Chicago, Nov. 16, 2023 (GLOBE NEWSWIRE) -- The global Privileged Access Management Market size is projected to grow from USD 2.9 billion in 2023 to USD 7.7 billion by 2028 at a CAGR of 21.5% during the forecast period, according to a new report by MarketsandMarkets™. The PAM market has seen marked expansion due to the rapid progression towards digitalization and increased migration to cloud services. The worries about account and password sharing further fuel the market growth. The escalating risks insider actors pose and a heightened commitment to meeting regulatory requirements are significant factors boosting the PAM market growth.
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Privileged Access Management Market Dynamics:
Drivers:
- Focus on digital transformation and accelerated shift to cloud
- Increase in account and password-sharing concerns
- Rise in menace of insider threats
- Greater adherence to regulatory standards
Restraints:
- Complex implementation of legacy systems or solutions
- Adaptability and budgetary issues
Opportunities:
- Privilege for remote work & third-party access
- Escalation of cybersecurity threats
- Provision of education, training, and innovative technologies
List of Key Players in Privileged Access Management Market:
- Fortinet (US)
- Beyond Trust (US)
- CyberArk (US)
- Broadcom (US)
- Imprivata (US)
- Optiv Security (US)
- Okta (US)
- IBM (US)
- ManageEngine (Zoho) (US)
- Hashi Corporation (US)
- One Identity (US)
- ARCON (India)
- Netwrix (US)
- Delinea (US)
- Wallix (France)
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The PAM market shows promising growth driven by remote work & third-party access, education, training, innovative technologies, and escalation of cybersecurity threats. These factors contribute to the wide adoption of PAM solutions and services, expanding industry opportunities.
Trend: Evolution towards Just-in-Time Access
The PAM market is experiencing a shift towards Just-in-Time (JIT) access control. This approach centers around granting privileged access only when necessary and only for the required time, substantially reducing the window of opportunity for potential misuse of privileges. This trend is a reaction to the dynamic nature of modern IT environments, where static permissions quickly become outdated and pose security risks. JIT access minimizes the chances of insider threats and reduces the attack surface by ensuring that privileged accounts are not persistently enabled. As digital environments expand and diversify, enterprises realize the need for dynamic access controls that adjust to the continually evolving risk landscape in real-time.
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Trend: Increased Emphasis on Hybrid and Multi-Cloud Environment Support
With the widespread adoption of cloud technologies and the diversification of IT operations across multiple cloud platforms, there is a growing demand in the PAM market for solutions that seamlessly integrate with hybrid and multi-cloud environments. Organizations are often spread across on-premises data centers and various cloud platforms like AWS, Azure, and GCP. Managing privileged access across these diverse infrastructures presents a significant challenge. There’s a clear need for PAM solutions that offer centralized management and oversight across all environments. This integration is crucial for operational efficiency and ensuring consistent security policies and access controls, regardless of where the data or application resides. The ability to oversee and manage access controls across multi-cloud setups will be a defining feature for PAM solutions moving forward.
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