Password Policy Enforcement Software Market is expected to reach US$ 426.46 million by 2028

Increasing Demand for Enhanced Security Solutions to Create Growth Opportunities for Market Players During 2021–2028

According to our latest market study on “Password Policy Enforcement Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Deployment and Enterprise Size,” the market size 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.

Many firms attempting to meet The National Institute of Standards and Technology (NIST) 800-63b password requirements choose to find compromised passwords by manually comparing lists acquired from the Internet. However, as password breaches occur regularly, businesses want an automated procedure that compares all active directory credentials to stolen passwords. A manual process that is changed every quarter or whenever IT has time. For instance, Enzoic for active directory offers continuous password monitoring, which uses Enzoic's constantly updated database of billions of compromised credentials every day to screen an organization's existing passwords automatically.

Enzoic secures password comparisons by only providing a partial password hash, never sending entire passwords or hashes. Enzoic uses human and machine intelligence to find new password breaches and exposes. The threat research team and automated procedures operate round the clock, gathering information from Dark Websites and forums, the public Internet, and otherwise inaccessible private sources. Thus, rising instances of hackers and breaches drive the password policy enforcement software market growth. 

The password policy enforcement software market is analyzed on the basis of deployment and enterprise size. Based on deployment, the market is segmented into on-premises and cloud-based. Based on enterprise size, the market is segmented into small and medium enterprises and large enterprises. Based on geography, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).

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 resulted in the reduced production of commodities, goods, and services. On the contrary, the COVID-19 pandemic contributed significantly 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, contributing to the password policy enforcement software market growth.

The password policy enforcement software market report highlights a few key players operating in the market, such as ManageEngine, Avatier, Hitachi ID Systems Inc., Netwrix Corporation, nFront Security Inc., safepass.me, Tools4ever, JumpCloud Inc., and Enzoic.

Password Policy Enforcement Software Market – by Region, 2021 and 2028 (%)

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Password Policy Enforcement Software Market Size Report 2021

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Password Policy Enforcement Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Deployment (On-Premise and Cloud-Based) and Enterprise Size (Small and Medium Enterprises and Large Enterprises)