Password Management Market - Outlook (2015-19) for Manufacturing

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ResearchFox Consulting is an Indian market research and consulting firm based in Bangalore. We strive to provide our clients with research data and reports which they can trust and analyze. Insights gleaned from our detailed and comprehensive research reports helps our clients stay ahead of trends. ResearchFox serves clients with services from data collection to analysis and reports. ResearchFox has extensive sector expertise and its consultants are abreast of global trends and issues across industries. Our areas of expertise include Manufacturing, IT, FMCG, Healthcare, Automotive, Government Sector and NGO, BFSI and Retail.

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Copyright © 2015. ResearchFox Consulting Private Limited

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Tableof Contents

1. Introduction1.1. Report Description1.2. Objective1.3. Scope of the Research1.4. Regions Covered1.5. Key Takeaways1.6. Key Stakeholders1.7. Key Terminologies1.8. List of Abbreviations

2. Executive Summary2.1. Executive Overview

3. Research and Forecasting3.1. Research Methodology3.2. Forecasting Methodology

4. Industry Landscape4.1. Market Size and Growth4.2. Competitive Landscape4.3. Market Share4.4. Company Classification4.5. Region Outlook4.6. Market Metrics4.7. Porter's Five Forces Model4.8. Key Drivers Analysis4.9. Key Constraints Analysis4.10. Key Opportunities Identified4.11. Key Challenges Identified

5. Market Segmentation5.1. Industry    5.1.1. Manufacturing

    5.1.1.1.   Market Size and Forecasting    5.1.1.2.  Key Drivers Analysis    5.1.1.3.  Key Constraints Analysis    5.1.1.4.  Sub Segments

    5.1.1.4.1.  Region : North America    5.1.1.4.2.  Region : Europe    5.1.1.4.3.  Region : APAC    5.1.1.4.4.  Region : South America    5.1.1.4.5.  Region : RoW

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Introduction 01 4

1.  Introduction

1.1.  Report Description

Increased competition among businesses has forced businesses to become more customer friendly and as a part of this, businesses have started using multiple applications to address customer issues. In order to handle multiple applications, employees of these organizations require managing more passwords and usernames. Beyond one point, managing of these passwords becomes a complex task and time consuming thereby employees losing their productivity. This in-turn will lead to monetary losses to the organizations.

In order to make sure that the employees concentrate on their core activities and do not spend much of their time managing passwords, businesses implement solutions like password management which ensures that the passwords are safe and at the same time do not cost a bomb to the companies.

This report presents interpretative and easy-to-understand facts on how the current password management market is segmented based on end-user, verticals, deployment type and geographies. It cuts through several facets of the password management market such as market size, market share for each segment, the drivers and constraints of password management marketplace. It also throws light on various verticals where password management is being rigorously implemented and the deployment type that is being preferred. Report also provides information on the challenges and opportunities that lie ahead for these solutions.

1.2.  Objective

1.To understand the password management market across the globe by addressing the challenges faced by the industry with regards to the adoption of password management.2. To estimate the size of present global password management market and to forecast its future values.

1.3.  Scope of the Research

Scope of the research was limited to understanding the market share across segments. Key drivers, constraints and challenges along with their impact on various business functions in both short term and long term were addressed. Segmentations and forecasting were done based on:1. End-users2. Verticals3. Deployment Type (on-premise vs cloud)4. Region based Segmentation

1.4.  Regions Covered

1. North America (US, Canada and Mexico)2. Europe (United Kingdom, France, Germany, Italy, Spain)3. APAC (Australia, India, China, Japan, Singapore and others)4. South America (Brazil, Argentina and others)5. RoW (Middle East and Africa, South America, Russia and other countries)

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1.5.  Key Takeaways

The research conducted to understand password management market in different regions of the globe has revealed some valuable insights. Some of the key take away points involve information given below:

1. North America has the highest market share whereas Europe stands next.2. The market for password management was USD 390.05 million in 2014 and is expected to grow at a CAGR of close to 17% till 2019.Adoption of password management is more among enterprises who have larger workforce and require solutions which help them to reduce helpdesk related costs.4. On-premise solutions are more preferred over cloud based as the enterprise businesses want more control over their data5. Financial services companies have emerged as the largest consumers of password management solutions as they have more sensitive customer data and deal with larger customer base.

1.6.  Key Stakeholders

1.Password management solution and product providers: Password management solution providers will be able to gauge the market more accurately as this will assist them in better decision making. Also, the product developers would be able to develop products according to the requirement of the customers.2. End-User companies:Report will provide the end-users, a more clear picture on the solution provider demographics so that they can choose among the best.3.Global Investors:Those investors who look to fund new and budding password management provider startups will get clear picture about the market and its trends.4.Industry Watchers:Industry and trend watchers are always referred to as trusted advisors who follow markets. The report would add to their knowledge repository, creating value for their know-how.

