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
Over 50% of people reuse the same password for multiple accounts.
60% of small businesses have experienced a data breach due to weak passwords.
83% of data breaches are due to weak, reused, or stolen passwords.
The average cost of a data breach is $3.86 million.
90% of password-related security incidents are caused by poor password management practices.
75% of employees store work passwords on their personal devices.
47% of data breaches occur due to insider threats.
The average time to detect a data breach is 206 days.
The average cost of a data breach per lost or stolen record is $150.
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 accounts
Small businesses experiencing data breach
Causes of data breaches
83% (weak, reused, stolen passwords)
Average cost of a data breach
Causes of password-related security incidents
90% (poor password management)
Employees storing work passwords on personal devices
Insider threats causing data breaches
Time to detect a data breach
Cost of a data breach per lost or stolen record
Employees believing company data is at risk
Digital Credential Management Facts
Passwords are the most common form of authentication for accessing online accounts and data.
Poor password practices are the leading cause of data breaches.
The average person has over 90 online accounts.
Biometric authentication, such as fingerprints and facial recognition, is becoming more widely adopted.
The use of password managers and single sign-on (SSO) solutions are growing in popularity.
The use of two-factor authentication is increasing to enhance security.
Organizations are increasingly implementing strict password policies to improve security.
The use of cloud-based credential management solutions is growing.
The global digital credential management market size is expected to reach $11.6 billion by 2027.
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 authentication
Leading cause of data breaches
Poor password practices
Average number of online accounts
Becoming more widely adopted
Password managers and SSO solutions
Growing in popularity
Increasing for enhanced security
Strict password policies
Increasing in organizations
Cloud-based credential management solutions
Growing in use
Global digital credential management market size
$11.6 billion (by 2027)
Digital Credential Management Benefits
Improved security through strong and unique passwords.
Convenient access to multiple online accounts through single sign-on solutions.
Increased productivity by reducing the time spent managing and accessing different passwords.
Better organization and control of digital credentials.
Enhanced privacy and protection of personal information.
Increased trust in online transactions and interactions.
Reduced risk of data breaches and cyber attacks.
Compliance with industry and government regulations.
Increased efficiency and streamlined processes.
Improved customer experience through secure and convenient access to online services.
Key Benefits of Digital Credential Management
Strong and unique passwords
Single sign-on solutions
Reduced time managing and accessing different passwords
Better organization and control
Of digital credentials
Enhanced privacy and protection
Of personal information
In online transactions and interactions
Of data breaches and cyber attacks
With industry and government regulations
Improved customer experience
Secure and convenient access to online services
Digital Credential Management Trends
Adoption of biometric authentication
Use of password managers and SSO solutions
Emphasis on multi-factor authentication
Growing for enhanced security
Demand for cloud-based credential management
Implementation of strict password policies
Use of two-factor authentication
Awareness of importance of credential management
Growing for security and privacy
Concern for data privacy and protection
Demand for secure and convenient access to online services
Investment in digital credential management
Digital Credential Management Adoption
Higher adoption in finance and healthcare
Adoption in developed and developing countries
Adopting for enhanced security and protection of sensitive information
Increasing for personal use
Digital Credential Management Market Analysis
Highly competitive with a large number of players
Dominated by established tech companies such as Microsoft, Google, and Amazon
Expected due to increasing demand and growing concern for privacy and security
High growth region
Asia-Pacific region due to increasing adoption of digital technologies and SMB growth
Advancements in technology, biometric authentication, password managers, and SSO solutions
Digital Credential Management Demographics
Highest among individuals aged 25-34
Higher education levels associated with increased use
Individuals with higher incomes more likely to use
Highest in urban areas
Women slightly more likely to use compared to men
Digital Credential Management Software
LastPass, 1Password, and Dashlane
Free basic plans with paid premium plans for additional features
Desktop and mobile devices
With other security and privacy tools such as VPNs and antivirus software
Cloud vs local
Both cloud-based and local solutions available
Digital Credential Management Opportunities
Growing demand for secure and convenient access to online services.
Growing awareness of the importance of data privacy and protection.
Increasing adoption of biometric authentication and password managers.
Growing number of small and medium-sized businesses adopting digital technologies.
Increasing investment in digital credential management solutions.
Digital Credential Management Challenges
Concerns about cybersecurity risks and data breaches
Implementation and maintenance cost
Cost of implementing and maintaining digital credential management solutions
User adoption and resistance to change
Integration with existing systems
Integration with existing systems and processes
Lack of standardization
Lack of standardization and compatibility across different platforms and systems