Privileged Access Management Solutions Market Statistics: 2030
The global privileged access management solutions market size was valued at $2.47 billion in 2020, and is projected to reach $19.73 billion by 2030, registering a CAGR of 23.1% from 2021 to 2030. A privileged access management solution is a cybersecurity technology designed to securely maintain and elevated access and permissions for users, accounts, processes, and systems within an organization. Privileged access allows an enterprise to secure their infrastructure and applications to maintain confidentiality of vital data and sensitive information. Further, privileged account management relies on credentials such as passwords, keys, and secrets to control user access. In addition, privileged access management store manage credentials in a secure vault to manage authorized access of a user to protect the IT environment.
Privileged access management industry is intended to offer secure audits, manage, and monitor all operations associated with privileged accounts in an enterprise. Privileged access management has a wide variety of applications across government & private sectors and healthcare sectors to maintain a secure information environment. In addition, emergence of hybrid and multi-cloud technology in prime enterprises has driven demand for cybersecurity technology such as privileged access management solutions. All these factors are opportunistic for the privileged access management solutions market growth.
The market is expected to witness growth during the forecast period, owing to rise in threat of data breach due to insider attacks. Further, the privileged access management solutions market is expected to be driven by rise in need to optimize organization efficiency and security. Moreover, surge in regularity of cybersecurity globally is expected to be opportunistic for the market growth. Considering these factors, the privileged access management solutions market is estimated to experience steep growth in the future.
Rise in digitization and adoption of cloud-computing services is expected to offer a lucrative growth opportunity for the market during the forecast period. However, high cost of implementation of privileged access management solution paired with lack of awareness regarding cybersecurity threats acts as a major restrain for this market. Further, emergence of intelligence-based PAM is a major privileged access management solutions market opportunity.
Solution is projected as one of the most lucrative segments.
Emergence of COVID-19 acted as a major driver for growth of cloud-based technology for data cybersecurity, which drives demand for privileged access management solution. The market is estimated to witness relatively high growth by the end of 2021. However, the global privileged access management solutions market was primarily hit by several obstacles due to lack of availability of skilled workforce during the global lockdown. Moreover, surge in demand for hybrid cloud paired with cybersecurity solution is expected to drive the market growth during the forecast period.
The privileged access management solutions market is segmented on the basis of offering, deployment model, enterprise size, industry vertical, and region. On the basis of offering, it is fragmented into solution and service. The solution segment dominated the market, in terms of revenue in 2020, and is expected to follow the same trend during the forecast period. On the basis of deployment model, the market is segregated into on-premises and cloud. The on-premises segment dominated the market, in terms of revenue in 2020, and is anticipated to witness significant market share during the forecast period. By enterprise, the market is divided into large enterprise and small & medium enterprise. The large enterprise segment was the highest contributor in 2020, and is expected to grow at a high CAGR from 2021 to 2030. By industry vertical, the market is divided into BFSI, IT & telecom, government & public sector, healthcare, manufacturing, energy and utilities, retail & e-commerce, and others. Market share of the government & private sector segment was the highest in 2020, and is expected to grow at a high CAGR from 2021 to 2030.
By Deployment Model
On-premise is projected as one of the most lucrative segments.
Region-wise, privileged access management solutions market trends are analyzed across North America (the U.S. and Canada), Europe (the UK, Germany, France, Russia, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). The Asia-Pacific privileged access management solutions market is expected to grow at the highest rate during the forecast period.
Asia-Pacific would exhibit the highest CAGR of 25.4% during 2021-2030.
Top Impacting Factors
Significant factors that impact growth of the privileged access management solutions market include rise in adoption of privileged access solution due to rise in government regulatory policies, coupled with rise in concerns over cybersecurity threats. However, high cost associated with implementation of privileged access acts as a prime barrier for early adoption, which hampers the market growth. On the contrary, emergence of intelligence-based privileged access management solutions is expected to offer lucrative opportunities for the privileged access management solutions industry during the forecast period.
Competitive analysis and profiles of the major privileged access management solutions industry players, such as Arcon, Balabit Corporation, Beyondtrust, Inc., Ca, Inc., Centrify Corporation, Cyberark Software Ltd, Hitachi ID System Inc., Iraje Software, Krontech, Inc., and Wallix are provided in this report.
Key Benefits For Stakeholders
- This study comprises analytical depiction of the privileged access management solutions industry along with the current trends and future estimations to depict the imminent investment pockets.
- The overall privileged access management solutions market analysis is determined to understand profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current privileged access management solutions market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the market.
- The report includes the privileged access management solutions market share of key vendors and market trends.
Key Market Segments
- Identity Management
- Access Management
- Session Monitoring and Management
By Deployment Model
By Enterprise Size
- Large Enterprise
- Small & Medium Enterprises
By Industry Vertical
- IT & Telecommunication
- Government & Public Sector
- Energy & Utilities
- Retail & E-commerce
- Balabit Corporation
- Beyondtrust, Inc.
- CA, Inc.
- Centrify Corporation
- Cyberark Software Ltd.
- Hitachi ID Systems Inc.
- Iraje Software
- Krontech, Inc.
Privileged Access Management Solutions Market Report Highlights
By Deployment Model
By Enterprise Size
By Industry Vertical
Key Market Players
Balabit Corporation, Beyondtrust, Inc., CA, Inc., Arcon, IrajeSoftware, .Wallix, Krontech, Inc., Hitachi ID Systems Inc., Cyberark Software Ltd., Centrify Corporation
Privileged access management (PAM) solution allows enterprises to secure their infrastructure and assets, run businesses efficiently, and maintain confidentiality of vital information and critical infrastructure. PAM is a cybersecurity strategy used to control, secure, monitor, and audit all non-human and human privileged access and activities in an enterprise IT environment. In addition, growth in demand for cloud computing paired with high risk of cyberattacks across prime economies drives the market growth. This technology is popular for use in the government and private sector, owing to surge in growth of cyber-attacks and insider thefts over confidential information. Moreover, privileged access management solution, such as identity management, is an overarching discipline for verifying identity of users to maintain access to a particular system. Further, emergence of intelligence-based privileged access management solutions is a significant opportunity for the market growth.
Globally, various key players are investing and developing new technology in privileged access management solutions to make them more compatible with multiple applications. For instance, in February 2021, Columbia-based, Tenable Cyber Exposure firm acquired French cybersecurity startup Alsid for $98 million. This acquisition helps users to fix security weaknesses in Microsoft Active Directory in real-time. Besides, in January 2020, the SSH Communication Security form a partnership with digital information technologies to strengthen privileged access management solutions for enterprises across Asia-Pacific. These initiatives are expected to offer immense growth opportunities to the global privileged access management market. The key players profiled in the report include Arcon, Balabit Corporation, Beyondtrust, Inc., Ca, Inc., Centrify Corporation, Cyberark Software Ltd, Hitachi ID System Inc., Iraje Software, Krontech, Inc., and Wallix.