In this article, we will look at the 10 best password managers in 2024. If you want to skip our detailed analysis, you can go directly to the 5 Best Password Managers in 2024.
Overview of the Password Manager Market
Password management software helps in the process of securing and managing passwords throughout the life-cycle of a password from its creation to termination. Password management service providers use internally encrypted vaults to protect private credentials while following strict ethical standards. According to a report by Mordor Intelligence, the global password management market was valued at $1.74 billion in 2023. The market is expected to grow at a compound annual growth rate of 28.52% during the next five years to reach $7.32 billion by 2029. Two main factors driving growth for the market are the vast shift towards remote work after the pandemic and the subsequent increase in demand for password management software by small and medium businesses to protect their online business operations. Moreover, the Asia Pacific region is expected to witness the fastest growth rate. According to a report by Acumen Research and Consulting, the Asia Pacific region is expected to grow at a CAGR of more than 23% from 2022 to 2023. The growth in the region is attributed to its large number of emerging small and medium enterprises in economies including China, India, and Japan.
While the Asia Pacific region is expected to grow the fastest, it also remains one of the most cyber threat-prone areas, accounting for 31% of the global cybersecurity threats in 2022. Regional governments are taking steps to protect key companies from being hacked. On February 26, Reuters reported that China’s Ministry of Industry and Information Technology revealed its cybersecurity plan to protect the industrial sector by 2026. The plan aims to conduct around 30,000 data security training sessions and appoint 5,000 data security engineers to protect over 45,000 Chinese companies during the said period. To read more about cyber crime, you can look at 15 Countries With Most Cyber Crime In The World.
The Global Data Breach Situation
Data breaches and cyber-attacks lead to compromised personal and organizational data and incur huge financial costs. Viable estimates of the data breach cost help organizations achieve better risk management and optimize security investments, leading to a smooth strategic decision-making process. According to the Cost of a Data Breach Report by IBM Security, the average cost of a data breach increased by 2.3% in 2023, reaching an all-time high of $4.45 million. From a longer-term perspective, the average cost has continued to increase at an accelerated pace since COVID-19, which has increased by 15.3% from $3.86 million in 2020. As a result of this increment, 51% of the leading organizations worldwide are planning to increase their security investments to deter future cyber threats. To read more about cybersecurity trends you can look at Cybersecurity Trends: Top 10 ETFs For Cyber Defense and 15 Best Cities for Cyber Security Jobs in the World.
Incorporating security artificial intelligence and automation techniques is one protection mechanism that leads to higher cost savings during a breach. Security AI and automation help identify a breach faster and lead to quicker containment of the threat. According to the report by IBM, organizations using extensive security AI and automation were able to contain data breaches 108 days quicker than those with no use. Moreover, companies using these technologies incur 39.3% less in costs for a data breach than those with limited or no use of modern technologies.
Leading Cybersecurity Companies
Palo Alto Networks, Inc. (NASDAQ:PANW), Fortinet, Inc. (NASDAQ:FTNT), and Cloudflare, Inc. (NYSE:NET) are some of the leading cybersecurity companies that help organizations deter cyber threats and data breaches.
Palo Alto Networks, Inc. (NASDAQ:PANW) is a leading international cybersecurity solutions provider based in Santa Clara, California. The company provides services to enterprises, governments, and other service providers through a diverse portfolio, including firewalls, maintenance services, security management, and system updates. Palo Alto Networks, Inc. (NASDAQ:PANW) has an operational presence in the United States, Europe, the Middle East, Africa, and Asia Pacific regions. On February 25, Palo Alto Networks, Inc. (NASDAQ:PANW) reported the launch of its end-to-end encrypted 5G security solutions in collaboration with its leading 5G partners. The 5G security solutions will allow organizations to manage, deploy, and secure networks throughout their 5G integration journey. The initial 5G partners of Palo Alto Networks, Inc. (NASDAQ:PANW) include Druid Software, Ataya, NVIDIA Corp (NASDAQ:NVDA), Celona, NTT Data Group Corp (TYO:9613), and NetScout Systems, Inc. (NASDAQ:NTCT).
Fortinet, Inc. (NASDAQ:FTNT) is based in California, United States, and deals in cybersecurity and network security solutions internationally. The company provides services including next-generation firewalls, data centers, enterprise networking, network access, and application security. On March 4, Fortinet, Inc. (NASDAQ:FTNT) announced its joint venture with the European Commission’s cybersecurity skills academy. Under this collaboration, Fortinet, Inc. (NASDAQ:FTNT) through its Fortinet training institute, will offer award-winning cybersecurity training and awareness free of cost to up to 75,000 candidates in Europe for the next 3 years. This will not only be a step towards closing the global cyber skills gap but will also develop the cyber workforce in the region.
