ID: MRFR/ICT/8753-CR | August 2020 | Region: Global | 123 pages
According to MRFR analysis, the Global Privileged Access Management Solutions Market was valued at USD 1689.72 Million in 2019; it is expected to reach USD 12,067.50 Million by 2026, recording a CAGR of 32.67% during the forecast period, 2020–2026.
Regulatory compliance is enforced by several governments across the globe to ensure that business organizations follow and meet the standards applied to protect the sensitive information of consumers. For instance, the implementation of PAM solutions ensures compliance with GDPR and ISO/IEC 27001:2013 regulations. Some of these regulations include reinforcing the access to critical data, providing administrators with complete visibility over user actions, and helping define and enforce thorough security policies, records, and log activities of internal and external parties. Thus, the rising adoption due to government regulatory policies is expected to drive the global privileged access management solutions market during the forecast period.
With the increase in the number of internet users across the globe, there has been rapid growth in the number of cybercrimes in recent years. Additionally, the increasing number of smartphone owners and the availability of affordable mobile internet services have increased the number of unethical practices. The integration of IT services with cloud applications has been trending in businesses across several industrial verticals. Hackers are stealing valuable information stored in the organizations’ databases, with only a few security applications. For instance, the ransomware attack of the New Mexico County’s Government database, which resulted in an unknown number of electronic files and other important information being stolen. Thus, the increasing concerns over cyber threats are expected to drive the growth of the global privileged access management solutions market during the forecast period.
Global Privileged Access Management (PAM) Solutions Market has been analyzed across key geographies, namely, North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. North America dominates the privileged access management (PAM) solutions market, followed by Europe. However, Asia-Pacific is the fastest-growing economy in the privileged access management (PAM) solutions market due to the growing number of SMEs and the high focus of enterprises on boosting the security for accessing sensitive information. The Middle East & Africa and South America markets are witnessing a steady growth in the demand for privileged access management (PAM) solutions. These regions have very few country-level markets for cloud-based infrastructure.
A few of the Key Players operating in the Global Privileged Access Management (PAM) Solutions Market are CA Technologies, Wallix, CyberArk, Centrify, ManageEngine, ARCON, Hitachi ID Systems, Beyond Trust, Thycotic, Devolutions, and One Identity LLC.
According to MRFR analysis, BeyondTrust Corporation is a global partner for about 20,000 customers and provides privileged access to management needs. The company provides easy to integrate, efficient, and flexible designs to operate and secure business processes. It aims to partner with technology innovators in the industry, helping in expanding its presence, strengthen its distribution network, and broaden its product offerings.
In May 2020, CyberArk announced the acquisition of IDaptive Holdings, Inc., a leading service provider of identity as a service. Through this acquisition, CyberArk can deliver modern identity solutions to its clients.
In April 2020, Thycotic and a leading IT service management provider entered into a partnership to solve workflow approvals that are handled by IT teams who manage privileged service accounts.
In March 2020, BeyondTrust Corporation announced a strategic partnership with XMS Solutions, a technology leader in system integration services. This helped enhance its global presence and cater to customers with broad product offerings, including security solutions.
In March 2020, Thycotic expanded its presence in Canada and began delivering cloud-based PAM solutions through its data center in Canada.
Key Questions Addressed by the Report
Frequently Asked Questions (FAQ) :
Global privileged access management solutions market is projected to grow at approximately 32.67% CAGR during the assessment period (2020-2026).
The valuation of the global privileged access management solutions market is estimated to increase to USD 12,067.50 MN by the end of 2026.
Rising IT infrastructures and the proliferation of service for deployment, provisioning, monitoring, and management of the data center resources are the major factors driving the growth of the global privileged access management solutions market.
North America holds the largest share in the global privileged access management solutions market, followed by Europe and the Asia Pacific region, respectively.
Wallix, CA Technologies, CyberArk, ARCON, Centrify, ManageEngine, Hitachi ID Systems, Thycotic, Beyond Trust, Devolutions, and One Identity LLC., are some of the top players operating in the global privileged access management solutions market.