The privileged access management market witness rapid revenue growth on the global platform. Increasing implementations of the PAM solutions across verticals drive the market growth. Besides, the spurring rise in healthcare, manufacturing, government & defense, IT & telecommunication, retail, and energy & utilities sectors boost the market value.
With rising cyber-attacks & malware and increased adoption of BYOD policies in small and large enterprises, the market is expected to garner significant gains in the next few years. In this regard, Market Research Future (MRFR) asserts that the global privileged access management market is expected to garner USD 12067.50 MN by 2026, registering a whopping 32.67% CAGR throughout the assessment period (2020-2026).
Additionally, augmented demand for PAM solutions in eGovernance usages bolsters the market shares. Other key factors boosting the market revenues include the growing digitization, internet usages, and the proliferation of digital database management systems.
Also, 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.
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Global PAM Management Solutions Market – Segments
The Privileged access management solutions market is segmented into offering, component, software deployment, enterprise size, end-users, and regions. The offering segment is bifurcated into solutions (access management, identity management, session monitoring & management, others) and services (maintenance & integration, professional, consulting & training, and managed services)
The software deployment segment is bifurcated into on-cloud and on-premises. The enterprise size segment is classified as small & medium enterprises (SMEs) and large enterprises. The end-user segment is bifurcated into BFSI, healthcare, government, manufacturing, energy & utilities, IT & telecom, retail, and others. The region segment is sub-segmented into Asia Pacific, North America, Europe, and the Rest-of-the-World.
Privileged Access Management Solutions Market – Geographical Analysis
North America is the largest market for privileged access management solutions. Factors such as rapid growth in industrial sectors and commercial units and rising big data needing higher protection drive the market growth. Besides, the strong presence of key PAM solution providers, self-employed individuals, and startups is a major driving force behind the regional market growth.
Privileged Access Management (PAM) Solutions Market – Competitive Landscape
The well-established PAM solutions market is adorned by several large and small players having an international presence. Matured players incorporate collaboration, acquisition, partnership, product launch, and expansion to gain a competitive advantage in this market.
These Key players emphasize product innovation and new processes, which is anticipated to fuel the intensified competition during the forecast period. The PAM solutions market demonstrates a high growth prospect, attracting several new entrants and intensifying the market competition further.
Key players in the global PAM solutions market are Arcon, Beyondtrust, Inc., Balabit Corporation, CA, Inc., Cyberark Software Ltd., Centrify Corporation, Hitachi ID Systems Inc., Krontech, Inc., and Iraje Software, among others.
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Industry/ Innovation/ Related News:
Oct. 28, 2021 – ThycoticCentrify, a leading provider of cloud identity security solutions, announced the first integration of secret server with its modern privileged access management platform.
ThycoticCentrify’s industry-recognized privileged account and session management solution combined with Secret Server would avail customers of a range of SaaS services, establishing the foundation of modern PAM strategies & centralizing access and visibility to credentials for faster time to access risk identification and resolution.
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