ID: MRFR/ICT/2342-HCR | 100 Pages | Published By Shubham Munde on March 2023
The global privileged identity management market is anticipated to reach a valuation of USD 20 million by the year 2030, with a CAGR of 28 percent between 2021-2030
The privileged identity management market is soaring up rapidly in recent times and will continue to exhilarate to greater heights in the upcoming years. The global privileged identity management market is anticipated to reach a valuation of USD 20 million by the year 2030, with a CAGR of 28 percent between 2021-2030.
The privileged identity management is basically a subdomain with identity management that facilitates service to particular requirements of privileged accounts. PIM industry or privileged identity management industry offers these services to specially privileged accounts within the department of information technology in an enterprise. Government and private organizations mainly use these systems to protect their confidential information from any sort of malware and hacking. If an organization would not protect its essential data, then unauthorized access and malware can ruin its entire network. Due to this, major enterprises and businesses are opting for privileged identity management, which is resulting in the growth of market sales.
Over the years, the increase in cases of cyber-attacks and malware has subsequently escalated the privileged identity management business. The growing concern of data theft and hacking of confidential data is surging the demand for the PIM market. In today’s world, the adoption of bringing your own device trend or BYOD to the enterprises is rising at a higher speed which is boosting the market growth. Along with that, recent developments in privileged identity management market trends are enabling the management of the identities related to the privileged accounts in an organization. The cloud solution, management, and session monitoring facilities of the global market are going to elevate at a faster rate in the near future.
The report describes the structure of the privileged identity management market along with the valuation and growth rate of the market in forecast years. It includes an analysis of the consequences of the COVID19 effect on the PIM industry. It provides information about the factors affecting the market, including the opportunities and restraints. The report explains several segments and sub-segment and gives an idea about key players of the PIM market. It sheds light on certain geographical areas that will have a major influence on the growth of privileged identity management market share in the forecast period.
The emergence of the COVID19 pandemic created havoc all over the world and adversely impacted the economy as well as health. Several businesses and working sectors became unable to execute their regular functions and suffered heavy financial losses. During the pandemic, the economic growth rate declined to the lowest levels and will require many years to regain its normal state. In the lockdown, the operation in industries and production units was restricted, which reduced the economic growth more. However, even in these harsher situations, the global privileged identity management market maintained stable growth and projected a subsequent rise.
The lockdown measures forced everyone to stay at their homes. The huge increase in internet usage encouraged the rates of cybercrimes or cyber-attacks. For protecting the essential information from hacking and malware, most companies adopted privileged identity management systems. The sudden rise in demand for these systems propelled the privileged identity management business. Easy management of identities of privileged accounts in enterprises during lockdown led to the expansion of market.
The privileged identity management market is surging up to optimum levels all across the globe. In recent years, the escalation in the cases of cybercrimes or attacks has pushed the market with the rise in adoption of bringing your own device to the working premises, the risk of getting cyber-attacks elevated. The increased cases of hacking and malware are becoming a great concern for the organization. So, organizations are getting inclined towards the PIM industry to protect confidential information from unauthorized access or data theft. Constant developments in the privileged identity management market trends allow access to manage the identities related to the privileged accounts in an enterprise.
As the privileged identity management market is helping the organizations to identify individuals within the enterprise and allows access to the resources, the market growth is also rising. In an organization, the PIM market enables regulation of access to resources by integrating user rights and constraining established identity. All these factors benefit in elevating the market.
In order to prevent confidential information from cyberattacks and malware, the adoption of privileged identity management in organizations is rising, which is resulting in the privileged identity management market profit growth. In the modern era, the cases of cybercrimes and hacking are elevating, which is becoming a big issue for enterprises. Government, as well as private organizations, are highly implementing the systems to safeguard their important information from unauthorized access. Certain identity attributes are extremely powerful and allow users to perform work online. Such advantageous features help in boosting the rise in privileged identity management business.
Within few years, the demand for cloud solution section in the privileged identity management market is going to raise the market potential to the highest points. Adoption of bringing your own device is a growing trend in enterprises which encourages the risk of data loss and hacking. Due to this, the demand for privileged identity management will increase, which in turn will escalate the growth of the market.
The consequences of the coronavirus epidemic have largely impacted the privileged identity management market. All business operations and production units remained closed during the lockdown, which disrupted the entire supply chain. The demand and supply gap widened to a greater extent. However, the threat of cyberattacks and increased cases of hacking raised the demand of the PIM industry. The progression of enterprises towards the adoption of these systems has escalated the market.
There are several opportunities that push the growth of the market. But, certain limitations of the PIM market are restricting the growth. These privileged identity management systems are extremely secured and have certain complexity, which might become a problem for the end-users and can hamper the growth of the privileged identity management market share in the coming years.
Value Chain Analysis
The revenue generated by the global privileged identity management market over the past couple of years shows that the market is touching stupendous heights. By the end of 2023, the market sales will be way higher than all the historical growth rates and will attain maximum momentum. Within the next many years, the privileged identity management market share is going to increase to greater values with immense demand for the systems.
The privileged identity management market is divided into different segments based on the installation type, components, organization size, deployment, and verticals. The global market segmentation on the basis of installation type includes application-based and agent-based installation types. By component, the privileged identity management market segment consists of services and solutions. The service section of the PIM market involves consulting, professional services, implementation and integration, support and maintenance, education and training, and managed services. The solution segment of the market comprises access management, identity management, and session monitoring and management.
On the basis of organization size, the privileged identity management market segmentation includes large enterprises, medium, and small enterprises. By deployment, the market segment consists of on-premise and cloud deployment. On the basis of verticals, the privileged identity management market segment comprises sectors like BFSI, healthcare, government and defense, IT and Telecommunication, manufacturing, energy and utilities, retail, and others.
The privileged identity management market is studied in different geographies such as North America, Europe, Asia-Pacific, and the remaining parts of the world. The North American region is the leading holder of the largest market share. The increase in adoption of bringing your own device to the organizations is increasing in the region. Malicious software rise also leads to hacking any sensitive information easily, which is boosting the market in the region.
In North America, the escalation in the adoption of session monitoring management and identity management projects the privileged identity management business upwards. Asia-Pacific region is presumed to have the highest growth in the forecast years owing to the increase in cyber-attacks and elevation in IT infrastructure.
Competitive Landscape of the market
The major players of the privileged identity management market are:
|Market Size||USD 20 Billion (2030)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Component, By Installation Type, By Deployment|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ARCON (India), Balabit (Hungary), Beyond Trust (U.S.), IBM Corporation (U.S.), Bomgar Corporation (U.S.), CA, Inc. (U.S.), Centrify (U.S.), Core Security (U.S.), Cyberark (U.S.), and Hitachi-ID (Canada)|
|Key Market Opportunities||It provides information about the factors affecting the market, including the opportunities and restraints.|
|Key Market Drivers||The increased cases of hacking and malware are becoming a great concern for the organization.|
The privileged identity management market is anticipated to reach a value of USD 20 billion by the end of 2030.
The global privileged identity management market is presumed to grow at a CAGR of 28 percent during the forecast period (2021-2030).
Asia Pacific has the highest chance of attaining the highest growth rate in the ensuing years.
IBM Corporation, BeyondTrust (U.S.), Core Security (U.S.), Balabit (Hungary), Centrify (U.S.), Cyberark (U.S.), ARCON (India), Hitachi-ID (Canada), Bomgar Corporation (U.S.), CA, Inc. (U.S.), are the companies that are the key growth influencers in the market.