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1.7.  Key Terminologies

1.Password Management: It is a software application that helps a user to store and organize their passwords.2. BYOD (Bring Your Own Device): Bring Your Own Device, refers to the policy of permitting employees to bring their own devices, such as laptops, smart phones and tablets to their workplace.3. MDM (Mobile Device Management): This is a term basically used for the administration of mobile devices, such as smart phones, tablets, and desktop computers.4. Enterprise: Companies with an employee headcount above 1001.5. Mid-Size: Companies with an employee headcount between 501-1000.6. Small-Business: Companies with an employee up to 500.7. North America: North America includes countries ? USA (United States Of America), Mexico and Canada.8. Europe: Europe includes countries ? UK (United Kingdom), France, Italy, Germany and Spain9. APAC (Asia Pacific): Asia Pacific includes countries ? India, China, Japan, Philippines and Australia.10. RoW (Rest of World): Rest of World includes Africa, Middle East Asia, UAE (United Arab Emirates), South America (Brazil and Argentina), and Israel etc.11. Cyber Security: It is a security applied to computing devices such as computers and Smartphone, as well as computer networks, including the whole Internet.12. Identity Theft: Identity theft is the form of stealing someone?s identity in which someone pretends to be someone else by assuming that person?s identity.

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1.8.  List of Abbreviations

1. APAC:Asia-Pacific2. CAGR: Compound Annual Growth Rate3. ECSG: Europe Cyber Security Group4. NASAA: North American Securities Administrators Association5. NCSA: National Cyber Security Alliance6. NCSIA: National Cyber Security Intelligence America7. SMEWG: Small & Medium Enterprise Working Group8. USA: United States of America9. UK: United Kingdom10. GDP: Gross Domestic Product11. CMDS: Center for Media, Data and Society12. USD: United States Dollar13. BYOD: Bring Your Own Device14. MDM: Mobile Device Management15. IT: Information Technology

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Executive Summary 02 9

2.  Executive Summary

2.1.  Executive Overview

With the increased use of Internet technologies, advent of new specific applications, businesses have started to transform themselves to become web based enterprises. As a result, most of the corporate content and resources are being made available through web using multiple web based applications. This has forced the workforce of the organizations to manage multiple applications and each internal user of the application is provided with unique username and passwords for handling multiple applications. So, imagine a situation where an employee is handling more than ten applications. In this case, he or she has to remember their respective usernames and passwords for respective applications. For a normal person, it becomes extremely difficult to remember all these passwords. As a solution, the organization can decide to provide a backend password helpdesk team to manage these passwords. This solution is ideal when the workforce of the organization is limited and is assumed that there will be no further addition of new employees and ideally speaking, this is impossible.

One way of solving this problem is increasing the helpdesk manpower so that it can handle more passwords but the problem here is as the headcount in the company goes on increasing, management of passwords becomes problematic for helpdesk team. Moreover, managing helpdesks becomes costly affair and puts additional cost burden on the companies.

To overcome these situations, businesses now are looking at solutions like password management solutions which will help them to get rid of overheads like helpdesk teams and at the same time protect employee credentials from thefts. This means the companies no longer have to think of security risks associated with employee passwords and at the same time do some cost cutting to achieve competitive edge over its competitors.

North America-A catalyst for the growth

It is a known fact that businesses of North America embrace advanced technologies and as a part of this, it has been observed that adoption of password management in this region is highest and one of the many reasons for this trend is that businesses here face tough competition and require optimum utilization of resource to achieve higher competence. In the North America region, the United States of America is the biggest consumer of password management solutions. Followed by North America, Europe is next big market for password management in the world. European countries like Germany and France have been the front-runners in terms of adoption of these solutions.

Enterprises rule the end-user market

The password management solutions are costly and require high initial investments and are more suitable for enterprise level businesses which have larger workforce. Thus, among end-users, enterprise level businesses contribute close to 64% of the overall market share. Moving forward, with the advancement of cloud based password management solutions, even mid-size and small business are expected to embrace this technology.

On-premise deployment is the most preferred and Financial Institutions are the biggest users

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Due to the privacy and data protection issues, most businesses do not prefer a third party to handle their passwords and thus go for on-premise deployment than cloud based. Moreover, the largest consumers of this solution are the financial institutions who are bound to protect sensitive information of customers. And although, cloud has been proved to be safe, users are still reluctant to go for cloud based and prefer traditional password management solutions especially in the banking sector that hold account related information of customers.

Other than the financial services, e-commerce companies, IT & Telecom providers and Manufacturing sectors have emerged as next most users of password management solutions.

Challenges

Given the frequency with which the identity thefts happen these days, solution providers are forced to improve their solutions such that they can ward off even the advanced forms of attacks. This has prompted the provider companies to revisit their drawing rooms to come up with new and advanced form of password management solutions.

