Privileged Access Management Market to Grow with a CAGR of 22.1% Globally through to 2028
Global Privileged Access Management Market is rising
due to increasing cybersecurity threats and the need for enhanced access
control and monitoring to protect critical digital assets in the forecast
period 2024-2028.
According to TechSci Research report, “Global Privileged
Access Management Market - Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, Global Privileged Access Management
(PAM) Market is experiencing significant growth driven by the escalating
cybersecurity landscape and the critical importance of safeguarding sensitive
data and critical systems. PAM solutions have emerged as a vital component of
organizations' cybersecurity strategies, as they help mitigate the
ever-expanding threat landscape posed by both external malicious actors and
insider risks. One of the key drivers behind the market's rise is the
increasing frequency and sophistication of cyberattacks targeting privileged
accounts, which hold the keys to an organization's most sensitive information
and infrastructure. PAM solutions provide robust access control,
authentication, and monitoring capabilities, ensuring that only authorized
personnel can access and manage privileged accounts, reducing the risk of data
breaches and system compromise.
Furthermore, regulatory compliance
requirements, such as GDPR, HIPAA, and SOX, have mandated stricter controls
over privileged access, compelling organizations across various industries to
adopt PAM solutions to meet compliance obligations. Additionally, the adoption
of cloud-based PAM solutions and the growing awareness of security best
practices further fuel market growth. As organizations continue to recognize
the paramount importance of safeguarding privileged access, the Global PAM
Market is poised for sustained expansion in the coming years.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global Privileged
Access Management Market”.
The global Privileged Access Management (PAM) market
is experiencing significant growth and is poised for further expansion in the
coming years. PAM refers to the set of technologies and practices that
organizations employ to secure and manage privileged access to critical systems
and data. Privileged accounts, such as those used by system administrators, IT
personnel, and executives, have elevated privileges that can potentially be
exploited by malicious actors. As a result, organizations across various industries
are increasingly recognizing the importance of implementing robust PAM
solutions to mitigate the risks associated with privileged access. One of the
key drivers of the global PAM market is the growing concern over cybersecurity
threats. With the rise in sophisticated cyberattacks and data breaches,
organizations are prioritizing the protection of their sensitive information.
Privileged accounts are often targeted by hackers as they provide a gateway to
valuable data and systems. By implementing PAM solutions, organizations can
enforce strong access controls, monitor privileged user activities, and detect
and respond to suspicious actions in real-time. This helps in mitigating
insider threats, external attacks, and data breaches, thereby enhancing overall
cybersecurity posture.
Furthermore, regulatory compliance requirements are
also fueling the demand for PAM solutions. Industries such as banking, finance,
healthcare, and government are subject to stringent regulations that mandate
the protection of sensitive data and the implementation of robust access
controls. PAM solutions provide organizations with the necessary tools and
capabilities to meet these compliance requirements. They offer features such as
privileged account management, privileged session management, access control,
authentication, monitoring, and auditing, which enable organizations to
demonstrate compliance and generate audit trails for regulatory purposes. The
adoption of cloud computing and digital transformation initiatives is another
factor driving the growth of the global PAM market. As organizations migrate
their infrastructure and applications to the cloud, the need to secure
privileged access in cloud environments becomes paramount. Cloud-based PAM
solutions offer organizations the flexibility and scalability required to
manage privileged access in dynamic and distributed environments. These
solutions provide centralized management and visibility of privileged accounts,
simplifying the monitoring and auditing of privileged user activities.
Additionally, they offer features such as password management, privileged
session recording, and privileged user analytics, further enhancing the
security and efficiency of privileged access management in cloud environments.
In terms of deployment models, both on-premises and
cloud-based PAM solutions are gaining traction in the market. While on-premises
solutions offer organizations complete control over their PAM infrastructure,
cloud-based solutions provide the advantages of scalability, accessibility, and
reduced maintenance overhead. The choice of deployment model depends on factors
such as organizational requirements, IT infrastructure, and security
preferences. Geographically, North America currently dominates the global PAM
market, owing to its mature IT infrastructure, high adoption of advanced
cybersecurity solutions, and stringent regulatory environment. However, other
regions such as Europe, Asia Pacific, and Latin America are also witnessing
significant growth in the PAM market. The increasing awareness of cybersecurity
threats, rising regulatory compliance requirements, and the adoption of digital
technologies are driving the demand for PAM solutions across these regions.
In conclusion, the global Privileged Access Management
market is experiencing robust growth driven by factors such as increasing
cybersecurity concerns, regulatory compliance requirements, cloud adoption, and
digital transformation initiatives. Organizations across industries are
recognizing the importance of securing privileged access to critical systems
and data and are investing in comprehensive PAM solutions to mitigate risks and
enhance their overall cybersecurity posture. As the threat landscape continues
to evolve, the PAM market is expected to witness further advancements in
technology and innovation, providing organizations with more sophisticated and
integrated solutions to address emerging challenges.
The Global Privileged Access Management Market is
segmented into Offering, Deployment Model, Enterprise Size, Industry Vertical, regional
distribution, and company.
