Dublin, Feb. 29, 2024 (GLOBE NEWSWIRE) -- The "Privileged Access Management Market by Offering, Deployment Mode (On-Premises and Cloud), Vertical (BFSI, Government, IT & ITeS, Healthcare, Telecommunications, Manufacturing, Energy & Utilities, Retail & Ecommerce) and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global Privileged Access Management (PAM) 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.
The market growth in PAM is fueled by factors driven by the momentum of digital evolution and the swift migration to cloud-based solutions. The increasing concerns surrounding account and password misuse and the rising peril of internal security breaches have amplified the urgency for advanced PAM systems. Simultaneously, the heightened commitment of enterprises to meet regulatory norms has further strengthened the market's trajectory.
By offering, the services segment will grow at the highest CAGR during the forecast period
The services segment attained the highest CAGR in the PAM market's offering segmentation. As organizations rapidly integrate PAM solutions into their infrastructure, there is an increasing demand for accompanying services, ranging from initial consultations and integration assistance to training and ongoing support. These services ensure that PAM implementations align seamlessly with organizations' specific operational and security needs.
Moreover, with threats becoming more sophisticated, businesses are leaning heavily on these services to navigate the complexities and to ensure their privileged access defenses remain resilient and up-to-date. Furthermore, as regulations intensify and compliance becomes more challenging, professional services aid organizations in maintaining alignment with industry standards and mandates. Thus, the services segment has the highest CAGR during the forecasted period.
By vertical, the BFSI segment will grow at the largest market size during the forecast period
The BFSI vertical has the largest market size in the PAM market. The BFSI sector inherently deals with a vast amount of sensitive data, from personal financial details to critical transactional data. The high value of this data makes it a prime target for cyber adversaries. With increasing digitization and online transactions, the attack surface within this vertical has expanded, necessitating robust cybersecurity measures. PAM solutions, in this context, play a pivotal role in safeguarding privileged accounts that, if compromised, could lead to significant financial and reputational damage.
Furthermore, stringent regulatory frameworks and compliance requirements, such as the PCI-DSS and the Basel III norms, mandate that financial institutions maintain the highest data protection standards. To meet these standards and to counteract sophisticated cyber threats, BFSI entities are heavily investing in PAM solutions, thereby driving the predominant market size in this segment.
North America is expected to account for the largest market size during the forecasted period
North America holds the distinction of accounting for the largest market size in the PAM market for several reasons. First, the region houses a plethora of global enterprises and tech hubs, with industries spanning finance, healthcare, and information technology that inherently necessitate robust cybersecurity measures. The increasing frequency and sophistication of cyber-attacks targeting businesses in this region further accentuates the demand for advanced PAM solutions.
Additionally, regulatory compliance standards like the GDPR and the California Consumer Privacy Act (CCPA) mandate stringent data protection measures, propelling organizations to invest heavily in PAM systems. Moreover, several leading PAM solution providers in the region encourage innovation, fostering a competitive market landscape. Consequently, the convergence of a tech-intensive corporate ecosystem, regulatory imperatives, and a vibrant vendor landscape positions North America at the forefront of the global PAM market.
Asia Pacific is anticipated to account for the highest CAGR during the forecasted period
The Asia Pacific region is poised to witness the highest CAGR in the PAM market, driven by several factors. Foremost, the region is experiencing a rapid digital transformation, with emerging economies like India embracing digital technologies at an accelerated pace. This digital uptick has consequently expanded the cyber-attack surface, necessitating enhanced cybersecurity measures. Additionally, the proliferation of SMEs in the region, increasingly becoming targets for cyber adversaries, amplifies the need for effective PAM solutions.
The regulatory landscape in the Asia Pacific is also evolving, with countries implementing or revising data protection and cybersecurity laws, pushing businesses to prioritize investments in cybersecurity infrastructure. Furthermore, the growing presence and expansion of global PAM solution providers in the region and local vendors innovating tailored solutions bolster the adoption rate. Thus, the dynamic interplay of digitalization, emerging enterprise needs, regulatory shifts, and market innovations fuels the robust CAGR of the PAM market in Asia Pacific.
Research Coverage
The report segments the PAM market and forecasts its size by offerings (solution and services), deployment mode (on-premise and cloud), verticals (BFSI, government, IT & ITeS, healthcare, telecommunications, manufacturing, energy and utilities, retail & eCommerce, media & entertainment, and other verticals), and region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America).
Key Attributes
| Report Attribute | Details |
| No. of Pages | 330 |
| Forecast Period | 2023-2028 |
| Estimated Market Value (USD) in 2023 | $2.9 Billion |
| Forecasted Market Value (USD) by 2028 | $7.7 Billion |
| Compound Annual Growth Rate | 21.5% |
| Regions Covered | Global |
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
- Challenges
- Difficulty in Account Management and Activity Tracking
- Lack of Granularity
- Insufficient Threat Analysis and Access Control in Diverse Platforms
- Issues in System Integration and Interoperability
Case Study Analysis
- VLI Integrated with IBM's PAM Suite for Protection Against Unauthorized Privileged Access and Enhanced Audit Trails
- Kron Technologies' Agentless "Single Connect" Solution Offered Seamless, Unified Access Management, Reducing Project Implementation Time
- BeyondTrust's Endpoint Privilege Management Offered Policy-Driven Controls for Robust Security to Zensar
- Delinea Helped Robert Weed Corporation Ensure Better Process Control and Increase Protection for Assets
Technology Analysis
- AI and ML Technologies Integrated with PAM
- Zero-Trust Security Model and PAM
- Integration of Cloud Technology in PAM
- Advancements in PAM with Behavioral Analytics
- Blockchain Technology Integrated with PAM
Regulatory Landscape
- Payment Card Industry-Data Security Standard (PCI-DSS)
- Health Insurance Portability and Accountability Act (HIPAA)
- Federal Information Security Management Act (FISMA)
- Sarbanes-Oxley Act (SOX)
- SOC2
- Regulatory Bodies, Government Agencies, and Other Organizations
Companies Profiled
- Arcon
- Beyondtrust
- Broadcom
- Cyberark
- Cybersolve
- Delinea
- Empowerid
- Fortinet
- Foxpass
- Hashi Corporation
- IBM
- IDM Technologies
- Imprivata
- Krontech
- Manageengine (Zoho)
- Micro Focus (Opentext)
- Miniorange
- Netwrix
- Okta
- One Identity
- Opal Security
- Optiv Security
- Revbits
- Saviynt
- Secureden
- Senhasegura
- Silverfort
- Strongdm
- Wallix
For more information about this report visit https://www.researchandmarkets.com/r/pll47j
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