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The privileged access management solutions market is estimated to decline at a CAGR of 22.24% between 2022 and 2027. The size of the market is forecast to increase by USD 4521.66 million. The growth of the market depends on several factors, including the need for multi-factor authentication (MFA) for privileged accounts, the increasing frequency of insider threats, the increasing compliance with regulatory standards
This report extensively covers market segmentation by deployment (on-premise and cloud-based), component (solution and service), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Technavio categorizes the global privileged access management solutions market as a part of the global systems software market within the global IT software market. The parent global systems software market covers organizations that are engaged in developing application development and management software, cloud computing software, data center and hosting software, IT management software, mobility software, networking software, security software, and storage software. Technavio calculates the global systems software market size based on the combined revenue generated by companies engaged in the provision of all types of systems software, including cloud-based software. It also includes the annual revenues generated by the companies through the execution and reselling of systems software. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The need for multi-factor authentication (MFA) for privileged accounts is notably driving the market growth, although factors such as low adoption in developing regions may impede the market growth. Our researchers analyzed the data with 2022 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.
Key Privileged Access Management Solutions Market Driver
The need for multi-factor authentication (MFA) for privileged accounts is notably driving the market growth. Many businesses believe that passwords do not adequately protect their data and assets from data breaches, cyberattacks, and fraud. Hence, they are deploying MFA to increase the security of the data. MFA protects credentials and data from breaches and attacks.
MFA systems use a combination of the following to authenticate individuals: username, password, PIN, or security questions; smartphone, one-time passcode, or smartcard; and biometrics, such as employees' retina scans, fingerprint, or voice recognition. MFA is effective in providing complete authentication of privileged users and ensuring the security of enterprise data. The increasing need for MFA in enterprises will drive the growth of the global privileged identity management market during the forecast period.
Significant Privileged Access Management Solutions Market Trend
Increasing marketing initiatives is an emerging trend in the market. Vendors operating in the market are increasing their marketing efforts by leveraging communication channels, such as newspapers, magazines, and social media, to sell their products and services. They are creating advertisement campaigns followed by a marketing campaign that includes an Internet pre-roll, a wide-reaching social media and blogging program, and an interactive website.
Vendors are also making effective use of social media channels such as Instagram to showcase ideas on using the company's products and services. They post a variety of creative content on their Instagram channel and websites to attract consumers. This trend is expected to drive the growth of the global PAM solutions market during the forecast period.
Major Privileged Access Management Solutions Market Challenge
Low adoption in developing regions is a major challenge impeding the market growth. Many developing countries do not have a proper regulatory framework and the compliance requirements in such countries are relatively less stringent than those in the US and the EU. This reduces the scope for the penetration of PAM solutions in such countries.
For instance, regulations such as HIPAA and standards for companies operating in the financial services sector are relatively less stringent in APAC. Also, companies operating in regions where there are low or relaxed regulatory requirements are satisfied with in-house solutions. These factors result in the low adoption of PAM solutions, which is a major challenge for the growth of the global PAM solutions market.
Key Privileged Access Management Solutions Market Customer Landscape
The 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 growth strategies.
Global Privileged Access Management Solutions Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product launches, to enhance their presence in the market.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the on-premise segment will be significant during the forecast period. On-premise PAM is considered to be highly secure, as there is no third-party interference. Customization and higher data security offered in the on-premises deployment model are some of the factors responsible for the growth of the segment.
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The on-premise segment showed a gradual increase in the market share of USD 698.80 million in 2017 and continued to grow till 2021. Currently, many large enterprises are giving prominence to on-premises PAM solutions, as they receive a high level of protection with their implementation. Vendors operating in the market offer a comprehensive suite of on-premises privileged access management solutions, which can be customized as per client requirements. They are focusing on providing custom privileged access management solutions to meet the specific needs of an organization. In addition, customized solutions are helping organizations maintain great control, safety, and security over their data. Many such operational benefits associated with on-premise solutions are fostering the growth of the segment.
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North America 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 growth of the regional market is driven by the increasing number of insider attacks on enterprises in the region. Another key factor driving the growth of privileged access management solutions in North America is the enforcement of government standards and regulations because of the increasing number of hosted server attacks and cyberattacks.
Privileged access management solutions are highly preferred by various sectors in the region, especially the services and industrial sectors, to enhance the quality of delivery systems. Privileged access management solutions are evolving as a strategic tool in North America to counter the growing competition in the domestic and international markets. North America is evolving as a preferred destination for the location of PIM solution providers.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. The outbreak of COVID-19 slowed down the growth of the market in focus in H1 2020. However, due to the use of digital and the work-from-home culture, most industries witnessed an increased need for privileged access management solutions. This positively impacted the growth of the regional market.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by deployment (on-premise and cloud-based), component (solution and service), and geography (North America, Europe, APAC, Middle East and Africa, and South America).
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Privileged Access Management Solutions Market Scope |
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Report Coverage |
Details |
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Page number |
165 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Decelerate at a CAGR of 22.24% |
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Market growth 2023-2027 |
USD 4521.66 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
22.91 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 33% |
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Key countries |
US, China, Japan, UK, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ARCON, BeyondTrust Corp., Broadcom Inc., Centrify Corp., CyberArk Software Ltd., Devolutions, Fudo Security Inc., International Business Machines Corp., Iraje Inc., Kron Telekomunikasyon Hizmetleri A.S., Micro Focus International Plc, Oracle Corp., Osirium Ltd., Quest Software Inc., Silverlake Mastersam, Simeio Solutions LLC, Thycotic Software LLC, Wallix Group SA, Zoho Corp. Pvt. Ltd., and Hitachi Ltd. |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period |
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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 report to meet your requirements. Get in touch
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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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