Curious to find out the password manager market share in 2024?
These days, cases of data breaches and cyberattacks such as identity theft, password hacking, and fraud are continuously growing.
According to a survey, about 21% experienced financial account breaches, while 19% experienced email hacks, and over 18% experienced social media account breaches.
Despite the increasing number of risks, numerous people are not convinced to secure strong passwords and protection to personal information.
Approximately 59% of people still use their given names and birthdate as their passwords, and 24% used weak passwords like “qwerty”, “abc123”, “123456”, “Password”, and “123456789”.
Password Manager Market Size in 2024
How big is the password manager market size in 2024?
Based on the latest records, the password management market size is $1,470.5 million in 2021 and is expected to reach as much as $7,171 million by 2030, and will grow at a compound annual growth rate of 19.25%.
According to research, the global password management market was valued at around $1.3 billion in 2020 and was projected to reach $3 billion in revenue after five years.
Let’s take a look at the estimated password management market revenue worldwide:
- In 2020, the password management market recorded approximately $1.25 billion in revenue worldwide
- In 2025, the password management market is expected to have $3.07 billion in revenue worldwide
- In 2027, the password management market is expected to have $2.9 billion in revenue worldwide
What are the Best Password Managers?
Choosing one of the best password managers will give people the best service and peace of mind.
Users will no longer fill out forms manually and use weak passwords.
Trusted password managers will generate, secure, and manage all passwords and other personal data.
Here are some of the best password managers worldwide:
- Avatier Corporation
- Blur Password Manager
- Zoho Vault
- CA Technologies
LastPass is one of the best and most popular password managers worldwide.
It offers 2-Factor authentication, an easy-to-use interface, a full-featured browser extension, unlimited syncing on all devices, dark web monitoring, 1GB file storage, and premium customer support.
More than 33 million users trust LastPass in 2022, compared to the 16.8 million users in 2018.
This records approximately 13 million visits every month. LastPass has a 2.91% market share in the identity-access-management market.
1Password is an excellent password manager with features that can delete sensitive information to avoid snooping, a stand-alone browser extension, and supports biometric login.
It has 2-Factor authentication, travel mode feature, secret key encryption, and outstanding organizational tools.
Currently, this password manager has more than 15 million users and acquired 6.7 million visits in August 2022. It recorded a market share of 0.02% in the cloud-security market.
Dashlane is one of the outstanding password managers around the world.
It has a user-friendly interface, a dark web monitoring and scanner, VPN service, identity theft protection, 2-Factor authentication, and a reliable password changer
This password manager has more than 15 million users and is trusted by over 20,000 companies.
It recorded more than 3.4 million visits in August 2022.
Dashlane has a 23.98% market share in the password management market.
KeePass is a powerful and easy-to-use password manager. It has strong security features, advanced encryption, edit control, auto-type hot key, open source, and runs on different devices.
It is downloaded more than 45 million times and recorded 904.5 thousand visits in August 2022.
This password manager reveals a 1.23% market share in the password management market.
Keeper is one of the best password managers with excellent security features. It works offline with advanced security and verification features, and a solid browser extension.
It offers 10GB of protected cloud storage, and templates for filling out personal documents.
This password manager has 1 million users worldwide with more than 2 million visits in 2022. It recorded a 0.30% market share in the password management market.
Avatier is one of the key player password managers in the market with a single sign-on feature, identity management feature, group automation, and lifecycle management.
It has protected stations with facial recognition and biometrics technologies. It recorded almost 0.20% market share in the endpoint security market.
According to a report, approximately 58% of Americans experienced a data breach and less than half would change their passwords after being breached.
In the 2017 Equifax data breach, more than 140 million Americans got affected. 3 out of 4 people are frustrated trying to remember their passwords.
Due to these kinds of situations in the US, password managers offering password management services grew in number.
They help their users by creating and managing hack-proof passwords and protecting personal data.
- LastPass holds about 21% of the password manager market in the US
- Keeper holds about 10% of the password manager market in the US
- McAfee holds about 8% of the password manager market in the US
- Bitwarden holds about 8% of the password manager market in the US
- Google Chrome Password Manager holds about 8% of the password manager market in the US
- 1Password holds about 7% of the password manager market in the US
- Dashlane holds about 7% of the password manager market in the US
- Apple Keychain Password Manager holds about 7% of the password manager market in the US
- NordPass holds about 3% of the password manager market in the US
- Norton holds about 3% of the password manager market in the US
- Password Boss holds about 2% of the password manager market in the US
Benefits of Using Password Managers
Password managers play a significant role in securing and managing strong passwords and personal information.
A person prefers to use one password on multiple accounts on various platforms and sites to avoid being forgotten.
Password managers help people to generate hack-proof passwords and store them in a protected database with a master password.
Aside from that, password managers automatically fill out forms using the recorded personal details.
Why Some People Do Not Purchase Password Managers?
Despite the increasing number of data breach reports and the advantages of password managers, many people do not want to purchase password managers.
About 65% of people are not convinced to use password managers.
A few of the reasons are their fear of password managers’ hacking incidents, and lack of awareness of what a password manager is.
About 37.4% of people aged 55 years and older are afraid to purchase password managers since they have doubts about password manager hacking.
While 20.1% of the same age group are not aware of a password manager.
Approximately 14% of people ages 18-34 years old and 12% of 35-54 years old did not know password managers.
Password managers are important not only to individuals but also to businesses. They serve as the creators of strong passwords and protectors of personal information.
These password managers simplify the login and sign-up process. It helps users to remember the passwords in multiple accounts and instantly fill out web forms.
Despite the usage of password managers, many people, especially the older generation, doubt purchasing one.
However, due to increasing data breaches and cyberattack cases, many people continuously purchase the best password managers.
These purchases affect the password managers’ market share.
Thanks for reading our article about password manager market share in 2024.