Privileged Access Management Solutions Market Statistics, Size, Share, 2032

Privileged Access Management Solutions Market Insights

According to the report published by Zion Market Research, the global Privileged Access Management Solutions Market size was valued at USD 2.87 Billion in 2023 and is predicted to reach USD 17.67 Billion by the end of 2032. The market is expected to grow with a CAGR of 22.37% during the forecast period. The report analyzes the global Privileged Access Management Solutions Market's growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the rising opportunities in the Privileged Access Management Solutions industry.

Request Free Sample

Global Privileged Access Management Solutions Market: Overview

A privileged access management (PAM) solution is particularly designed to secure, monitor, and manage privileged access. The concept of privilege access management pertains to the secure management of accounts for users who have elevated permissions on critical resources in an organization. There are many applications of privileged access management in the private and public sectors to maintain a secure information environment. Easy mapping of confidential credentials across cloud & hybrid environments can be done by these solutions by saving a significant amount of time & effort for security teams. These solutions execute strong control over important assets and aid enterprises in risk reduction. Furthermore, PAM enables security teams to identify malicious activities linked to privilege abuse, taking swift action to mitigate the risk.

Global Privileged Access Management Solutions Market: Growth Factors

The global rise in digitization and the increase in the adoption of cloud computing technology & services are the key driving factors for the growth of the global privileged access management solutions market. With the help of cloud-based services, privileged access management delivers improved scalability & security, and streamlines the monitoring & authorization of restricted users thereby protecting the organizations against deliberate or accidental misuse of privileged access. Thus, cloud-based infrastructure deployment has gained mainstream acceptance across industries. Additionally, the increase in internet users, the rising number of smartphone users and the availability of cost-effective internet services propel the incidences of cybercrime and unethical practices which in turn is fuelling the demand for privileged access management solutions in the market.

Further, an increase in the threat of data breaches due to cyber-attacks or insider attacks is expected to witness potential growth in the privileged access management solutions market. Also, stringency in government regulation to adopt cyber security technology & services and the rise in the need to optimize enterprise efficiency is enhancing the demand for privileged access management solutions market growth. Furthermore, the emergence of intelligence-based management solutions and the adoption of IDaaS are expected to offer ample growth opportunities for the global privileged access management solutions market during the forecast period. However, a lack of awareness about novel technologies involved in privileged access management is anticipated to hamper market growth.

The sudden upsurge of COVID-19 has a huge impact on businesses and humankind. This contagion has emerged as an opportunity for privileged access management solutions and cloud-based solutions due to the increased need for cyber security. Thus, the COVID-19 outbreak is projected to stimulate market growth and a rise in demand from numerous industry verticals by the end of the year 2021. In addition, enforcement of lockdowns and social distancing has encouraged enterprises to deploy work-from-home and focus more on online activities which have led organizations to adopt privileged access management solutions. However, the lack of availability of a skilled workforce during a pandemic may hamper growth in an emerging market. Furthermore, cloud-based customer engagement and remote connectivity have given a substantial increase in demand for hybrid cloud paired with cyber security solutions and it is expected to drive the market growth during the forecast period.

Request Free Sample

Global Privileged Access Management Solutions Market: Segmentation

The segmentation of the global privileged access management solutions market is defined on the basis of deployment model, enterprise size, offering, industry vertical, and region.

Based on the offering, the global privileged access management solutions market is split into solutions and services.

The deployment model segment is bifurcated into on-premises and cloud. Large enterprises and small & medium enterprises are the enterprise sizes of privileged access management solutions.

The industry vertical segment consists of BFSI, IT & telecom, government & public sector, healthcare, manufacturing, energy & utilities, retail & e-commerce, and others.

Privileged Access Management Solutions Market: Report Scope

Global Privileged Access Management Solutions Market: Regional Analysis

In terms of region, North America is estimated to hold the highest share in the global privileged access management solutions market during the forecast period. Growing concerns over cyber security and an increase in government regulatory policies have led to an increase in the adoption of privileged access management solutions which in turn are boosting the market growth in this region. Asia Pacific region is projected to grow at a quicker rate and is expected to offer new growth opportunities for the market. Some of the factors that are enhancing the growth of the market in this region include an increase in the focus of organizations on security for managing sensitive information and a rapidly growing number of SMEs.

Global Privileged Access Management Solutions Market: Competitive Landscape

The global privileged access management solutions market is highly fragmented owing to the presence of domestic as well as international manufacturers in the market. The leading players in the market are focusing on strategic partnerships and facilitating other operative strategies to gain a competitive edge in the market.

Some of the dominant players functioning in the global privileged access management solutions market include;

• Balabit Corporation
• Centrify Corporation
• Hitachi ID System Inc.
• Wallix
• Arcon TechSolutions
• Beyondtrust, Inc.
• Cyberark Software Ltd
• IBM Corporation
• OneLogin, Inc.

For instance, Balabit partnered with a cybersecurity solution provider CyberSec to offer its privileged access management solutions in the field of finance, telecommunication, and governmental sectors.

The global privileged access management solutions market is segmented as follows;

Global Privileged Access Management Solutions Market: By Deployment Model 

• On-Premises
• Cloud

Global Privileged Access Management Solutions Market: By  Enterprise Sizes

• Large Enterprises
• Small & Medium Enterprises

Global Privileged Access Management Solutions Market: By Offering

• Solution
• Service

Global Privileged Access Management Solutions Market: By Industry Vertical

• BFSI
• IT & Telecom
• Government & Public Sector
• Healthcare
• Manufacturing
• Energy & Utilities
• Retail & E-Commerce
• Others

Global Privileged Access Management Solutions Market: By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of the Middle East & Africa

What Reports Provide

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, ongoing, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.