Privileged Identity Management Market Overview:
The Privileged Identity Management Market Outlook is projected to grow from USD 0.25 Billion in 2023 to USD 1.84 Billion by the year 2032, exhibiting a compound yearly growth rate (CAGR) of 28.00% during the forecast period (2023 - 2032). Increasing implementations of the PAM solutions across verticals is a major driving force behind the market growth.
Besides, the spurring rise in government & defense, healthcare, manufacturing, energy & utilities, IT & telecommunication, and retail sectors substantiates the market value. Increased cyber-attacks and malware and increased adoption of bringing your own device (BYOD) policies in enterprises bolster the market shares. Additionally, augmented demand for PAM solutions in eGovernance usages boosts the market revenues.
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Key Players:
Key Companies in Privileged Identity Management market include,
- NET AND
- Wallix Group SA
- Lieberman Software
- CyberArk
- CyberSec Oy
- IBM Corporation
Other key factors impacting the market rise include the growing digitization, internet usages, and the proliferation of digital database management systems. Rising security concerns in banking activities are one of the key growth propellers. On the flip side, the lack of technological breakthroughs and skilled technicians restricts the market's growth.
Privileged Access Management Solutions Market – Segmentation
The report has been segmented into offerings, components, software deployments, enterprise size, end-users, and regions. The offering segment is sub-segmented into solutions (identity management, access management, session monitoring & management, others) and services (professional, maintenance & integration, consulting & training, and managed services)
The software deployment segment is sub-segmented into cloud and on-premises. The enterprise size segment is sub-segmented into small & medium enterprises and large enterprises. The end-user segment is sub-segmented into healthcare, BFSI, government, energy & utilities, manufacturing, retail, IT & telecom, and others. The region segment is sub-segmented into Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global Privileged Access Management Solutions Market – Regional Analysis
North America dominates the global privileged access management solutions market. The higher number of industrial sectors and commercial units, creating a large amount of data that need higher protection, is a major driving force behind the regional market growth. Besides, the large presence of key PAM solutions providers and self-employed individuals & startups in the region has aided the growth of the privileged access management solutions market.
Global Privileged Access Management Solutions Market – Competitive Analysis
Highly competitive, the PAM solutions market appears to be fragmented due to the presence of numerous well-established players. Innovation, mergers & acquisitions, and brand reinforcement are the key trends for these players. The market will witness intensified competition with an increase in R&D innovations and M&A.
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Industry/ Innovation/ Related News:
Oct. 04, 2021 -- One Identity, a leading unified identity security provider, announced the acquisition of OneLogin, a leading provider of Identity Access Management (IAM) solutions, to expand the scope of its Unified Identity Security Platform.
Combined with its existing PAM, Identity Governance & Administration (IGA), and Active Directory Management & Security (ADMS) solutions, the company would now enable customers to take a holistic approach to identity security with trusted, proven technology in each major category.
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