Based on Offering, the solution segment dominated the
global privileged access management (PAM) market and is expected to maintain
its dominance during the forecast period. PAM solutions are comprehensive
software solutions that provide organizations with the necessary tools and
capabilities to manage and secure privileged access effectively. These
solutions encompass a wide range of features, including privileged account
management, privileged session management, access control, authentication,
monitoring, and auditing. The dominance of the solution segment can be
attributed to the increasing demand for robust PAM solutions across various
industries to address the growing cybersecurity concerns and regulatory
compliance requirements. Organizations are recognizing the importance of
securing privileged accounts and access to critical systems and data, and PAM
solutions offer a holistic approach to managing privileged access. These
solutions provide organizations with the ability to enforce strong access
controls, monitor privileged user activities, detect and respond to suspicious
actions, and generate audit trails for compliance purposes. Moreover, PAM
solutions offer features such as password management, privileged session
recording, and privileged user analytics, which further enhance the security
and efficiency of privileged access management. With the rising adoption of
cloud computing, digital transformation initiatives, and the need to secure
remote access, the demand for PAM solutions is expected to continue growing. PAM
solution providers are also investing in research and development to
incorporate advanced technologies such as artificial intelligence and machine
learning to enhance their offerings and address evolving cybersecurity
challenges. Overall, the solution segment is poised to maintain its dominance
in the global PAM market as organizations prioritize comprehensive and
integrated solutions to secure privileged access and strengthen their
cybersecurity posture.
Based on region, North America dominated the global
privileged access management (PAM) market and is expected to maintain its
dominance during the forecast period. North America has been at the forefront
of adopting advanced cybersecurity solutions and has a mature and well-established
IT infrastructure. The dominance of North America in the PAM market can be
attributed to several factors. Firstly, the region has a high concentration of
large enterprises across various industries, including banking, finance,
healthcare, and government, which have a significant need for robust privileged
access management solutions. These organizations handle vast amounts of
sensitive data and are subject to stringent regulatory compliance requirements,
driving the demand for PAM solutions. Secondly, North America has a strong
cybersecurity ecosystem, with a large number of cybersecurity solution
providers, technology vendors, and service providers operating in the region.
This fosters innovation and drives the development of advanced PAM solutions
tailored to the specific needs of North American organizations. Additionally,
North America has a high level of awareness and understanding of cybersecurity
risks, with organizations prioritizing investments in cybersecurity measures to
protect their critical assets. The region also has a strong regulatory
framework, with regulations such as the Payment Card Industry Data Security
Standard (PCI DSS), Health Insurance Portability and Accountability Act
(HIPAA), and Sarbanes-Oxley Act (SOX) mandating the protection of sensitive
data and privileged access. This further drives the adoption of PAM solutions
in the region. Furthermore, North America is home to several major technology
hubs, including Silicon Valley, which attracts top talent and fosters innovation
in the cybersecurity space. The presence of these technology hubs and the
strong collaboration between industry, academia, and government contribute to
the dominance of North America in the global PAM market. Overall, with its
mature IT infrastructure, strong cybersecurity ecosystem, regulatory framework,
and emphasis on data protection, North America is expected to maintain its
dominance in the global PAM market during the forecast period.
Major companies operating in Global Privileged
Access Management Market are:
- CyberArk Software Ltd.
- BeyondTrust Corporation
- Thycotic
- IBM Corporation
- Micro Focus International plc
- Centrify Corporation
- One Identity LLC
- ManageEngine (a division of Zoho
Corporation)
- ARCON
- WALLIX Group
- Osirium Ltd.
- Silverlake Mastersam Ltd.
- Hitachi ID Systems, Inc.
- ManageEngine
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“The global Privileged Access Management (PAM) market
is experiencing significant growth driven by increasing cybersecurity concerns,
regulatory compliance requirements, cloud adoption, and digital transformation
initiatives. PAM solutions help organizations secure and manage privileged
access to critical systems and data, mitigating the risks associated with
insider threats and external attacks. With the rise in sophisticated
cyberattacks and data breaches, organizations are prioritizing the protection of
sensitive information, making PAM solutions crucial for enforcing strong access
controls and monitoring privileged user activities. Regulatory compliance
requirements in industries such as banking, finance, healthcare, and government
are also driving the demand for PAM solutions, as they provide the necessary
tools and capabilities to meet compliance mandates. The adoption of cloud
computing and digital transformation initiatives further fuels the growth of
the PAM market, as organizations require flexible and scalable solutions to
manage privileged access in dynamic and distributed environments. While North
America currently dominates the market, other regions like Europe, Asia
Pacific, and Latin America are also witnessing significant growth. As the threat
landscape evolves, the PAM market is expected to witness further advancements
in technology, providing organizations with more sophisticated and integrated
solutions to address emerging challenges.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Privileged
Access Management Market – Global Industry Size, Share, Trends, Opportunity,
and Forecast, Segmented By Offering (Solution and Service), By Deployment Model
(On-Premises and Cloud), By Enterprise Size (Large Enterprises and Small &
Medium Enterprises), By Industry Vertical (BFSI, IT & Telecom, Government
& Public Sector, Healthcare, Manufacturing, Energy & Utilities, Retail
& E-Commerce, and Others), By Region, By Competition”, has
evaluated the future growth potential of Global Privileged Access Management
Market and provides statistics & information on market size, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Privileged Access
Management Market.
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