growing customization
requirements could pose a restraint for the market’s growth. Use of cloud
technology and development of attractive pricing models may provide a
substantial growth opportunity for the global market.
Browse full research report on Password Management Market:
http://www.grandviewresearch.com/industry-analysis/password-management-market
Password management solutions can
either be on-premise or hosted. On-premise systems provide more control and
customization. They are easy to manage but require sufficient maintenance.
Thus, hosted models are preferred over the on-premise ones. The growing demand
for cloud technology is expected to boost the market for hosted model based
password management solutions.
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/network-security-software-and-services
About Grand View Research
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To help clients make informed business decisions, we offer market intelligence
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