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 (2020-2030). The COVID-19 pandemic and its impact on the report are explored in detail.
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Privileged Access Management (PAM) Solutions are tools used to secure and control elevated (privileged) access and activity. They help organizations protect their IT infrastructure by monitoring, detecting, and managing privileged accounts and credentials. PAM solutions can include access control, privilege management, identity and credential management, monitoring, and reporting. Examples of PAM solutions include Privileged Identity Manager (PIM), CyberArk, and Centrify.
The latest trends in Privileged Access Management (PAM) Solutions include an increased focus on automation, user behavior analytics, cloud infrastructure entitlement management, and integration with Identity Governance and Administration (IGA) solutions. Automation is becoming increasingly important as organizations strive to reduce the time and effort associated with managing privileged access. Additionally, user behavior analytics are becoming more popular, as they are able to detect suspicious or anomalous activity based on user behavior and allow organizations to quickly identify and address potential security threats. Cloud infrastructure entitlement management is also gaining traction, as organizations increasingly rely on cloud services and need to ensure that access is properly managed and monitored. Finally, the integration of IGA and PAM solutions is becoming more popular, as organizations are looking for ways to ensure consistent security practices across all their systems.
Privileged Access Management (PAM) Solutions Market Scope:
The global privileged access management solutions market size can scale to USD 18.32 Billion till 2030. It can register 28.10% CAGR over the forecast period.
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.
Privileged Access Management (PAM) Solutions 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.
Privileged Access Management (PAM) Solutions Market 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.
Privileged Access Management (PAM) Solutions Market Competitive Scope:
Thycotic, Hitachi ID Systems, Beyond Trust, Wallix, CA Technologies, Devolutions, Centrify, ARCON, CyberArk, ManageEngine, and One Identity LLC are notable players of the global privileged access management solutions market.
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.
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Industry News:
Remediant, a leading PAM solutions provider, has announced interoperability between VMware and its proprietary SecureONE solution. It can assist organizations in preventing attacks on end points and provide protection against ransomware.
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