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.
The proliferation of internet services, advancements in communication infrastructure, and the rise in the number of internet and mobile users have compelled businesses to offer their products and services online. Consequently, end-users are creating multiple profiles on online buying portals, prompting businesses to implement security measures, including monitored accounts, to ensure accountability. This transition towards internet-based service offerings is driving the demand for password policy enforcement software.
The demand for password policy enforcement software is being propelled by the requirement to adhere to stringent regulatory standards and the increasing risk of data breaches across various sectors such as BFSI, healthcare, and public sectors. However, the growth of the market is being hampered by the need for advanced administration, customization, and extension features to meet the evolving needs of businesses.
Password policy enforcement software solutions are designed to enforce strong password usage across all platforms within an organization. These software solutions ensure that users comply with the company's password policy restrictions, which include password complexity in terms of symbol usage, number usage, minimum and maximum character limits, and a restriction on the use of commonly used words or phrases, blacklisted words, or passwords from known hacking dictionaries. The market for password policy enforcement software is seeing an influx of digital suppliers who offer simplified solutions for various industrial verticals.
As the demand for customized password policy enforcement software solutions increases, the competition in the market is intensifying, and market players are striving to differentiate their products from others. This trend is prompting many companies to expand their market share in the password policy enforcement software market by offering tailored solutions.
The technology sector has recently seen significant growth in cloud-based solutions due to their time and cost efficiency, attracting a large number of end-users. Key market players are also offering cloud-based products in response to the rising demand for this software. Internet infrastructure has matured in developed countries and is rapidly expanding in several developing countries, making cloud-based solutions accessible to users across the globe. These factors, coupled with the incremental advancements in cloud computing, are positively influencing the adoption of password policy enforcement software across various industries.
The global password policy enforcement software market is segmented into five major regions, namely North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). Among these regions, Asia Pacific is expected to exhibit significant growth in the market, with major contributions from countries like China, India, and Japan. In China, the government has become increasingly concerned about cyber threats, and as a result, there is a growing demand for security solutions to protect sensitive information. This trend is likely to have a positive impact on the growth of the password policy enforcement software market in the region.
North America is a crucial region for adopting and developing new technologies due to its supportive government policies, strong industrial base, and high purchasing power, particularly in developed countries such as Canada and the US. The US, in particular, has a significant presence in the password policy enforcement software market, with the highest number of software developers. The COVID-19 pandemic has forced businesses to adopt work-from-home policies, leading to increased IT security risks due to the extensive use of open-source software. The surge in digital traffic has created opportunities for various online frauds, including phishing attacks, denial of inventory, and ransomware attacks, further driving the growth of the password policy enforcement software market in North America.
Both primary and secondary sources have been utilized to obtain qualitative and quantitative information on the global password policy enforcement software market. The secondary research involved extensive internal and external sources, providing an overview and forecast for all the market segments. To validate the data and gain more analytical insights into the topic, several primary interviews have been conducted with industry participants and commentators. Industry experts, such as VPs, business development managers, intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the market, participated in the process.
The key companies operating in the password policy enforcement software market and profiled in the report include Enzoic; Avatier; Specops Software; Safepass.me; and Zoho Corp (MANAGEENGINE); Hitachi ID Systems, Inc.; Netwrix Corporation; nFront Security, Inc.; Tools4ever (Password Complexity Manager (PCM); and Jumpcloud Inc.