Increasing data privacy concerns and strict regulatory compliance are expected to drive the password management market. There is an increasing need to protect official and personal data through passwords; therefore password management is crucial for improved security and system usage. Growing complex systems in organizations and rules to create and change them frequently have made password management a complex job. Additionally, hacked passwords and inefficient helpdesk systems may cause loss and delay in productivity. Password management solutions increase productivity and reduce confusion at the help desk. Cost-reduction and convenience owing to the ease of operation and elimination of help desk are expected to favor the password management market. Increasing customization and synchronization needs may restrict market demand over the forecast period. Increasing cloud computing requirements are expected to provide new growth opportunities to the password management market. Additionally, increasing use of self services password solutions in small and medium businesses owing to their limited budget is also expected to provide positive avenues to market growth.
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Password management projects are preferred over user provisioning projects owing to identical team requirements, shorter implementation time and simplicity. Additionally, users can be trained directly to change their passwords routinely or reset the forgotten password. Configuration and deployment can generally be completed in 5-15 days depending on the size of the organization. Helpdesk can also be trained in minutes to use the system. Once deployed the system enables cost saving by reducing password related help desk queries.
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