The businesses of managing passwords is booming, according to a new report from ResearchAndMarkets.com.
The research firm revealed in a new report that the market is expected to grow at a compound annual growth rate of 19% between 2020 and 2025.
During that period, the global password management market is expected to grow from $1.05bn to $2.98bn.
The growth in the market is driven by the need for businesses to protect their cybersecurity.
Passwords are a cornerstone of many companies’ cybersecurity efforts. Employees having too weak ones that are easy to guess can expose businesses to the risk of falling foul of outside laptop-wielding larcenists.
The effect can be compounded if people reuse their passwords across several platforms, which were the case with 44 million passwords checked by Microsoft across its Azure AD and Microsoft Services accounts.
Although, other research suggests that companies may want to ditch passwords altogether.
A study from credit reporting agency Equifax found that 57% of UK consumers would be happy to replace passwords and pins with biometric verification.
When asked why, 40% said it being faster would be a faster way to verify their identities and 27% said it would be more secure than passwords.
Copyright © 2018 RegTech Analyst
