Market researchers predict rise of password protection solutions

As online security awareness continues to grow among consumers and business professionals in response to identity theft and data breach incidents, analysts from ABI Research expect to see strong growth in the market for password protection technology.

According the latest predictions from ABI, hardware and software vendors focused on improving the security of online transactions will attract widespread attention in the coming years. By 2016, as many as 1.8 billion units of one-time-password (OTP) generators, portable smart card readers and secure USB tokens may ship to markets around the world.

"The cost of compromise is being realized," noted ABI spokesman John Devlin. "Companies are looking at deploying solutions not only to protect data, but also limit the possibilities of damaged credibility while maintaining services which are not only safe, but also accessible to consumers on a 24/7 basis."

These reports seem to suggest encouraging growth in not only awareness of online security threats, but also a willingness to take proactive action. However, investments in advanced technology will not cover up poor fundamentals. Conversely, simpler tools such as a free password manager can be extremely effective, experts suggest, if users implement best practices.