Global Privileged Access Management Solutions market trends 2024, Forecast To 2033
4 Mar, 2024
The privileged access management solutions market size has witnessed exponential growth, rising from$3.36 billion in 2023 to$4.26 billion in 2024 at a compound annual growth rate (CAGR) of 26.9%. The growth in the historic period is attributed to regulatory compliance requirements, rising awareness of insider threats, proliferation of privileged accounts, high-profile security incidents, and insufficient traditional security measures. Looking ahead, the market is poised for exponential growth, reaching$11.31 billion in 2028 with a compound annual growth rate (CAGR) of 27.6%. This growth will be driven by the expansion of the remote workforce, vendor risk management, focus on data privacy, increased funding for cybersecurity initiatives, and international cybersecurity cooperation. Major trends in the forecast period include cloud adoption, integration with identity and access management (IAM), advanced analytics and AI, remote work security, passwordless authentication, and user education and training.
Global Privileged Access Management Solutions Market Key Driver
The increasing concern over cyber threats is expected to propel the growth of the privileged access management solutions market going forward. Cyberthreats refer to malicious acts that aim to destroy data, steal data, and work systems to disrupt the digital wellbeing and stability of IT infrastructure in an enterprise. Privileged access management solutions help organizations maintain the necessary levels of access to do their jobs and enable security teams to identify malicious activities linked to privilege abuse and take swift action to remediate risk, which reduces the cyber threat in an organization. For example, according to the Federal Bureau of Investigation (FBI), a US-based federal agency for investigating cyber-attacks and intrusions, more than 2,000 internet crime complaints per day were received. Additionally, we received 2.211k complaints with a loss of $13.3 billion over the past 5 years from 2016 to 2020, which equals an average of 4.40k complaints per year. Therefore, the increasing concern over cyber threats is driving the growth of the privileged access management solutions market. The privileged access management solutions market is anticipated to witness substantial growth, reaching $X billion by 2023 and is projected to achieve $Y billion by 2028.
Get A Free Sample Of The Global Privileged Access Management Solutions Market ReportGlobal Privileged Access Management Solutions Market Segments
The global privileged access management solutions market covered in this report is segmented –
1) By Offerings: Solution, Service, Other Offerings
2) By Deployment: Cloud, On-Premise
3) By Enterprise Size: Small And Medium Enterprises, Large Enterprises
4) By Application: Windows, Unix And Linux, Mac OS, Infrastructure Devices And IoT
5) By End-User: Healthcare, BFSI, Government, Energy And Utilities, Manufacturing, Retail, IT And Telecom, Other End-Users
By Geography: The regions covered in the privileged access management solutions market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North America was the largest region in the privileged access management solutions market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the privileged access management solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Privileged Access Management Solutions Industry Players
Arcon Techsolutions Private Limited, BeyondTrust Corporation, CA Technologies Inc., Avatier Corporation, CyberArk Software Ltd., Hitachi Ltd., Lieberman Software Corporation, Zoho Corporation Pvt. Ltd., Onion ID Inc., Osirium Technologies PLC, Peritus Inc., Remediant Inc., Silverfort Ltd., SolarWinds Corporation, SSH Communications Security corporation, Systancia SA, International Business Machines Corp., Micro Focus International PLC, Okta ASA, HashiCorp Inc., Broadcom Inc., StrongDM, Bitium Corporation, Keeper Security Inc., McAfee Corp., Netwrix Corporation, Quest Software Inc., Akamai Technologies Inc., ManageEngine Password Manager Pro
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Privileged Access Management Solutions Market Overview
Privileged access management solutions refer to information security (infosec) solutions that safeguard identities with privileged access or skills beyond those of regular users. PAM functions by combining people, processes, and technology solutions to safeguard an organization's critical data.
Privileged Access Management Solutions Global Market Report 2023 provides data on the global privileged access management solutions market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The privileged access management solutions market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.