Report : Middle East and Africa 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 9.0% CAGR, the MEA Password Policy Enforcement Software Market is speculated to be worth US$ 23.46 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the MEA password policy enforcement software market was valued at US$ 12.83 million in 2021 and is expected to reach US$ 23.46 million by 2028, registering an annual growth rate of 9.0% from 2021 to 2028. The advancements in password policy enforcement software and rising use of password blacklists or dictionary hacks are the critical factors attributed to the market expansion.
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. Because of 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, the advancements in password policy enforcement software will drive the market across the region.
On the contrary, security concern for enforced password complexity hurdles the growth of MEA password policy enforcement software market.
Based on deployment, the MEA password policy enforcement software market is bifurcated into on-premise and cloud-based. The cloud-based segment held 57.4% market share in 2021, amassing US$ 7.36 million. It is projected to garner US$ 14.87 million by 2028 to expand at 10.6% CAGR during 2021–2028.
Based on enterprise size, the MEA password policy enforcement software market is bifurcated into small and medium enterprises and large enterprises. The large enterprises segment held 70.9% market share in 2021, amassing US$ 9.10 million. It is projected to garner US$ 15.13 million by 2028 to expand at 7.5% CAGR during 2021–2028.
Based on country, the MEA password policy enforcement software market has been categorized into the UAE, Saudi Arabia, South Africa, and Rest of MEA. Our regional analysis states that Saudi Arabia captured 40.8% market share in 2021. It was assessed at US$ 5.24 million in 2021 and is likely to hit US$ 9.24 million by 2028, exhibiting a CAGR of 8.5% during the forecast period.
Key players dominating the MEA password policy enforcement software market are Hitachi ID Systems Inc., JumpCloud Inc., ManageEngine, Netwrix Corporation, nFront Security Inc., and Specops Software among others.
- In 2021, Netwrix Announces Technology Partnership with Safetica.
- In 2021, Outpost24 acquires Specops for enhanced user security and secures further funding to continue growth.