The Global Privileged Access Management Solutions Market size is expected to reach $16.9 billion by 2030, rising at a market growth of 21.1% CAGR during the forecast period.
Identity management is the most adopted solution in the privileged access management solutions due to the capabilities of identity management to administer, control, and monitor access to crucial organizational resources. Hence, identity management is expected to acquire more than 45% share of the market by 2030. With this solution, organizations can provide users with just-in-time privileged access to resources and monitor what those users do with their access. Growing data protection standards, such as the General Data Protection Regulation (GDPR) and the Health Insurance Portability and Accountability Act (HIPAA), are what is causing IDaaS (identity-as-a-service) to rise. Due to these restrictions, various firms are starting to take additional steps to secure employee, supplier, and end-user profiles.
The major strategies followed by the market participants are Product Launches as the key developmental strategy to keep pace with the changing demands of end users. For instance, In March, 2023, Delinea announced the launch of the Delinea Platform, a privilege access control solution used to provide end-to-end visibility and flexible security. The new platform features compatibility with Secret Server and VPN-less Secure Remote Access Service. Additionally, In March, 2022, Hitachi ID, now known as Bravura Security, Inc, announced the launch of Hitachi ID Bravura Safe for its Hitachi ID Bravura Security Fabric. The Hitachi ID Bravura Safe provides management facilities for classified files of an organization that helps in protecting the data of the organization.
Based on the Analysis presented in the KBV Cardinal matrix; Broadcom, Inc. is the major forerunner in the Market. Companies such as CyberArk Software Ltd., BeyondTrust Corporation, WALLIX GROUP, are some of the key innovators in the Market. In December, 2021, BeyondTrust unveiled BeyondTrust Cloud Privilege Broker. The BeyondTrust Cloud Privilege Broker is a security solution used for taking over control of multicloud entitlements. The benefits of BeyondTrust Cloud Privilege Broker include quick identification of special users, reducing the privilege risks and monitoring the mitigation efforts.
Insider attacks are rising quickly and costing businesses data breaches. Anyone with physical access to or remote access to an organization's assets is considered an insider. An insider has access to physical data, such as hard copies of papers, electronic equipment used by the company, and digital assets, like data in transit, digital media, and other information sources. The insider can be a worker, vendor, business partner, or maintenance contractor. Privileged identity management is widely used due to the insider threat environment. Safeguarding this data is a company's top priority, and superuser accounts have access to a sizable database inside the firm. Thus, the need for privileged identity management solutions is anticipated to soar due to the rising security concerns, fueling the market's growth.
Organizational silos are frequently used by businesses to manage privileged accounts and credentials, with varying enforcement and best practices in various departments. This not only complicates management but also exposes the business to more risk. However, regardless of the platform, hardware device, application, or service being utilized, companies can manage all of their privileged accounts from a single location with a PAM solution. Hence, the market growth is anticipated to be boosted by the features mentioned above of the privileged access management solution.
Small businesses may manage their essential admin accounts directly, while large industrial sectors frequently struggle to safeguard their privileged accounts because of their complicated infrastructure. Even if they use Privileged Access Management software solutions, the inability of such systems to scale is a huge barrier. The company tends to expand more quickly, but the Privileged Access Management software cannot keep up with this expansion. As a result, significant business requirements and expenditures are imposed by modifications, revisions, or the purchase of new software. This can make it challenging for businesses to use PAM solutions, slowing the market's expansion.
Based on Component, the market is segmented into solution and service. The solution segment dominated the market with maximum revenue share in 2022. This is due to the fact that privilege abuse is a leading cybersecurity concern that frequently results in costly losses and can even cripple businesses. This solution equips organizations seeking to avoid this growing threat with a robust privileged access management (PAM) program that ensures no access path to mission-critical assets is unmanaged, unknown, or unmonitored.
On the basis of deployment Mode, the market is divided into on-premises and cloud. The cloud segment garnered a prominent revenue share in the market in 2022. This is due to the fact that when PAM is shifted to the cloud, it has the potential to serve as a dynamic security solution. Instead of storing passwords and credentials in a vault on-premises, cloud-based security permits businesses to secure their data with multi-factor authentication automatically rotated passwords, and credentials modified based on user activity.
Under the solution type, the market is classified into identity management, access management and session monitoring & management. The access management segment procured a substantial revenue share in the market in 2022. This is because privilege access management helps organizations manage identities, making it more difficult for threat actors to gain privileged account access by penetrating a network. In addition, it provides additional security for privileged organizations that control access to domain-joined computers and their applications. PAM also provides monitoring, visibility, and fine-grained controls to identify privileged administrators and see how their accounts are used. Thus, these characteristics are expected to propel the segment's expansion.
By Organization size, the market is classified into large enterprise and small & medium enterprises. The large enterprises segment registered the highest revenue share in the market in 2022. This is owing to the escalation of cyberattacks, especially on large firms, as more agile hackers and ransomware groups target collaboration tools used by remote workers, schools, and educational institutions. In addition, many individuals shifted to digital platforms during the pandemic, which caused a significant increase in attacks on organizations due to the rapid digitalization of many industries.
Based on the verticals, the market is bifurcated into BFSI, IT & telecom, government & public sector, healthcare & life sciences, manufacturing, energy & utilities, retail & e-commerce and others. The BFSI segment acquired a significant revenue share in the market in 2022. This is because privileged access management (PAM) solutions assist financial institutions in managing the complexity of their IT environments by providing centralized administration and control over privileged accounts. In addition, by securing privileged accounts frequently targeted by cybercriminals, PAM may aid in protecting the industry from cyber threats.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 3.8 Billion |
| Market size forecast in 2030 | USD 16.9 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 21.1% from 2023 to 2030 |
| Number of Pages | 332 |
| Number of Table | 554 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Component, Deployment Mode, Organization Size, Vertical, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region generated the highest revenue share in the market in 2022. This is due to factors such as the increasing prevalence of mobile services across various industries, including government, IT & Telecom, and BFSI, as well as the penetration of internet users. As a result, privileged access management solutions are becoming increasingly prevalent in North America.
Free Valuable Insights: Global Privileged Access Management Solutions Market size to reach USD 16.9 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ARCON, One Identity LLC (Quest Software, Inc.), BeyondTrust Corporation, Broadcom, Inc., Delinea Inc. (TPG Inc.), CyberArk Software Ltd., Bravura Security, Inc (Volaris Group Inc.), Iraje Inc, Kron Teknoloji A.S. and WALLIX GROUP.
By Component
By Deployment Mode
By Organization Size
By Vertical
By Geography
This Market size is expected to reach $16.9 billion by 2030.
Control access in one central location are driving the Market in coming years, however, Complications in solution adoption restraints the growth of the Market.
ARCON, One Identity LLC (Quest Software, Inc.), BeyondTrust Corporation, Broadcom, Inc., Delinea Inc. (TPG Inc.), CyberArk Software Ltd., Bravura Security, Inc (Volaris Group Inc.), Iraje Inc, Kron Teknoloji A.S. and WALLIX GROUP.
The On-premises segment acquired maximum revenue share in the Global Privileged Access Management Solutions Market by Deployment Mode in 2022 thereby, achieving a market value of $10.3 billion by 2030.
The Government & Public Sector segment is leading the Global Privileged Access Management Solutions Market by Vertical in 2022 thereby, achieving a market value of $4.3 billion by 2030.
The North America market dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $5.7 billion by 2030.
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