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Privileged Identity Management Market Trends

ID: MRFR//2342-HCR | 100 Pages | Author: Shubham Munde| May 2024

Privileged Identity Management Market Overview

The Privileged Identity Management market size is projected to grow from USD 0.32 billion in 2024 to USD 1.84 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 24.44% during the forecast period (2024 - 2032). Additionally, the market size for Privileged Identity Management was valued at USD 0.25 billion in 2023.

Increased rising cybersecurity threats, and need to protect privileged accounts, and the integration of advanced technologies are the key market drivers improving the growth of market.

Figure1: Privileged Identity Management Market, 2018 - 2032 (USD Billion)

Privileged Identity Management Market Overview1

Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review

Privileged Identity Management Market Trends

Growing cybersecurity threats and the need to protect privileged accounts are driving market growth.

Market CAGR for privileged identity management is being driven by rising cybersecurity threats and the need to protect privileged accounts. The increasing cybersecurity threats and the requirement to secure privileged accounts are fueling the demand for privileged identity management services. Privileged accounts are more prone to attacks as they offer them considerable control over important systems and sensitive data. The growth in the adoption of the cloud and the notable trend of remote working is boosting the market growth.

Businesses are establishing stringent authorization, authentication and monitoring methods in order to minimize the risks via the utilization of PAM solutions. The utilization of cutting-edge strategies like session isolation, session recording, least privilege principles, and just-in-time access makes PAM solutions go beyond simple password management. PAM solutions are growingly in demand as traditional security measures have become ineffective against sophisticated attackers with the change in the cybersecurity landscape changes. These systems are important to manage remote access to key systems and protect privileged access to cloud resources. This solution minimizes the risk of authorized access through the implementation of efficient monitoring and authentication processes throughout multi-cloud and hybrid systems. Thus, the necessity to enhance security in the context of the adoption of the cloud is boosting the demand for PIM solutions.

The growth in the IT industry with the rising instances of cyberattacks and data thefts in organizations is creating a market for privileged identity management. The surge in the deployment of cloud-based devices in order to enhance operational efficiencies of organizations. Further, several innovations like the development of SaaS-based PIM solutions offering pay-per-model, automated updates and quick access to the clients are also boosting the market growth. The emerging popularity of bring-your-own-device in organizations and the widespread adoption of artificial intelligence-related PIM solutions are also anticipated to boost the market. Thus, driving the Privileged Identity Management market revenue.

However, the absence of awareness about evolving security threats, the high cost of innovation and implementation for privileged identity management and investment becoming a matter of concern for the several organizations, including SMEs, are the factors restraining the growth privileged identity management market ly.

Privileged Identity Management Market Segment Insights

Privileged Identity Management Deployment Insights

The Privileged Identity Management market segmentation, based on deployment, includes On-Premises and Cloud. The cloud category dominated the market, accounting for the largest market revenue as it provides benefits to organizations with increased scalability, 24/7 services, speed and improved management abilities. Further, small and medium enterprises have mainly chosen cloud deployment as it can assist them in preventing costs related to software, hardware, storage and technical staff.

Figure 2: Privileged Identity Management Market, by Deployment, 2022 & 2032 (USD Billion)

Privileged Identity Management Market, by Deployment, 2022 & 2032

Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review

Privileged Identity Management Vertical Insights

The Privileged Identity Management market segmentation, based on vertical, includes BFSI, Government & Defense, Healthcare, Manufacturing, Telecom & IT, and Others. The BFSI segment dominates the market as the banking and financial organizations mainly deal with national and international regulations. In this section, the privileged identity management solutions handle the identification of individuals related to the bank and controlling and managing their access privileges. Privileged identity management is one of the prime issues for financial institutions and needs a high level of security. Therefore, identity management is being used to address complex compliance processes and manages the access change with adherence to forming policies. Further, the government and defense segment is the fastest growing due to the organizations changing to real-time communication, peer-to-peer traffic, thefts from web browsing email correspondence, and file exchange have increased.

Privileged Identity Management Regional Insights

By region, the study gives market insights into the North America, Europe, Asia-Pacific and the Rest of the World. The North American Privileged Identity Management market area dominates the market due to the increase in the adoption of session monitoring management and identity management. The rise in adoption of bringing your own device to organizations and malicious software rise leading to hacking any sensitive information easily is increasing in this region. The US is the largest contributor to the growth of the privileged identity management market in the North American region.

