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.
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.
Some
of the key players in Password Management market include Avatier, CA
Technologies, Inc., Courion Corporation, Dell Sonicwall, FastPass
Corp., Hitachi ID Systems, IBM Corp., Microsoft Corp., Sailpoint
Technologies and NetIQ Corp., among others. The competition in
password management solutions market is increasing. The players in
this market are increasingly competing on the basis of product
differentiation. Further, there is increasing trend of demand for
customized solutions and multiple players are looking to cater this
in order to grow their market share during the coming years.
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