Another bigger challenge is to educate the users about the existence of such solutions. Most part of the globe, including parts of Asia has limited knowledge on these kinds of solutions and even if they are aware, is reluctant to adopt these solutions. The service providers have to device strategy to educate customers on the benefits of such solutions through intensive marketing.

Improved knowledge, increased workforce, cost cutting and increased need for automation will force more and more companies to adopt password management solutions in the future.

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Research and Forecasting 03 12

3.1.  Research Methodology

Base Year: 2014Forecasting Period: 2015 - 2019

3.1.1.  Sampling

The leading suppliers of each end-user product categories that were chosen to provide a larger representative sample.

Purposive unit sampling was adopted for every service segment such as verticals, regions, end-users and others. This was resorted to, in order to elicit the appropriate inputs with regard to the qualitative growth aspects of the market.

3.1.2.  Secondary Research

The research methodology that was carried out was desk research through various journals, association reports, and in house database to build a knowledge base on various market service segments, product categories and industry trends.

Various fact based data was analyzed. Some of the sources included:

a. ResearchFox Knowledge Base:

Previous data on the market has been put through a rigorous and comprehensive analysis to analyze the current state.

b. Desk Research:

Industry reports, annual reports, press releases, webinars, journals and publication, independent rating agencies and government statistics.

3.1.3.  Primary Research

Primary interviews were conducted among various stakeholders:

Product and service companiesMembers of associations and alliancesSubject Matter Experts and EvangelistsConsultants and Strategists

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3.1.4.  Industry Information

It was essential to understand the current industry landscape, market dynamics, security ecosystem and competitor metrics. To estimate the global market, Chief Experience Officers (CXOs), Marketing Heads, Sales Managers and product stakeholders were interviewed.

3.1.5.  Technical Information

In addition to the interviews with leading participants for industry-related information, ResearchFox conducted interviews with Research and Development (R&D) and Design and Development teams to understand the current usage of the products by service type and also to find out the emerging trends. Finally, interviews with suppliers were conducted to cross check the validity of information and also to understand the emerging trends in the end-user segment. The detailed methodology for primary research is outlined below.

3.1.6.  Primary Interview Questionnaire Design

ResearchFox developed a detailed questionnaire, which was used by the analysts as a guide for their discussions. This process ensured the collection of all necessary data. The questionnaire was designed to elicit unbiased industry level data (market size, production, sales, and others), that had check points (questions such as company level information and their position in the industry acted as check points) to ensure accuracy of the data. The questionnaire included the following sections:

1. Industry level information2. Characteristics and Dynamics3. Company-specific information4. Market segmentation data

3.1.7.  Interview Questionnaire Test and Validation

Following the design of the questionnaire, ResearchFox carried out some initial interviews to verify that the appropriate market and technology data was generated. After the final design of the questionnaire, ResearchFox began full scale primary research. Specific companies targeted for primary research interviews were selected based upon market participation. Higher was the entity's profile, more attractive was the entity.

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3.1.8.  Interview Process

As participants respond in the course of an interview, ResearchFox analysts are trained to move from lower priority and/ or sensitive topics to increasingly key and/or sensitive topics in response to the interviewee's behavior. This responsive and reflective interview process, combined with the analysts' ability to discuss the industry and technical issues in an open and sharing environment, allows ResearchFox to probe for key data, operations, and competitive information. Multiple contacts within a single organization and with an individual are often planned and/or staged in order to optimize and complete the information gathering process.

3.1.9.  Research Validation

At a point, when 20 percent of the research interviews and/or data collection had been completed, ResearchFox consultants evaluated the preliminary findings to assure that up-to-date results are in line with project objectives. The analyst team analyzed the information from the interviews and information was validated through a combination of the following validation techniques:

Cross checking with other primary data and previously developed in-house researchReview of secondary information, such as trade journals, annual reports and industry directories

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3.2.  Forecasting Methodology

3.2.1.  Step-by-Step Methodology for Market Estimation and Forecasting

Market Estimation and Forecast Methodology, 2015

Step Method

1Understand the market mechanism for the market through structured, systematic and theoretically established norms of analyzing, designing, introducing and quality assurance of the market estimation

2 Measuring the various market drivers, constraints, opportunities and challenges at regular intervals of time

3 Integrate expert-opinion of discussions in consultation with the ResearchFox Analyst team

4 Market estimation and forecast calculation

5 Delphi method and Causal Analysis used as and when required

6Rigorous quality check with heads of Research Team, Subject Matter Experts and Consultants before final publication

Source: ResearchFox

Significance and Importance of the Market Forecast, 2015

Sr. No. Significance and Importance

1 Helps revisit on the company's R&D investments

2 Keeps the Sales and Marketing team posted on the market prospects

3 Strategize investment and expansion plans

4 Improve business planning

5 Helps create business aims and set sales figures within the company

6 Aware of the current market competition

7 Support plans for Merger and Acquisition (M&A)

Source: ResearchFox

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