On-premise password management is a password security software system that exists to protect against internal and external threats to a companys critical data. It acts as a centralized security control that is operated only within the physical location of the company, or business that it serves to protect. The software and hardware of that password manager are restricted to its particular physical address where it is located. Cloud-based password managers which are less expensive and come with multiple security layers do still have to contend with risks like possible data leak and eavesdropping.”]
Source: https://gbhackers.com/what-is-on-premise-password-management/