According to our latest market study, titled "Password Policy Enforcement Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Deployment and Enterprise Size," the market is projected to reach US$ 426.46 million by 2028 from US$ 212.31 million in 2021. It is expected to grow at a CAGR of 10.5% from 2021 to 2028.
A password blacklist is a collection of prohibited passwords that users are not allowed to use when creating their login credentials. By preventing attackers from progressing beyond a simple password authentication process, a password blacklist can offer additional security measures. One of the most efficient methods of enhancing network security is to cross-check user passwords against a list of commonly used passwords and passwords that have been compromised in previous security breaches. Password vulnerabilities remain a key vulnerability that hackers exploit to gain unauthorized access. Password guidelines have undergone significant transformations over the past few years.
The NIST password guidelines now recommend using a password blacklist as a critical measure for ensuring network security. In the past, it would take hackers a long time to crack passwords through brute force methods. However, attackers can now make thousands of guesses per second, rendering a list of the top 10,000 most commonly used passwords insufficient for protection against these attacks. It is important to have a comprehensive blacklist with as many passwords as possible. A well-designed system can check billions of passwords in milliseconds without disrupting the user experience. To improve the blacklist's effectiveness, it is advisable to categorize it based on passwords that have been exposed in recent data breaches and those commonly used in password cracking dictionaries. Users can enhance their security further by utilizing both lists. The rising number of cyber-attacks is expected to drive the growth of password policy enforcement software in the coming years. Relying solely on a blacklist that does not consider contextual factors such as location, organization, and user behavior is insufficient. By personalizing the blacklist and including relevant information such as usernames, email addresses, and names, it is possible to reduce the risk of hacking.
Including data breaches from specific locations can enable customization of the password blacklist based on geography. As a result, the increasing adoption of password blacklists is expected to fuel growth in the password policy enforcement software market in the coming years.
The Asia Pacific (APAC) region has seen a significant surge in cyberattacks in recent years. A report by Check Point Software Technologies Ltd. revealed that APAC experienced a 168% increase in cyberattacks in May 2021, with a further 53% increase between April and May 2021. On average, organizations in APAC are being targeted with 1,245 attacks every week. Japan (40%), Singapore (30%), Indonesia (25%), Malaysia (22%), and Taiwan have seen the most significant increase in cyberattacks, with most of them being dictionary attacks and credential stuffing. This trend has resulted in a growing demand for robust password policy enforcement software to safeguard against password breaches, contributing to the growth of the password policy enforcement software market.
North America is a critical region for the adoption and growth of new technologies, thanks to favorable government policies that encourage innovation, a strong industrial base, and high purchasing power, particularly in developed nations such as the US and Canada. The US is a significant market for password policy enforcement software in various industries, and it has the highest number of developers of such software. The COVID-19 pandemic has also had a significant impact on the region, forcing companies to adopt work-from-home policies. This shift in the nature of work has led to an increase in IT security risks, with organizations facing an elevated risk of breaches due to the widespread use of open-source software during remote working. Additionally, the surge in digital traffic has created opportunities for cybercriminals to engage in activities such as online fraud, phishing attacks, denial of inventory, and ransomware attacks, contributing to the growth of the password policy enforcement software market.
Key Findings of Study
The market for password policy enforcement software is examined based on two factors: deployment and enterprise size. The deployment segment is divided into on-premises and cloud-based solutions, with the cloud-based segment leading the market in 2020. The enterprise size segment is further split into small and medium-sized enterprises and large enterprises, with the latter leading the market in 2020. Geographically, the password policy enforcement software market is broadly classified into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
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