Report : Europe Password Policy Enforcement Software Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Deployment (On-Premise and Cloud-Based) and Enterprise Size (Small and Medium Enterprises and Large Enterprises)
At 10.9% CAGR, the Europe Password Policy Enforcement Software Market is speculated to be worth US$ 111.73 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe password policy enforcement software market was valued at US$ 54.14 million in 2021 and is expected to reach US$ 111.73 million by 2028, registering an annual growth rate of 10.9% from 2021 to 2028. The implementation of password security policy framework across organization and rising instances of hacking and breaches are the critical factors attributed to the market expansion.
Most businesses need their staff to use a key or key card to access their premises. Passwords are the keys that allow employees to access their company's network in different ways. Good rules and procedures must be developed to prevent illegal access to physical office keys or card readers. The same may be said about good password policies for businesses. There are crucial aspects of a robust password security framework that may be put in place in the organization. For instance, enforcing complexity restrictions is a solid initial step in preventing brute force hacking attempts. It may be necessary for all users to generate passwords that do not include their legal name or username. Combinations of characters, digits, and upper- and lower-case letters are also used in strong passwords. Similarly, setting a minimum character length for passwords inside the business might improve their security. A minimum of eight characters is a usual norm. The use of a minimum character length of 14 characters is becoming more common. Further, domain administrators' accounts need to be more secure. Passwords (with a minimum of 15 characters) are easier to remember and input in these situations, but they are more difficult to crack. Thus, implementing a password security policy framework across organization drive the password policy enforcement software market.
On the contrary, security concern for enforced password complexity hurdles the growth of Europe password policy enforcement software market.
Based on deployment, the Europe password policy enforcement software market is bifurcated into on-premise and cloud-based. The cloud-based segment held 66.7% market share in 2021, amassing US$ 36.09 million. It is projected to garner US$ 78.70 million by 2028 to expand at 11.8% CAGR during 2021–2028.
Based on enterprise size, the Europe password policy enforcement software market is bifurcated into small and medium enterprises and large enterprises. The large enterprises segment held 63.0% market share in 2021, amassing US$ 34.10 million. It is projected to garner US$ 66.82 million by 2028 to expand at 10.1% CAGR during 2021–2028.
Based on country, the Europe password policy enforcement software market has been categorized into the UK, Germany, France, Italy, Russia, and Rest of Europe. Our regional analysis states that Germany captured 21.9% market share in 2021. It was assessed at US$ 11.86 million in 2021 and is likely to hit US$ 26.82 million by 2028, exhibiting a CAGR of 12.4% during the forecast period.
Key players dominating the Europe password policy enforcement software market are Hitachi ID Systems Inc., JumpCloud Inc., ManageEngine, Netwrix Corporation, nFront Security Inc., safepass.me, Specops Software, and Tools4ever among others.
- In 2021, Outpost24 acquires Specops for enhanced user security and secures further funding to continue growth.
- In 2022, Hitachi ID Introduces Bravura Safe: New Enterprise Password Management Safe to Protect Decentralized Passwords Against the Top Cause of Cyberattacks.