Password Policy Enforcement Software Market Outlook and Strategic Insights by 2028

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

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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.

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.

Password Policy Enforcement Software Market Regional Insights

The regional trends and factors influencing the Password Policy Enforcement Software Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Password Policy Enforcement Software Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Password Policy Enforcement Software Market Report Scope

Password Policy Enforcement Software Market Players Density: Understanding Its Impact on Business Dynamics

The Password Policy Enforcement Software Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

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.