Article posted: Apr 25, 2019
By Joakim Thorén, CEO
The Credential Management Solutions (CMS) market is poised to triple over the next eight years, growing from more than $511 million in 2017 to $1.8 billion in 2025, at a CAGR rate of 17.7 percent per year from 2018 to 2025, according to Verified Market Research.
The research firm identifies CMS solutions are essential for controlling access to sensitive users' credentials and that the adoption of a CMS helps provide security to all the information and systems of an organization. These solutions allow IT managers, CISOs, HR managers and others to create and cancel the user credentials during the lifecycle of an employee's tenure at the company.
Verified Market Research further predicted the demand for CMS solutions will increase as the rise of security and privacy concern and breaches will continue to grow. According to USA Today, billions of consumers were affected by data breaches in 2018 with last year's Marriot data breach ranking as the second biggest data breach in recent history as more than 500 million Marriot customer accounts were compromised.
In the report, Versasec was listed as a top player in the CMS market, along with our partners Entrust and Gemalto. We're seeing the same uptick in demand for our vSEC:CMS S-Series, a CMS solution which manages the most two-factor authentication methods in the industry, including solutions from Entrust and Gemalto, along with Yubico and other leading smart card and token companies.
Our customers, which vary from prominent government agencies to small businesses, initially interact with us for the same reason: to protect their private data and manage access to data within their organizations. Data has become the new corporate currency and billions are spent each year collecting, storing and analyzing data. And with these investments, companies of all sizes are realizing it's equally important to secure all of this information. To learn more about our vSEC:CMS solution, visit https://versasec.com/vsec-cms.php.