Report : North America 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 10.0% CAGR, the North America Password Policy Enforcement Software Market is speculated to be worth US$ 187.64 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America password policy enforcement software market was valued at US$ 96.39 million in 2021 and is expected to reach US$ 187.64 million by 2028, registering an annual growth rate of 10.0% from 2021 to 2028. Rising instances of hacking and breaches and implementation of password security policy framework across organization are the critical factors attributed to the market expansion.
Strong passwords are the first line of defense for safeguarding any company's data and client information. However, many businesses have lax or non-existent password procedures, placing them in danger of data breaches. Every day, cyber-attacks become increasingly prevalent. According to the Thales Data Threat Report for 2021, half of the US businesses (45%) experienced a data breach in the previous year (2020). However, this figure could be larger due to the possibility of previously unreported breaches. This decreased from last year when 65% of businesses were breached. Furthermore, a study conducted by Comparitech looked at the number of data breaches encountered by companies in each state and the number of records exposed. Between 2005 and 2020, California was the most vulnerable, with 1,777 breaches and 5.6 billion records exposed. New York came in second with 863 violations and 295 million records exposed. With 819 breaches and 294 million records exposed, Texas took third place. Furthermore, hackers gained access to the personal information of millions of Facebook users due to a data breach. The user's name, date of birth, current city, and wall postings were included. A white hat security group found the vulnerability in 2021, and it has been active since 2019. The 2021 Facebook data breach is still fresh in many people's minds. Symantec, a cyber-security outfit, was the one who brought it to light. Millions of personal information were exposed in the database, including phone numbers, Facebook IDs, names, birthdays, and even email addresses. However, because 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. Thus, rising instances of hackers and breaches drive the password policy enforcement market across the region.
On the contrary, security concern for enforced password complexity hurdles the growth of North America password policy enforcement software market.
Based on deployment, the North America password policy enforcement software market is bifurcated into on-premise and cloud-based. The cloud-based segment held 70.3% market share in 2021, amassing US$ 67.77 million. It is projected to garner US$ 141.61 million by 2028 to expand at 11.1% CAGR during 2021–2028.
Based on enterprise size, the North America password policy enforcement software market is bifurcated into small and medium enterprises and large enterprises. The large enterprises segment held 59.0% market share in 2021, amassing US$ 56.83 million. It is projected to garner US$ 103.88 million by 2028 to expand at 9.0% CAGR during 2021–2028.
Based on country, the North America password policy enforcement software market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 72.7% market share in 2021. It was assessed at US$ 70.07 million in 2021 and is likely to hit US$ 139.04 million by 2028, exhibiting a CAGR of 10.3% during the forecast period.
Key players dominating the North America password policy enforcement software market are Avatier, Enzoic, Hitachi ID Systems Inc., JumpCloud Inc., ManageEngine, Netwrix Corporation, nFront Security Inc., safepass.me, Specops Software, and Tools4ever among others.
- In 2021, Netwrix acquires PolicyPak to extend its offering with endpoint security.
- In 2021, Outpost24 acquires Specops for enhanced user security and secures further funding to continue growth.