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The privileged access management solutions market size is forecast to increase by USD 10.71 billion at a CAGR of 34.08% between 2023 and 2028. The market's growth hinges on several factors, notably the imperative for multi-factor authentication (MFA) to secure privileged accounts, the escalating occurrence of insider threats, and the mounting pressure to comply with regulatory standards. These factors underscore the critical need for robust security measures to safeguard sensitive information and systems. Implementing MFA for privileged accounts is increasingly seen as a crucial step in fortifying cybersecurity defenses against unauthorized access and breaches. As insider threats continue to pose significant risks, organizations are prioritizing MFA as a proactive security measure. Moreover, adherence to regulatory standards is non-negotiable, driving the adoption of MFA solutions to ensure compliance and protect against data breaches. It also includes an in-depth analysis of market trends and analysis, market growth analysis and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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In today's digital advancements, cloud-centric strategies have become the norm for businesses, leading to an increased focus on securing accounts and managing shared passwords for internal actors and third-party access in cloud environments. Gartner predicts that public cloud spending will reach USD 332.3 billion by 2022, making it crucial for enterprises to implement robust security measures, such as Privileged Access Management (PAM) solutions. PAM solutions are innovative technologies designed to mitigate cybersecurity threats by managing and monitoring access to critical resources. IT managers and IT teams are increasingly adopting these solutions to secure access points and protect against internal and external threats. According to a recent Keeper Security survey, 60% of IT professionals reported that their organizations had experienced a data breach due to weak passwords or shared credentials. PAM products offer a range of features, including single sign-on, multi-factor authentication, and automated password rotation, to help organizations implement an enterprise security framework and address the challenges of digital transformation and the increasing use of legacy systems, configurations, and architectures. By implementing PAM solutions, organizations can reduce the risk of cyber threats and ensure the security of their digital initiatives and digitalization efforts. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The need for multi-factor authentication (MFA) for privileged accounts is notably driving the market growth. In today's digital advancements, enterprises are shifting towards cloud-centric strategies, leading to an increased focus on securing accounts and access to critical resources. The use of shared passwords and internal actors poses significant security risks, making enterprises skeptical about relying solely on traditional password-based security measures. To mitigate these cybersecurity threats, Privileged Access Management (PAM) solutions have emerged as a crucial component of enterprise security frameworks.
Moreover, these innovative technologies provide an additional layer of security by requiring privileged users to provide extra information, such as a PIN or biometric data, to access corporate information, services, and networks. With the rise of remote work and third-party access, PAM solutions have become essential for enterprises to comply with regulatory frameworks and protect against cyber threats. The increasing need for MFA in enterprises will drive the growth of the market during the forecast period.
Increasing marketing initiatives is an emerging trend in the market. In today's digital advancements, organizations are embracing cloud-centric strategies, enabling remote work through the use of personal devices such as laptops, smartphones, and tablets. The Bring Your Own Device (BYOD) concept has gained popularity among Small and Medium Enterprises (SMEs), leading to a significant increase in the use of personal accounts and shared passwords. However, this shift brings new security challenges, particularly from internal actors and cybersecurity threats.
Moreover, they have emerged as crucial security measures to manage and monitor access to critical resources in cloud environments. Regulatory frameworks mandate the implementation of PAM solutions to mitigate risks associated with third-party access. With the increasing digital transformation and IT spending on cloud and public cloud, the number of access points and cyber threats continues to grow. This trend is expected to drive the growth of the global solutions market during the forecast period.
System integration and interoperability issues is a major challenge impeding the market growth. In today's digital landscape, the adoption of advanced technologies, particularly in sectors like BFSI, telecom, and public institutions, is escalating. This digital transformation brings about the need for Privileged Access Management (PAM) solutions to manage accounts and shared passwords for internal actors and third-party access.
However, integrating these PAM solutions with an enterprise's IT infrastructure, which may consist of legacy systems, configurations, and diverse architectures, can pose interoperability challenges. These issues can intensify due to system updates, mergers, or the adoption of cloud-centric strategies. Interoperability problems can lead to operational inefficiencies, increased costs, and potential cybersecurity threats. These factors result in the low adoption of PAM solutions, which is a major challenge for the growth of the global PAM solutions market.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ARCON: The company offers privileged access management solutions such as endpoint privilege management solutions.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the on-premise segment will be significant during the forecast period. The market is experiencing significant growth due to digital advancements and the increasing adoption of cloud-centric strategies. While on-premises PAM solutions offer higher security through internal control and customization, they require substantial capital investment and are more expensive than cloud-based alternatives. In contrast, cloud-based PAM solutions are more cost-effective and offer flexibility for remote work and third-party access.
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The on-premise segment showed a gradual increase in the market share of USD 831 million in 2018. However, cybersecurity threats, such as internal actors and shared passwords, necessitate robust security measures. Regulatory frameworks and educational initiatives focusing on IT training and innovative technologies are driving the digital transformation of PAM solutions in various sectors, including finance and healthcare. Gartner predicts that cloud IT spending, including public cloud spending, will continue to increase, leading to a higher demand for PAM products and services. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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APAC is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in North America is experiencing significant growth due to the increasing need for robust access controls. Authorized personnel in various sectors, including services and industrials, are implementing these solutions to mitigate insider threats and protect against external adversaries. Regulatory compliance, such as GDPR, CCPA, and HIPAA, is also driving demand for privileged access management. These solutions secure administrator access, service accounts, and system-specific super users, safeguarding against cyber adversaries and potential breaches. Real-time monitoring and session recording further enhance security measures, providing an additional layer of protection against privileged account misuse.
Segment Overview
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
Privileged access management (PAM) solutions are becoming increasingly critical in today's cybersecurity landscape. With rising inflation rates and financial strain, financial institutions and healthcare institutions are particularly vulnerable to ransomware attacks and security breaches. Traditional IT approaches are no longer sufficient, leading to increased adoption of cloud-based solutions like Keeper Security, Vectra, and Forrester. These solutions offer managed services, access control, and privileged identity management to safeguard digital assets from unauthorized access by malicious users.
Hyderabad, India, known for its IT prowess, is a hub for innovative security solutions like IDaaS and Delinea, including Secret Server from Hitachi ID. The market landscape depends on IT budgets, Unauthorized or malicious users, PAM tools, Sensitive information or systems, Authorized users, Insider attacks, Solution. The market caters to various sectors such as banking, energy, retail, and e-commerce, providing security incidents monitoring, insider attack prevention, and cloud infrastructure protection. However, challenges like lack of granularity, work from home risks, and organizational silos in small businesses and large industrial sectors highlight the need for comprehensive PAM solutions tailored to different verticals like healthcare and life sciences and energy and utilities.
Industry Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 34.08% |
Market growth 2024-2028 |
USD 10.71 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
25.53 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
APAC at 33% |
Key countries |
US, China, UK, Germany, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ARCON, BeyondTrust Corp., Broadcom Inc., Centrify Corp., CyberArk Software Ltd., Devolutions, Fudo Security Inc., Hitachi Ltd., International Business Machines Corp., Iraje Inc., Kron Telekomunikasyon Hizmetleri A.S., Open Text Corporation, Oracle Corp., Osirium Ltd., Quest Software Inc., Silverlake Mastersam, Simeio Solutions LLC, Thycotic Software LLC, Wallix Group SA, and Zoho Corp. Pvt. Ltd. |
Market dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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