Further, the main countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, Japan, India, China, Australia, South Korea, and Brazil.



Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's Privileged Identity Management market accounts for the second-largest market revenue due to the rise in the increase in research and development activities and the growing adoption of identity management systems in this region. Further, the German Privileged Identity Management market held the largest market share, and the UK Privileged Identity Management market was the fastest-growing market in the European region.

The Asia-Pacific Privileged Identity Management Market is expected to grow at the rapid CAGR from 2023 to 2032. This is due to the increase in government regulatory compliances, growing adoption of best technology to identify management and increase in the R&D activities in this region. Moreover, China’s Privileged Identity Management market held the largest market share, and the Indian Privileged Identity Management market was the fastest-growing market in Asia-Pacific region.

Privileged Identity Management Key Market Players & Competitive Insights

Leading market players are investing hugely in research and development in order to expand their product lines, which will help the Privileged Identity Management market grow even more. Market players are also undertaking a variety of strategic activities to spread their footprint, with important market developments inclusive of new product launches, mergers and acquisitions, higher investments, contractual agreements, and collaboration with other organizations. To spread and survive in a more competitive and rising market climate, the Privileged Identity Management industry must offer cost-effective items.

Manufacturing locally to reduce the operational costs is one of the key business tactics utilized by manufacturers in the Privileged Identity Management industry to benefit the clients and increase the market sector. In recent years, the Privileged Identity Management industry has offered some of the most significant advantages to data security. Major participants in the Privileged Identity Management market, including NETAND, Wallix Group SA, Lieberman Software, CyberArk, CyberSec Oy, IBM Corporation, Bomgar Corporation, Core Security, ARCON, Centrify, Beyond Trust Inc., Zoho Corp, Micro Focus NetIQ, and others, are attempting to increase market demand by investing in the research and development operations.

Lieberman Software, founded in the year 1978, is a developer of identity management and enterprise security software. The identity management and enterprise security software of the company emphasizes the critical elements of enterprise cybersecurity, privileged identity management and system configuration, enabling organizations to prevent cyberattacks and quick remediation of compromised environments. In March 2017, the company and RSA partnered in order to develop an interoperable security solution. This security solution collates the privileged access management product of Lieberman, rapid enterprise defense identity management, with the identity governance and lifecycle platform of RSA. The innovation assist in the organization's control and managing privileged user access and end-user access to data, systems and applications throughout the enterprise via a single comprehensive identity governance platform.

Wallix Group SA, founded in the year 2003, is a France-based cybersecurity software company involved in offering privileged access management solutions under the WALLIX Bastian name. The solution model of the company is inclusive of a session manager, providing real-time monitoring of privileged user access and sessions in order to avoid and detect malicious activity; a password manager, which allows super-administrators to regain control over access governance; and an access manager. In April 2023, the company announced a novel sales agreement with Britive in order to offer comprehensive PAM functionality and strengthen cloud security. Cloud infrastructure environments and on-premise infrastructure environments, ,together seek to offer a holistic PAM approach.

Key Companies in Privileged Identity Management market include


  • Wallix Group SA

  • Lieberman Software

  • CyberArk

  • CyberSec Oy

  • IBM Corporation

  • Bomgar Corporation

  • Core Security


  • Centrify

  • Beyond Trust Inc.

  • Zoho Corp

  • Micro Focus NetIQ

Privileged Identity Management Industry Developments

June 2023: A leading PAM and IM solution vendor of South Korea, NETAND, built its first regional office in Singapore in order to improve its supplies in the Southeast Asia market and utilize the representative office as an ASEAN hub.

March 2023: A company that assists in protecting organizations from cyberattacks, CyberArk, started a new office in Hyderabad, India. It will be utilized for the research and development of new strategies and solutions in order to keep the online identities of people safe. This new office will assist CyberArk in better providing its clients and partners in India.

October 2016: Balabit partnered with CyberSec Oy, where CyberSec will help Balabit to provide its PAM and user behavior analytics solutions in the Nordics region, mainly telco, finance, and governmental sectors.

Privileged Identity Management Market Segmentation

Privileged Identity Management Deployment Outlook

  • On-Premises

  • Cloud

Privileged Identity Management Vertical Outlook

  • BFSI

  • Government & Defense

  • Healthcare

  • Manufacturing

  • Telecom & IT

  • Others

Privileged Identity Management Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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