New York, July 21, 2023 (GLOBE NEWSWIRE) -- According to Persistence Market Research, the global privileged access management market Size is predicted to reach US$ 22.69 billion by 2033-end, skyrocketing at a CAGR of 21.4% over the next ten years.
Surge in cyberattacks on privileged accounts and credentials has emerged as a major driver for the privileged access management (PAM) sector. Cybercriminals are increasingly recognizing the value of privileged access, which grants extensive control over critical systems and sensitive data within organizations. Hazards associated with privileged accounts have been exposed by high-profile data breaches and security events, prompting organizations to prioritize the adoption of secure PAM solutions.
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PAM systems effectively mitigate the risks associated with targeted cyber assaults by implementing stringent access controls, monitoring the actions of privileged users, and employing privileged user behavior analytics. These measures are instrumental in enhancing the security and integrity of sensitive information.
Key Takeaways from Market Study
- The global privileged access management market is valued at US$ 3.28 billion in 2023.
- By solution, PAM software occupied 70.4% share of the global market in 2022.
- By deployment, cloud-based PAM is estimated to expand at a CAGR of 22.9% through 2033.
- Large enterprises are projected to account for a leading market share in 2033.
- By industry, demand from the distribution services segment is expected to advance at a CAGR of 24.8% from 2023 to 2033.
- North America occupied a market share of 28.1% in 2022, followed by Western Europe at 21.3%.
“The market for privileged access management solutions is expected to grow at a rapid pace due to the rising prevalence of cyber threats in businesses. Organizations are increasingly adopting PAM solutions to enhance accountability, auditability, and regulatory compliance for privileged accounts,” says a Persistence Market Research analyst.
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Growing Digital Transformation and Remote Work Culture Driving Need for Efficient Access Management
The COVID-19 pandemic has hastened the adoption of digitalization and remote work practices. PAM systems provide granular control, session monitoring, and authentication tools to manage and secure privileged access in cloud environments. Remote workers frequently use privileged accounts, making them vulnerable to attackers. To ensure secure and compliant access, PAM systems enforce strong authentication techniques, integrate multi-factor authentication, and monitor privileged sessions.
PAM solutions reduce the risk of insider threats by providing capabilities such as just-in-time access, privilege elevation, and privileged user behavior analytics. PAM solutions enable organizations to safeguard vital assets, protect sensitive data, and maintain regulatory compliance in a dynamic cybersecurity landscape by tackling such security problems.
Competitive Landscape
PAM vendors are collaborating with technology partners to integrate their solutions with complementary technologies, as well as forming alliances with resellers, system integrators, or managed service providers (MSPs) to broaden their market reach and leverage the sales and distribution channels of their partners.
Competitive study and profiles of the major Privileged Access Management Market competitors, including IBM Corporation, Delinea, ARCON, Iraje Software, Senhasegura, Wallix, Sectona, Broadcom (Symantec), Krontech, HashiCorp, One Identity, Centrify Corporation, Oracle Corporation, BeyondTrust, Inc., Quest Software Inc., Cyberark Software Ltd., ObserveIT, Zoho Corp (ManageEngine), Micro Focus NetIQ
Recent Developments
- In June 2023, NETAND, South Korea's top provider of PAM and IM solutions, will open its first regional office in Singapore to expand its products in the Southeast Asia market and serve as an ASEAN centre.
- In April 2023, Wallix, a PAM cybersecurity supplier, struck a new sales agreement with Britive to deliver comprehensive PAM functionality and increase cloud security. The partnership promises a comprehensive PAM strategy for both on-premise and cloud infrastructure scenarios.
- Procyon has announced a $6.5 million financing round and the debut of their next-generation cloud-based PAM system for multi-cloud identity and access management in February 2023.
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More Valuable Insights on Offer
Persistence Market Research’s report on the privileged access management industry is segmented into five major sections: Solution (privileged access management software, services [professional services, managed services]), deployment (cloud-based, web-based, on-premise), enterprise size (small offices, small enterprises, medium-sized enterprises, large enterprises, very large enterprises), industry (finance, manufacturing & resources, distribution services, services, public sector, infrastructure), and region (North America, Latin America, Europe, East Asia, South Asia and Pacific, Western Europe, Eastern Europe, Central Asia, Russia & Belarus, Balkan & Baltic countries, and the Middle East & Africa).
For additional information on how the privileged access management market will shape up in the near future, write to the team of expert research analysts at media@persistencemarketresearch.com
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