Password Management Market Upcoming Trends, Size, Key Players, Revenue, Share, and Forecast 2031…

The Password Management Market is projected to reach a market size of USD 4.4 billion by 2025. Rising concerns about an increase in the number of data breaches and cyber-attacks and the need for stronger security protocols are the prime driving factors augmenting its demand in the coming years. Additionally, growing awareness about the importance of multi-factor authentication and government regulations, such as the General Data Protection Regulation (GDPR), that enforce privacy norms are spurring the adoption of such solutions across diverse application environments. Businesses and organizations are increasingly adopting cloud password management solutions to contain advanced password security, quick access to data, manage real-time risk assessments, and collaborative sharing of data. Companies are also imposing strict rules with respect to complex passwords and multi-factor authentication. These solutions offer a centralized platform with enhanced security protocols to manage passwords for multiple users. Furthermore, they provide encrypted cloud storage, as well as automated password rotation, to increase the security of critical IT infrastructure. The increasing use of mobile devices is a major factor driving the growth of the mobile password management market. The ubiquity of smartphones offers diverse applications that allow users to store/access passwords securely on their mobile devices. Mobile password managers enable users to easily share and synchronize their passwords more securely
Link: https://capedge.com/news/benzinga/34522572/password-management-market