The password policy enforcement software market was valued at US$ 212.31 million in 2021 and is projected to reach US$ 426.46 million by 2028. It is expected to grow at a CAGR of 10.5% from 2021 to 2028.
Password policy enforcement software solutions ensure that strong passwords are used across all platforms in a company. Organizations install password policy enforcement software to make related users to create passwords that meet company password policy restrictions in terms of password complexity, symbols, numbers, uppercase and lowercase letters, character minimums, and maximums. The restrictions also ensure that passwords do not contain commonly used words, phrases, or passwords, company-specified blacklisted words, or passwords from known hacking dictionaries.
Several digital suppliers have entered the password policy enforcement software market with simplified offerings for various industrial verticals. For instance, Netwrix Corporation provides simplified password policy enforcement software that meets even the most complicated password policy needs by allowing users, domain groups, and organizational units to specify up to 256 local and domain password rules.
North America is one of the most important markets for the password policy enforcement software market. In addition, continuous improvements in technologies in the domains of analytics, cloud, and BYOD trends are projected to provide the regional market with a major boost. Furthermore, an increase in the frequency of cyber-attacks has prompted concerns about password security, contributing to the password policy enforcement software market growth.
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Password Policy Enforcement Software Market: Strategic Insights
Market Size Value in US$ 212.31 million in 2021 Market Size Value by US$ 426.46 million by 2028 Growth rate CAGR of 10.5% from 2021 to 2028. Forecast Period 2021- 2028 Base Year 2021
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Password Policy Enforcement Software Market: Strategic Insights
| Market Size Value in | US$ 212.31 million in 2021 |
| Market Size Value by | US$ 426.46 million by 2028 |
| Growth rate | CAGR of 10.5% from 2021 to 2028. |
| Forecast Period | 2021- 2028 |
| Base Year | 2021 |
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Impact of COVID-19 Pandemic on Password Policy Enforcement Software Market
The huge spread of SARS-CoV-2 urged governments of different countries to impose strict restrictions on the movement of vehicles and humans. The consequent travel bans, mass lockdowns, and business shutdowns enacted by governments affected economies and industries in various countries, especially in 2020. The lockdown imposition also reduced the production of commodities, goods, and services. On the contrary, the COVID-19 pandemic contributed to the growth of the password policy enforcement software market in 2020, as millions of employees were asked to work remotely by their companies. Following such standard protective measures has resulted in growth in the usage of third-party networks, digital platforms, and personal computing devices. Such network connectivity solutions increase the risks of data breaches and other malware. Due to the increased risk of cybercrimes, enterprises look for password policy enforcement software to detect and manage any abnormal behavior in the networks.
Lucrative Regions for Password Policy Enforcement Software Market
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Market Insights – Password Policy Enforcement Software Market
Advancements in Password Policy Enforcement Software Market
While there is a growing trend toward alternate authentication methods, passwords are finding a solution to "co-exist," and passwords are necessary for the foreseeable future. Before sophisticated solutions can be easily deployed, existing passwords must be supplemented with newer standards, such as biometrics and multi-factor authentication. The fact that passwords are not strong enough to stand alone does not undermine their importance in terms of security. So, even if passwords are on their way out, businesses should stick to their policies and ensure their staff practice password hygiene. Passwords are used to get access to technology. Due to technologies, such as Apple's Touch ID, the password-less movement has reached a technological tipping point: technology is progressing, and customers have been groomed for biometric authentication. The benefits of password-less setups go beyond physical form factors. Users may identify themselves using their face, touch, or voice, but systems can now include spatial identifiers. Behavioral analysis is more difficult to compromise and less inconvenient for the user.
Furthermore, users will always respond negatively to unfamiliarity or perceived extra costs when a new security system is implemented. However, two-factor and multi-factor authentication are becoming more popular, and they are paying off for those who use them. Thus, advancements in password policy enforcement software are expected to drive the password policy enforcement software market growth in the near future.
Deployment-Based Insights
Based on deployment type, the password policy enforcement software market can be bifurcated into on-premises and cloud-based. There are numerous considerations to consider in today's enterprise IT world before deciding whether a cloud infrastructure is a perfect fit. On the other hand, many businesses are unable to make the transition to the cloud, relying instead on their tried-and-true legacy and on-premise systems and software to conduct business.
Enterprise Size-Based Insights
Based on enterprise size, the password policy enforcement software market is categorized into small & medium-size enterprises and large enterprises. Small and medium enterprises (SMEs) are companies with revenues, assets, or personnel that fall below a particular threshold. Small and medium enterprises (SMEs) are defined differently in each country. SMEs play a vital role in the economy, despite their small size. They outnumber major corporations by a substantial margin, employ a huge workforce, and are entrepreneurial, contributing to the shaping of innovation.
Players operating in the password policy enforcement software market are mainly focused on developing advanced and efficient products.
- In 2021, Netwrix acquired PolicyPak to extend its offering with endpoint security. This acquisition is anticipated to strengthen Netwrix's product portfolio and extend its security and control over privileged accounts to desktops in the coming years. PolicyPak and Netwrix together offer solutions to organizations for security against cyberattacks and hackers.
- In Sep 2020, ManageEngine announced that it is ADSelfService Plus now supports multi-factor authentication to safeguard organizations from any unauthorized access to their data.
Global Password Policy Enforcement Software Market-Companies Profiles
- Avatier
- Hitachi ID Systems, Inc.
- Netwrix Corporation
- nFront Security, Inc.
- safepass.me
- Specops Software
- Tools4ever (Password Complexity Manager (PCM))
- Zoho Corp (ManageEngine)
- JumpCloud Inc.
- Enzoic.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Deployment and Enterprise Size
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Businesses are progressively implementing security measures such as monitored accounts to improve responsibility. Such shift toward internet-based service offerings is driving the need for password policy enforcement software. Further, the need to comply with tight compliance standards and the rising risk of data theft in the BFSI, healthcare, and public sectors, among others, is further driving the password policy enforcement market.
Rising use of password blacklist or dictionary hack provide the opportunity for the password policy enforcement software solution providers. A well-designed system can check billions of passwords in milliseconds without impacting the user experience. It may also be good to divide the blacklist between passwords that have been disclosed in recent data breaches and those that are regularly found in cracking dictionaries.
The global password policy enforcement software market was dominated by the cloud-based deployment segment in 2020. The key element attributed to the segmental growth is the high availability of cloud-based password policy enforcement software to keep vital business systems operating safely despite single component failures. Due to ongoing monitoring, geo-redundancy, and failover mechanisms, the cloud-based data and apps are ready to serve the workforce.
In 2020, North America led the market with a substantial revenue share, followed by Europe and Asia Pacific. Asia Pacific is a prospective market for password policy enforcement software market manufacturers.
The major companies in password policy enforcement software market includes Enzoic; Avatier; Specops Software; Safepass.me; and Zoho Corp (MANAGEENGINE).
The global password policy enforcement software market was dominated by the large enterprises segment in 2020. Large enterprises are known to invest in innovative and latest technologies to operate their business effectively. With the growing capabilities of Password Policy Enforcement Software market tools across various industries, adoption of these tools has gained traction over the past few years. Large enterprises are utilizing various analytical tools such as Password Policy Enforcement Software, to effectively streamline the business operations.
- ManageEngine
- Avatier
- Hitachi ID Systems Inc.
- Netwrix Corporation
- nFront Security Inc.
- safepass.me
- Specops Software
- Tools4ever
- JumpCloud Inc.
- Enzoic
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
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The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
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Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
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- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
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