Privileged Access Management Solutions Market Skyrockets to $5.95 Billion by 2031 Dominated by Tech Giants - Broadcom Inc., CyberArk Software Ltd. and International Business Machines Corp | The Insight Partners
PRNewswire 3-Dec-2024 10:01 AM
The global privileged access management solutions market is set for explosive growth, with projections indicating a surge to $5.95 Billion by 2031. This remarkable expansion, driven by rise in demand for protection against insider threats and emergence of intelligence-based privileged access management solutions.
NEW YORK, Dec. 3, 2024 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, "Privileged Access Management Solutions Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Offering, Deployment, Enterprise Size, End-Use Industry, and Geography," the global privileged access management solutions market is observing significant growth owing to increase in number of cyberattacks and stringent government regulations.
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The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the privileged access management solutions market comprises a vast array of services, organizations size, application and geography which are expected to register strength during the coming years.
Market Overview and Growth Trajectory:
Privileged Access Management Solutions Market Growth: According to an exhaustive report by The Insight Partners, the Privileged Access Management Solutions Market is experiencing significant growth, driven by rise of cloud-based privileged access management solutions and zero trust security model. The market, valued at $2.46 Billion in 2023, is expected to grow at a Compound Annual Growth Rate (CAGR) of 11.7% during 2023–2031.
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Increase in Number of Cyberattacks: In recent years, businesses are facing the continuous threat of cyberattacks. For instance, according to AAG, the UK had the highest number of cybercrime victims per million internet users (4,783 users) in 2022, an increase of 40% over 2020 figures. The rise in the number of cyberattacks has increased the importance of cybersecurity to safeguard critical infrastructures and to ensure the safety of individuals and organizations. To address this growing threat, robust privileged access management (PAM) solutions are being implemented. PAM solutions help organizations effectively manage and secure privileged accounts by enforcing the principle of least privilege, which limits access to only what is necessary for users to perform their tasks. Organizations can reduce their attack surface by minimizing the number of privileged account holders and rights associated with each account by implementing PAM solutions. This active approach significantly mitigates the risk of unauthorized access and potential breaches. Thus, the increasing number of cyberattacks is a significant factor propelling the growth of the privileged access management solutions market.
Emergence of Intelligence-Based Privileged Access Management Solutions: Intelligence-based PAM solutions enhance the user experience by providing seamless access to authorized users while maintaining strong security measures. By analyzing user behavior and context, these solutions minimize unnecessary authentication prompts for legitimate users, reducing friction and improving productivity. The emergence of intelligence-based PAM aligns with the broader trend of incorporating AI and ML technologies into various domains to enhance security and efficiency. By leveraging these intelligent features, organizations can strengthen their privileged access management practices and mitigate the risks associated with insider threats and unauthorized access. Thus, the emergence of intelligence-based PAM solutions is anticipated to provide significant growth opportunities to the privileged access management solutions market.
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Stringent Government Regulations: Various industry and government regulations require businesses to adhere to strict security controls. In such a scenario, a privileged access management solution is a crucial aspect of an organization's cybersecurity strategy. In industries such as healthcare, finance, and government that handle sensitive data, organizations of all sizes must comply with complex regulations such as GDPR, HIPAA, PCI-DSS, and SOX to protect the sensitive data of consumers and businesses. Failure to comply with these regulations can lead to heavy fines and damage to the organization's reputation. For instance, the General Data Protection Regulation (GDPR), which was established in 2018, imposes fines ranging up to US$ 21.68 million (EUR 20 million) or 4% of the company's global annual revenue, whichever is higher. Organizations are required to implement privileged access management solutions to comply with these stringent government regulations. Privileged access management is a crucial tool for businesses looking to comply with industry regulations, including PCI DSS, HIPAA, SOX, and GDPR. Thus, stringent government regulations fuel the privileged access management solutions market growth.
Geographical Insights: North America dominated the privileged access management solutions market in 2023. Europe is the second-largest contributor to the global privileged access management solutions market, followed by Asia Pacific.
