ID: MRFR/ICT/8753-CR | August 2020 | Region: Global | 123 pages
The Privileged Access Management Solutions Market is expected to reach over USD 15.59 Billion by the year 2026 with a CAGR of 33%. Privileged Access Management software solutions are designed to perform monitoring and securing the confidential credentials of the employees in the enterprise. The advent of cloud-based Privileged Access Management has made the process simpler and cuts the processing time by mapping the confidential credentials across the hybrid and cloud environment. Enterprises install the Privileged Access Management solutions to reduce the risks involved in data loss and improper access to crucial information.
The advent of Bring Your Device technology and the efforts required to manage the accessing credentials have increased the demand for the Privileged Access Management Solutions Market. To monitor and audit the security audit and other activities related to the privileged accounts, a potential Privileged Access Management solution is required. The status and the privileges, access to the crucial data of the enterprise, the vulnerability of the system enable the cybercriminals to hack their accounts to steal the data of the enterprise. A potential Privileged Access Management system mitigates the risks caused due to unchanged passwords of the administrators.
COVID 19 Analysis:
The COVID 19 pandemic has resulted in a long-term lockdown and several companies have halted the essential services and operations due to the widespread of the coronavirus. The pandemic has adversely affected the economic growth of several countries. However, it also had some positive impact on the Privileged Access Management Solutions Market value. Several companies have introduced work from home trends to continue the business activities. Since such industries highly rely on the internet for data sharing and other essential operations. The demand for data security has increased in recent years. Therefore the demand for Privileged Access Management software solutions has also increased in recent years. Several companies are increasingly deploying the Privileged Access Management systems to overcome security threats for the privileged accounts.
The COVID 19 has increased the usage of cloud-based technology in recent years. Therefore the cloud-based Privileged Access Management software solutions are gaining popularity in recent years. Such factors are increasing the Privileged Access Management Solutions Market value. Also, the efficient performance of hybrid cloud-based cyber security solutions has been increasingly utilized in recent years.
The cybercriminals and the novel strategies deployed by them have increased the security breaches in the industries. To protect the crucial data, every enterprise must incorporate potential security systems for efficient operation and security. Also, the increasing number of smartphone users and the affordable internet connectivity has fueled unethical practices. Such factors have fueled the Privileged Access Management Solutions market growth.
The increasing number of cyber theft cases has increased the security concerns for data managers. The ransomware attacks, insider attacks, static passwords of the privileged accounts have increased the demand for the privileged access management solutions industry. The immediate action by the Privileged Access Management software solutions like alerting with alarm sound and blocking the unauthorized access at once the unauthorized access is detected have built a security wall to the organization that implemented the Privileged Access Management solutions.
The advent of intelligence-based Privileged Access Management software solutions has gained popularity in the market. The features like conditional access and multi-factor authentication help to protect the govern access and simple accessing features like signing from personal devices have increased the demand for the privileged access management solutions market.
The advent of cloud-based solutions and Identity as a Service combined with the perfect balance between user experience and security have propelled large organizations to install the Privileged Access Management software solutions. Other attractive features that enable the managers to easily manage, rotate, and retrieve the database credentials and API keys have increased the demand of the Privileged Access Management Solutions Industry recently. As there has been a slight economic downfall in several companies, they are concerned about securing their crucial data.
Small organizations can handle their key admin accounts manually, however, the large industrial sectors due to their complex infrastructure tend to fail in protecting their privileged accounts. Though they deploy the Privileged Access Management software solutions, the scalability of such systems is considered as the major restraining factor. The company tends to grow at a faster pace, however, the Privileged Access Management software fails to keep up with the growth of the company. Modification and adjustments or purchasing a new software solution impose huge business requirements/costs.
Rigorous monitoring and auditing are required to carefully detect the potential security issues that arise after the deployment of Privileged Access Management solutions. Also, the balance between security and user experience is essential. Too many security protocols tend to increase the complexity of the infrastructure.
