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The password management market was valued at slightly above * billion U.S. dollars in 2022 and was expected to exceed * billion U.S. dollars in revenue by 2025. However, the past few years have seen the emergence of new and more secure authentication methods such as passwordless security or multi-factor authentication. Despite the instability that password security currently has, it remains the most used security method worldwide to grant access to company infrastructure.

Password security

When it comes to online credentials storage habits in 2021, the most common method is still to remember them by heart or write them down on paper. It is no wonder that individuals find it more challenging to keep track of all their online accounts nowadays. Consequently, people tend to reuse the same credentials when creating new online accounts in order to make passwords easier to remember. In 2021, the most frequent password encountered over a 45-day period across the Internet of Things (IoT) devices was admin, used nearly ** million times.

Multi-factor authentication (MFA)

Simply put, MFA grants the user access to a website or application only after successfully presenting at least * pieces of evidence that could identify the user to an authentication mechanism. Depending on the desired security level, MFA can provide several authentication types. One of the most common types of MFA used by companies worldwide is an SMS code or a one-time password (OTP). In 2021, Philippines registered the highest increase in MFA volume, at over *** percent. By contrast, Israel’s MFA volume dropped by ** percent.