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Privileged Access Management Solutions Market Segmentation, Applications, Geographical Insights:
- Based on offering, the privileged access management solutions market is segmented into solutions and services. The solutions segment dominated the market in 2023.
- In terms of deployment, the privileged access management solutions market is segmented into on-premise and cloud. The on-premise segment dominated the market in 2023.
- Based on enterprise size, the privileged access management solutions market is segmented into large enterprises and SMEs. The large enterprises segment dominated the market in 2023.
- Based on end-use industry, the privileged access management solutions market is segmented into BFSI, IT and telecom, healthcare, energy and utility, retail and eCommerce, manufacturing, government and defense, and others. The BFSI segment dominated the market in 2023.
- The privileged access management solutions market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
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Key Players and Competitive Landscape:
The Privileged Access Management Solutions Market is characterized by the presence of several major players, including:
- Broadcom Inc.
- CyberArk Software Ltd.
- International Business Machines Corp
- Okta Inc
- One Identity LLC
- Delinea Inc.
- BeyondTrust Corporation
- Microsoft Corp
- Fortinet Inc.
- Persistent Systems Ltd.
These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.
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Privileged Access Management Solutions Market Recent Developments and Innovations:
- "CyberArk (NASDAQ:CYBR), the identity security company, announced the launch of the CyberArk MSP Console, a new tool for managed service providers (MSPs) that improves operational efficiency and scalability. Now, MSPs can seamlessly view and monitor customers using the CyberArk Identity Security Platform via a dedicated, comprehensive dashboard."
- "Delinea, a leading provider of solutions that seamlessly extend Privileged Access Management (PAM), announced an industry-first innovation to protect organizations from threats in the post-quantum computing era with the availability of quantum-safe encryption of secrets and credentials on the Delinea Platform. Aligned to NIST standards, quantum-safe encryption on Secret Server empowers organizations to secure critical credentials from being compromised by quantum computers with one of the four NIST-recommended asymmetric algorithms, CRYSTALS-Kyber. Quantum-safe encryption of secrets and credentials in the company's SaaS vault is the latest forward-thinking innovation available on the Delinea Platform to disrupt the status quo. This innovation is an example of usable security integrated into existing Privileged Access Management workflows, effectively reducing the risks associated with quantum computing."
Conclusion:
Privileged access management (PAM) solutions are advanced security measures designed to safeguard organizations against cyber threats by actively monitoring, detecting, and preventing unauthorized access to critical resources. These solutions primarily focus on protecting privileged accounts, which possess elevated access privileges within an organization's systems and networks, making them prime targets for cybercriminals. PAM solutions utilize a combination of processes, and technology to provide comprehensive visibility into the activities of privileged users and their use of privileged accounts.
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The increasing prevalence of cyberattacks targeting privileged accounts and credentials is driving the adoption of privileged access management solutions. Organizations are increasingly becoming aware of the need to safeguard their critical assets from unauthorized access and potential breaches. PAM solutions also play a crucial role in mitigating insider threats by implementing robust controls and monitoring privileged user actions. Furthermore, PAM solutions enable organizations to enforce adaptive access controls considering real-time contextual factors, granting appropriate access privileges based on the specific context. These solutions also assist organizations in meeting complex compliance requirements by offering risk management capabilities, maintaining detailed records of critical infrastructure activities, and facilitating audit-friendly IT environments.
As the threat landscape continues to evolve, the importance of securing privileged accounts and credentials is expected to escalate, driving the growth of the privileged access management solutions market. Organizations adopt PAM solutions tailored to their needs and regulatory obligations to safeguard their critical assets from cyber threats.
With projected growth to $5.95 Billion by 2031, the Privileged Access Management Solutions Market represents a significant opportunity for solution providers, system integrators, end-users, investors, industry stakeholders, and others. By staying abreast of market trends, embracing innovation, and focusing on quality and performance, companies can position themselves for success in this dynamic and evolving market landscape.
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