To protect the critical data of the organization, the Privileged Access Management software solutions are generally built with complex infrastructure with high standards. Also, the frequent changing of passwords needs to be stored and requires encryption that is disclosed to the admins. Such complex procedure hinders the user-friendly nature of software.
Compliance with plenty of sets of regulations is imposing a great challenge to the growth of the Privileged Access Management industry. Compliance is expected to be integrated with the security plans, such restrictions have hindered the growth of the Privileged Access Management Solutions Market.
Cumulative Growth Analysis:
Several companies are increasingly concerned about privacy and security issues in recent years owing to the humungous sensitive data generation and transfer in the organization. The privileged accounts are vulnerable to several security breaches which are to be monitored regularly. Manually the process is very time-consuming and requires manpower to analyze and monitor the complex infrastructure. The Privileged Access Management Solutions Market is expected to reach over USD 12067.50 million by the year 2026 with a CAGR of 32.67% because of the growing necessity of security management services. Currently, the awareness of the Privileged Access Management software solutions has increased. Therefore several companies are investing in Privileged Access Management software solutions to monitor and secure their critical data. Right tools and intelligently planned policy are generally combined to tackle the security issues raised in an organization. Any inappropriate behavior of an on-premise privileged user is detected instantly, and improper activity is prevented by deactivating the account instantly. Cloud-based Privileged Access Management software solutions are increasingly utilized in the industrial sectors owing to the recent trends of work from home and working from own devices.
Value Chain Analysis:
The recent reports concerned with the security concerns, reports, and incidents have increased the Privileged Access Management Solutions market value. A recent study declared that 40% of the companies that agreed to the survey haven't realized the number of privileged accounts they possess. Such lack of knowledge has increased the vulnerability of the organization. Over 82% of the breaches were not detected for more than a week. The organizations that took the survey were unable to detect the potential breach. Such major security concerns have increased the demand for the Privileged Access Management Solutions Industry.
The software appliance, hardware appliance, and virtual appliance require regular maintenance, monitoring, and auditing. Also, the organizations require special attention to the newly created accounts as well as to the accounts that have gained privilege recently. An organization might decide to install a comprehensive logging system for audit and to comply with the various compliance imposed. The growth of internet usage has fueled the number of cyber-crimes across the world. Such factors have increased the demand for the privileged access management solutions market growth.
Based on Offering:
Based on Component:
Based on Software Deployment:
Based on End-user:
Currently, the Privileged Access Management software solutions are increasingly deployed in North America. As North America possesses a higher number of industrial sectors and commercial units, there is a large amount of data that need higher protection. Also, the increasing numbers of self-employment and startups in the region have aided the growth of the Privileged Access Management Solutions Market.
Asia-pacific is currently emphasizing the growth of the enterprises to stabilize their economic growth. The organizations are focusing on boosting their security systems. Other than Asia-pacific, the Middle Eastern parts of Africa and South America are witnessing a stable growth in the Privileged Access Management Market share as these regions have a handful of country-level market players that possess cloud-based infrastructure.
The AI-powered Identity management:
Since the high-friction password processes are ineffective for large enterprises, they are highly reliant on the end-users. Such factors have propelled the developers to incorporate AI authentication management systems into the Privileged Access Management Software solutions. This evolved authentication process keeps its pace and is adaptive.
The advent of verification and authentication of the privileged users with the combination of the Single sign-on method and Multi-factor Authentication resourced from AM tools, session isolation, and control of endpoint privileges have increased the overall efficiency of the Privileged Access Management software solution.
This report has covered:
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||CA Technologies, Wallix, CyberArk, Centrify, ManageEngine, ARCON, Hitachi ID Systems, Beyond Trust, Thycotic, Devolutions, and One Identity LLC|
|Key Market Opportunities||The rising adoption due to government regulatory policies is expected to drive the global privileged access management solutions market during the forecast period.|
|Key Market Drivers||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.|
Frequently Asked Questions (FAQ) :
Global privileged access management solutions market is projected to grow at approximately 33% CAGR during the assessment period (2020-2027).
The valuation of the global privileged access management solutions market is estimated to increase to USD 15.59 BN 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.