Privileged Access Management (PAM) Solutions allow organizations to restrict control over certain areas in the company’s database and separate essential sections as a security management policy. It is also referred to as privileged identity management, privileged account management, and privileged management. The global privileged access management solutions market report by Market Research Future (MRFR) considers cybersecurity measures undertaken by organizations and other market variables to estimate market size and growth over the forecast period (2023-2032). The COVID-19 pandemic and its impact on the report are explored in detail.
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Market Scope:
The privileged access management (PAM) solutions market industry is estimated to grow from USD 3.20 Billion in 2023 to USD 23.22 Billion by 2032, logging a compound annual growth rate (CAGR) of 28.10% between 2023 and 2032.
The market is likely to thrive owing to compliance management being a priority among organizations of all sizes. Changing policies and standards in response to market fluctuations and customer requirements can drive market demand. Implementation of PAM solutions in compliance with GDPR and ISO/IEC 27001:2013 in light of data security concerns can be a lucrative opportunity for the market in restricting access to confidential documents.
Large number of internet users and surge in cyber crimes can push for the implementation of privileged access management solutions in organizations. Integration of IT services with cloud applications have exposed many weaknesses in security systems and warranting the need for advanced systems. Enterprises and government agencies are embracing PAM solutions for fortifying their defenses amid rise in frequency of attacks on privileged user accounts. The COVID-19 pandemic has highlighted the critical need for PAM solutions for restricting access to employees and protecting entry and exit routes in an internal network. But lack of awareness of new threats can hamper market growth.
Key Players:
Key Companies in the privileged access management (PAM) solutions market include,
- CA Technologies
- Wallix
- CyberArk
- Centrify
- ManageEngine
- ARCON
- Hitachi ID Systems
The competition is highly intense in nature with local players and international players offering solutions and solutions on the basis of their clients. Companies are differentiating their offerings on the basis of technical capabilities of personnel and ability to solve grievances rapidly.
Market Segmentation:
By type, the market is segmented into virtual appliance, physical appliance, and software. The virtual appliance segment is bound to register 34.90% CAGR over the forecast period. This is attributed to rise of remote working and large number of employees opting to work from the confines of their own homes. The software can enable users to gain access to remote devices and networks as well as set up meetings and conferences through a remote desktop connection.
By application, the market is segmented into Mac OS, Unix & Linux, Windows, and infrastructure devices and IoT. The Windows segment accounted for 37.57% market share in 2018. This is attributed to large number of Windows users in organizations and homes. Administrators can control a large portion of hard drives and access to applications through the software for preventing misuse.
Regional Analysis:
North America, South America, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA) are major regions analyzed for measuring the growth of the global privileged access management solutions market.
North America is the largest market for privileged access management solutions industry owing to enterprises aiming to beef up their internal security as well as rise of small and medium sized enterprises. The use of cloud for scaling up operations and driving the delivery speed of solutions can bode well for the regional market. Use of privileged access management by banks and non-banking financial institutions for restricting access to employees and protecting customer assets from breaches and cyber attacks can bode well for the market.
APAC is one of the fastest growing regions in the PAM market owing to increased migration to cloud and unprotected perimeters of enterprises. Organizations can gain a steady hand on VPNs and service portals being accessed by employees and react rapidly in case of unprecedented attacks.
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Privileged Access Management (PAM) Solutions Industry Developments:
January (2023): CyberArk announced the acquisition of Expanse, a provider of cloud security posture management (CSPM) solutions. This acquisition will help CyberArk to extend its PAM capabilities to the cloud.
February (2023): IBM Security announced the general availability of its Cloud Identity and Access Management (IAM) solution. This solution includes PAM capabilities, and is designed to help organizations manage privileged access to cloud resources.
March (2023): BeyondTrust announced the release of its Privileged Access Manager 11. This release includes a number of new features, including support for Azure Active Directory, and the ability to manage privileged access to Kubernetes clusters.
April (2023): Wallix announced the release of its Bastion 4.0 solution. This release includes a number of new features, including support for Windows Server 2022, and the ability to manage privileged access to IoT devices.
May (2023): Centrify announced the release of its Privileged Access Service 10. This release includes a number of new features, including support for AWS Secrets Manager, and the ability to manage privileged access to SAP systems.
June (2023): Thycotic announced the release of its Secret Server 10. This release includes a number of new features, including support for Azure Active Directory, and the ability to manage privileged access to Kubernetes clusters.
These are just a few of the key PAM solutions industry developments in 2023. As the year progresses, we can expect to see even more innovation in this space, as organizations continue to focus on securing their privileged access.
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