Credential management refers to the process of securely storing and managing digital certificates, usernames, and passwords. With the rise of digital technologies, credential management has become increasingly important for organizations and individuals to maintain security and access to their online accounts and data.

In this blog post, we will explore digital credential management statistics to gain a better understanding of the industry and its trends.

Key Digital Credential Management Statistics 2023 – MY Choice

  • The global digital credential management market size was valued at $6.5 billion in 2020 and is expected to grow at a CAGR of 19.3% from 2021 to 2028.
  • In 2020, the North American region dominated the global market, accounting for over 40% of the total market share.
  • The adoption of digital credentials is growing rapidly, with over 50% of companies expected to adopt digital credentials by 2023.
  • The higher education sector is expected to be one of the largest adopters of digital credentials, with over 60% of universities and colleges expected to adopt digital credentials by 2025.
  • The healthcare sector is also expected to see significant growth in the adoption of digital credentials, with over 30% of healthcare organizations expected to adopt digital credentials by 2024.
  • The use of digital credentials in the financial services sector is expected to increase significantly, with over 70% of banks and financial institutions expected to adopt digital credentials by 2026.
  • The use of blockchain technology for digital credential management is expected to increase significantly, with over 20% of companies expected to adopt blockchain-based digital credentials by 2023.
  • The number of digital credentials issued globally is expected to reach 1.7 billion by 2023.
  • The average cost of a digital credential is expected to decrease by 50% by 2025.
  • The global digital credential management market is expected to reach a value of $17 billion by 2028.

Digital Credential Management Statistics

  1. Over 50% of people reuse the same password for multiple accounts.
  2. 60% of small businesses have experienced a data breach due to weak passwords.
  3. 83% of data breaches are due to weak, reused, or stolen passwords.
  4. The average cost of a data breach is $3.86 million.
  5. 90% of password-related security incidents are caused by poor password management practices.
  6. 75% of employees store work passwords on their personal devices.
  7. 47% of data breaches occur due to insider threats.
  8. The average time to detect a data breach is 206 days.
  9. The average cost of a data breach per lost or stolen record is $150.
  10. 70% of employees believe their company’s data is at risk due to poor password practices.

Key Statistics on Digital Credential Management

Reuse of same password for multiple accounts50%+
Small businesses experiencing data breach60%
Causes of data breaches83% (weak, reused, stolen passwords)
Average cost of a data breach$3.86 million
Causes of password-related security incidents90% (poor password management)
Employees storing work passwords on personal devices75%
Insider threats causing data breaches47%
Time to detect a data breach206 days
Cost of a data breach per lost or stolen record$150
Employees believing company data is at risk70%

Digital Credential Management Facts

  1. Passwords are the most common form of authentication for accessing online accounts and data.
  2. Poor password practices are the leading cause of data breaches.
  3. The average person has over 90 online accounts.
  4. Biometric authentication, such as fingerprints and facial recognition, is becoming more widely adopted.
  5. The use of password managers and single sign-on (SSO) solutions are growing in popularity.
  6. The use of two-factor authentication is increasing to enhance security.
  7. Organizations are increasingly implementing strict password policies to improve security.
  8. The use of cloud-based credential management solutions is growing.
  9. The global digital credential management market size is expected to reach $11.6 billion by 2027.
  10. The digital credential management industry is projected to grow at a CAGR of 15.1% from 2020 to 2027.

Key Facts about Digital Credential Management

Most common form of authenticationPasswords
Leading cause of data breachesPoor password practices
Average number of online accountsOver 90
Biometric authenticationBecoming more widely adopted
Password managers and SSO solutionsGrowing in popularity
Two-factor authenticationIncreasing for enhanced security
Strict password policiesIncreasing in organizations
Cloud-based credential management solutionsGrowing in use
Global digital credential management market size$11.6 billion (by 2027)

Digital Credential Management Benefits

  1. Improved security through strong and unique passwords.
  2. Convenient access to multiple online accounts through single sign-on solutions.
  3. Increased productivity by reducing the time spent managing and accessing different passwords.
  4. Better organization and control of digital credentials.
  5. Enhanced privacy and protection of personal information.
  6. Increased trust in online transactions and interactions.
  7. Reduced risk of data breaches and cyber attacks.
  8. Compliance with industry and government regulations.
  9. Increased efficiency and streamlined processes.
  10. Improved customer experience through secure and convenient access to online services.

Key Benefits of Digital Credential Management

Improved securityStrong and unique passwords
Convenient accessSingle sign-on solutions
Increased productivityReduced time managing and accessing different passwords
Better organization and controlOf digital credentials
Enhanced privacy and protectionOf personal information
Increased trustIn online transactions and interactions
Reduced riskOf data breaches and cyber attacks
ComplianceWith industry and government regulations
Increased efficiencyStreamlined processes
Improved customer experienceSecure and convenient access to online services

Digital Credential Management Trends

Adoption of biometric authenticationGrowing
Use of password managers and SSO solutionsIncreasing
Emphasis on multi-factor authenticationGrowing for enhanced security
Demand for cloud-based credential managementRising
Implementation of strict password policiesGrowing
Use of two-factor authenticationIncreasing
Awareness of importance of credential managementGrowing for security and privacy
Concern for data privacy and protectionRising
Demand for secure and convenient access to online servicesGrowing
Investment in digital credential managementIncreasing

Digital Credential Management Adoption

Adoption TrendDescription
Industry variationHigher adoption in finance and healthcare
SMB adoptionIncreasing
Adoption in developed and developing countriesGrowing
Government organizationsAdopting for enhanced security and protection of sensitive information
Individual adoptionIncreasing for personal use

Digital Credential Management Market Analysis

Market TrendDescription
CompetitionHighly competitive with a large number of players
Market dominanceDominated by established tech companies such as Microsoft, Google, and Amazon
Market growthExpected due to increasing demand and growing concern for privacy and security
High growth regionAsia-Pacific region due to increasing adoption of digital technologies and SMB growth
Market driversAdvancements in technology, biometric authentication, password managers, and SSO solutions

Digital Credential Management Demographics

Demographic TrendDescription
Age groupHighest among individuals aged 25-34
Education levelHigher education levels associated with increased use
IncomeIndividuals with higher incomes more likely to use
Geographic locationHighest in urban areas
GenderWomen slightly more likely to use compared to men

Digital Credential Management Software

Software TrendDescription
Popular solutionsLastPass, 1Password, and Dashlane
Pricing plansFree basic plans with paid premium plans for additional features
Platform availabilityDesktop and mobile devices
Integration optionsWith other security and privacy tools such as VPNs and antivirus software
Cloud vs localBoth cloud-based and local solutions available

Digital Credential Management Opportunities

  1. Growing demand for secure and convenient access to online services.
  2. Growing awareness of the importance of data privacy and protection.
  3. Increasing adoption of biometric authentication and password managers.
  4. Growing number of small and medium-sized businesses adopting digital technologies.
  5. Increasing investment in digital credential management solutions.

Digital Credential Management Challenges

Cybersecurity risksConcerns about cybersecurity risks and data breaches
Implementation and maintenance costCost of implementing and maintaining digital credential management solutions
User adoptionUser adoption and resistance to change
Integration with existing systemsIntegration with existing systems and processes
Lack of standardizationLack of standardization and compatibility across different platforms and systems

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