Privileged Access Management Solutions Market Statistics, Size, Share, 2032

The global market for privileged access management solutions was estimated to be worth USD 2.87 billion in 2023 and is expected to grow to USD 17.67 billion by the end of 2032, per a report released by Zion Market Research. Over the course of the projected period, the market is anticipated to expand at a CAGR of 22.37%. The study examines the factors driving, impeding, and influencing demand in the global market for privileged access management solutions over the course of the forecast period. Additionally, it will assist in navigating and investigating the growing potential in the market for Privileged Access Management Solutions.

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Overview of the Global Market for Privileged Access Management Solutions

The specific purpose of a privileged access management (PAM) solution is to safeguard, track, and control privileged access. The safe administration of accounts for users with enhanced rights on important resources inside an organisation is the focus of the privilege access management concept. Privilege access management has numerous uses in both the public and private sectors to preserve a safe information environment. These solutions save security teams a great deal of time and work by making it simple to map sensitive credentials across cloud and hybrid environments. These technologies help businesses reduce risk and exercise strong control over valuable assets. PAM also makes it possible for security teams to spot malicious activity connected to privilege abuse and act quickly to reduce the risk.

Growth Factors for the Global Market for Privileged Access Management Solutions

The two main factors propelling the growth of the global market for privileged access management systems are the increasing digitisation of the world and the growing use of cloud computing technology and services. Privilege access management protects organisations from intentional or unintentional exploitation of privileged access by streamlining the monitoring and authorisation of limited users and improving scalability and security with cloud-based services. Deployment of cloud-based infrastructure has therefore become widely accepted across industries. Furthermore, the rise in internet users, smartphone users, and the accessibility of affordable internet services all contribute to the rise in cybercrime and unethical behaviour, which in turn drives the market’s need for privileged access control solutions.

Furthermore, the market for privileged access control solutions is anticipated to expand as the risk of data breaches brought on by insider or cyberattacks increases. Additionally, the market for privileged access management solutions is expanding due to the stricter government regulations requiring the adoption of cyber security technologies and services as well as the growing requirement to maximise business productivity. Additionally, during the forecast period, the worldwide privileged access management solutions market is anticipated to have plenty of potential prospects due to the introduction of IDaaS and the development of intelligence-based management systems. Nonetheless, it is projected that a lack of knowledge about the cutting-edge technology used in privileged access management will impede industry expansion.

Businesses and humanity are greatly impacted by the abrupt increase of COVID-19. Because of the growing demand for cyber security, this epidemic has presented an opportunity for cloud-based and privileged access control solutions. Therefore, by the end of 2021, it is anticipated that the COVID-19 pandemic will spur market expansion and an increase in demand from a wide range of industry verticals. Organisations have also used privileged access control solutions as a result of the enforcement of lockdowns and social distance, which has prompted businesses to implement work-from-home policies and concentrate more on online operations. However, progress in an emerging market may be hampered by the lack of a qualified labour during a pandemic. Additionally, remote connection and cloud-based consumer involvement have significantly raised demand for hybrid cloud solutions combined with cyber security, which is anticipated to propel market expansion throughout the course of the research period.

Market Segmentation for Global Privileged Access Management Solutions

Based on deployment strategy, business size, offering, industry vertical, and geography, the global market for privileged access management systems is segmented. The global market for privileged access management solutions is divided into two segments based on the offerings: solutions and services. There are two divisions within the deployment model segment: on-premises and cloud. The enterprise sizes of privileged access management solutions are small and medium-sized businesses and large businesses. BFSI, IT & telecom, government & public sector, healthcare, manufacturing, energy & utilities, retail & e-commerce, and other sectors make up the industry vertical segment.

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Market for Privileged Access Management Solutions: Report Purpose

Regional Analysis of the Global Market for Privileged Access Management Solutions

Over the course of the forecast period, North America is anticipated to hold the largest regional share in the global market for privileged access management solutions. The use of privileged access management solutions has increased as a result of growing government regulations and worries about cyber security, which is driving market expansion in this area. The Asia Pacific area is anticipated to expand more quickly and present the market with new potential prospects. A increasing number of SMEs and organisations’ increased emphasis on security for handling sensitive data are some of the reasons driving the market’s expansion in this area.

The competitive environment of the global market for privileged access management solutions

Due to the existence of both domestic and foreign vendors, the global market for privileged access management systems is extremely fragmented. To obtain a competitive edge in the market, the top companies are concentrating on strategic alliances and supporting other operational tactics.

Global Privileged Access Management Solutions Market: By Deployment Model