Cloudflare, Inc. (NYSE:NET) is another leading cybersecurity company that deals in cloud services, content delivery network services, and cloud cybersecurity services to businesses worldwide. The range of services provided by Cloudflare, Inc. (NYSE:NET) serves various sectors, including healthcare, the financial sector, consumer, retail, private, and government sectors. The company has business operations across Asia, the Americas, the Middle East, Europe, and Africa. On April 8th, Cloudflare, Inc. (NYSE:NET) announced its collaboration with Booz Allen Hamilton Holding Corporation (NYSE:BAH) to deliver organizations with rapid Under Attack as a Service (UAaaS) with 30-day DDoS Mitigation service. The rapid incident response will also include continuous protection and monitoring for organizations under cyber attack. Moreover, this collaboration will connect Booz Allen Hamilton Holding Corporation (NYSE:BAH) clients to Cloudflare, Inc. (NYSE:NET) rapid incident response team to fast-track their cyber attack support.
With this context, let’s look at the 10 best password managers in 2024.
A close up of a computer monitor with a green padlock icon to symbolize the company’s cyber safety solutions.
Our Methodology
We employed a consensus methodology to curate the list of 10 best password managers in 2024. We sifted through more than 10 sources to identify the best password managers. Next, we tracked the average customer ratings and total reviews for each item from TrustPilot, G2, and Getapp. We only selected those password managers with an average customer rating of at least 3.5 and more than 650 reviews across our sources. The list is ranked in ascending order, with the average customer rating being our primary metric and the total number of reviews being our secondary metric. Please note that for instances where a tie-break was required, we used the secondary metric to break the tie.
10 Best Password Managers in 2024
10. LastPass
Average Customer Rating: 3.5
Total Number of Reviews: 4,828
LastPass ranks 10th on our list of best password managers in 2024. It is one of the pioneers in cloud security technologies and provides passwords and identity management solutions. The services provided by LastPass include username and password generation, credential sharing for medical, entertainment, credit card, and other business-related accounts, form auto-filling, and data storage services. The platform offers solutions for personal and business usage, with a freemium version allowing password management for a single device. LastPass has an average customer rating of 3.5 and 4,828 reviews across our sources.
9. Avira Password Manager
Average Customer Rating: 4.27
Total Number of Reviews: 28,010
Avira is a security solutions company offering password management, antivirus, VPN, storage optimizer, and battery-saving services. The Avira password manager ranks 9th on our list with an average customer rating of 4.27 and 28,010 customer reviews across our sources. It allows users to generate strong, unique passwords and stores them automatically in secure vaults, which can be used to auto-login. Avira Password Manager has a pro version enables users to check for weak or reused passwords and notify if an online account has been hacked. The Avira Password Manager is available on Google Play and Apple App Store and has a downloadable extension for different browsers.
8. Norton Password Manager
Average Customer Rating: 4.30
Total Number of Reviews: 24,233
Norton Password Manager by Gen Digital Inc (NASDAQ:GEN) offers a smart and simple password management vault. The platform offers secure logins, a dashboard view to identify weak passwords, and a touch and face detection ID to access online accounts quickly. Gen Digital Inc (NASDAQ:GEN), also known as NortonLifeLock, Inc., engages in security, storage, and system management solutions for personal and enterprise usage. Gen Digital Inc (NASDAQ:GEN) operates on a subscription-based model, with Norton Password Manager being part of each subscription package. Norton password manager ranks 8th on our list of 10 best password managers in 2024, with an average customer rating of 4.30 and 24,233 reviews across our sources.
7. NordPass
Average Customer Rating: 4.37
Total Number of Reviews: 1,534
Nordpass by Nord Security is an innovative password manager designed for easy and secure online experience across various devices. The platform has 3 price plans, including teams, businesses, and enterprises, starting from $1.79 monthly. NordPass also encompasses a family package that protects up to 6 users, whereas the enterprise plan can secure unlimited users. Other services provided by Nord Security include NordVPN, NordLayer, and NordLocker. The NordPass password manager ranks 7th on our list, with an average customer rating of 4.37 and 1,534 reviews across our sources.
6. Keeper Security
Average Customer Rating: 4.37
Total Number of Reviews: 4,298
Keeper Password Manager is one of the top-rated password protection software that provides services for business and personal use. The platform uses zero-knowledge security and encryption technologies to mitigate cyber threat risks. Keeper password manager ranks 6th on our list with an average rating of 4.37 and 4,298 reviews across our sources.
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Disclosure: none. 10 Best Password Managers in 2024 is originally published on Insider Monkey.