LONDON–(BUSINESS WIRE)–Technavio’s latest market research report on the global password management software market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global password management software market will grow at a CAGR of around 13% during the forecast period. The rising network security threats are a major factor driving the market’s growth.
The rising dependence on websites and web applications has led to an unprecedented rise in cyber-attacks such as an advanced persistent threat (APT). In contrast with traditional threats, APTs can affect the whole IT infrastructure of an organization. APTs target critical installations such as government departments, web servers, and customer databases and are more dangerous than other threats. Moreover, attackers with strong networking knowledge try to carry out advanced threats such as APTs, and these threats are usually detected only after the attack.
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In this report, Technavio highlights the emergence of cloud computing services as one of the key emerging trends driving the global password management software market:
Emergence of cloud computing services
The introduction of cloud computing has improved password management software capabilities. It provides central management and control for all passwords and protects them from cyber-attack. Cloud computing eradicates the need for users to update and maintain IT infrastructure. The cloud service provider takes all services and maintenance care. Service level agreement (SLA) confirms reliable delivery, management, and maintenance of services.
Organizations across the world are adopting cloud computing technologies to cut down costs of managing the enterprise IT infrastructure. Furthermore, with cloud computing services, end-users can concentrate more on organizational core activities rather than on managing applications. Moreover, enterprises can establish rapid deployment model that allows applications to be scaled quickly to match changing requirements.
“The cloud-based password management software assists enterprises in easy integration with third-party applications being hosted outside the enterprise firewall. Thus, the cloud has evolved as an ideal model to serve as a core platform and integration fabric for many enterprise applications with configuration flexibility, integrated security, and choice of access mechanisms. Apart from these advantages, the cloud-based password management software provides security at all levels of enterprise IT architecture, so that these applications can even be accessed from a remote location,” says a senior analyst at Technavio for research on enterprise application.
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Global password management software market segmentation
This market research report segments the global password management software market based on deployment model (cloud-based password management software and on-premises password management software) and key regions (the Americas, APAC, and EMEA).
Based on geography, the global password management software market was dominated by the Americas in 2017, accounting for more than 46% of the market share. The availability of adequate infrastructure, high frequency of cyber-attacks, the presence of several global financial institutions and large companies, stringent government regulations, and improved adoption of technologies among organizations in the Americas are the key factors contributing to its dominance. The Americas was an early adopter of modern technologies across industries and is witnessing increased adoption of password management with the advent of modern technology and internet of things (IoT).
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