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A wide range of influencing factors determine the dynamics and growth trajectory of the Privileged Access Management (PAM) Solutions market. A fundamental determinant is the developing awareness with respect to network safety gambles and the basic for foundations to safeguard their crucial assets against unapproved interruption. The rising refinement of interruptions invigorates the interest for tough PAM arrangements, in this manner pushing market development.
Furthermore, thorough administrative consistence commitments assume a significant part in driving the development of the market. Associations are obliged to put resources into PAM arrangements to consent to guidelines like GDPR, HIPAA, and others, which order rigid reconnaissance and control of restricted admittance and consistence with such guidelines might bring about extreme punishments. PAM solutions are being implemented in a wide range of industries thanks to the current regulatory climate. The growth of the PAM market is significantly influenced by the dynamic nature of the threat landscape. Considering the unending development of digital dangers, associations are in quest for complex PAM arrangements that have the ability to change and respond to emanant gambles. To proactively address potential security breaks, the market responds by presenting novel functionalities, including versatile access controls, ongoing observation, and danger investigation.
Moreover, the multiplication of cloud advances furthermore assumes a part in the development of the PAM Arrangements market. As an ever-increasing number of organizations change their tasks to the cloud, tying down restricted admittance to cloud-based assets turns into an outright need. There is a huge expansion popular for PAM arrangements that give unified command over restricted admittance and incorporate consistently with cloud conditions. An extra critical market determinant is the rising attention to interior dangers. Turning out to be progressively obvious to associations favored clients, which incorporates outsider sellers and representatives, represent a significant danger to information security. Noticeable in the market are PAM arrangements prepared to do proficiently regulating and controlling restricted admittance, in any event, for people who are confided in insiders.
Also, the joining of AI (ML) and man-made reasoning (artificial intelligence) advances into PAM arrangements applies an effect available. By working on the ability to recognize and address uncommon exercises, mechanize standard obligations, and deal estimated examination, these advancements upgrade the viability and proactivity of PAM arrangements in decreasing security weaknesses. The market for PAM Arrangements is prominently impacted by cost factors, which explicitly influence little and medium-sized endeavors (SMEs). SMBs perceive the meaning of PAM as familiarity with network protection dangers increments, yet they might be obliged by monetary limitations. Adjusted to the prerequisites of more modest associations, the market gives adaptable and conservative PAM arrangements accordingly. Interoperability and the straightforwardness of coordinating PAM arrangements with prior IT framework are strengthening components that apply an effect available.
In order to keep running processes uninterrupted, businesses are looking for solutions that can seamlessly integrate with their existing security infrastructure. PAM arrangements that give broad stage and innovation similarity can achieve an upper hand inside the market. All around the world, the expanded recurrence and seriousness of cyberattacks likewise add to the extension of the market. The likely implications of noticeable security interruptions on business tasks urge associations to make PAM a crucial component of their network protection procedure. Across various ventures, expanded interests in PAM arrangements are provoked by this elevated mindfulness with an end goal to sustain guards against digital dangers.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 2.5 Billion |
| Market Size Value In 2023 | USD 3.20 Billion |
| Growth Rate | 28.10% (2023-2032) |
Privileged Access Management Solutions Market Highlights:
Privileged Access Management (PAM) Solutions Market Overview
The Privileged Access Management (PAM) Solutions market size is projected to grow from USD 4.09 billion in 2024 to USD 23.22 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 24.21% during the forecast period (2024 - 2032). Additionally, the market size for Privileged Access Management (PAM) Solutions was valued at USD 3.2 billion in 2023.
The rise in government regulatory compliances, the rise in the adoption of best practices for identity management, and the rise in R&D activities are the major market drivers strengthening market growth. Additionally, during the period of forecasting mentioned above, the market for privileged access management solutions will see an increase in new opportunities due to digitization, the adoption of identity as a service (IDaaS), and the emergence of intelligence-based privileged identity management solutions.
Figure1: Privileged Access Management (PAM) Solutions Market, 2018 - 2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Privileged Access Management (PAM) Solutions Market Trends
Rising threat of cyberattacks is driving the market growth
Market CAGR for privileged access management (PAM) solutions is driven by the growing number of cyberattacks. The expanding concern over cyber dangers is anticipated to advance the development of the favored get-to-administration arrangements. Cyberthreats allude to pernicious acts that point to devastating information, take information, and work frameworks to disturb the advanced prosperity and soundness of IT framework. Favored get-to-administration arrangements assist organizations in keeping up the essential levels of get to to do their employees and empower security groups to recognize noxious exercises connected to benefit mishandling and take quick activity to remediate chance, which decreases the cyber danger in an organization. For occurrence, in 2020, agreeing to the Government Bureau of Examination (FBI), a US-based government office for exploring cyber-attacks and interruptions, more than 2,000 web wrongdoing complaints per day were gotten. Also, got 2.211k complaints with a misfortune of $13.3 billion over the past 5 long times from 2016 to 2020, which rises to a normal of 4.40k complaints per year. In this manner, the expanding concern over cyber dangers is driving the development of the favored get-to-administration arrangements advertise.
Figure 2: percentage of organizations compromised by at least one successful cyberattack from 2014 to 2021
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Vendors working within the showcase are expanding their showcasing endeavors by leveraging communication channels, such as daily papers, magazines, and social media, to offer their items and administrations. They are making promotion campaigns taken after by a marketing campaign that incorporates a Web pre-roll, a wide-reaching social media and blogging program, and an intelligent site. Vendors must be more successful in utilizing social media channels such as Instagram to exhibit thoughts on utilizing the company's items and administrations. They post an assortment of imaginative substances on their Instagram channel and websites to attract customers. This drift is anticipated to drive the development of the worldwide PAM arrangements advertised amid the figure period. Thus, driving the privileged access management (PAM) solutions market revenue.
Privileged Access Management (PAM) Solutions Market Segment Insights
Privileged Access Management (PAM) Solutions Type Insights
The privileged access management (PAM) solutions market segmentation, based on type, includes software, physical appliance and virtual appliance. The software segment acquired a major market share, accounting for 49.6% of market revenue (1.2 Billion). Growing digitalization and the appearance of cutting-edge technologies have favorably predicted the sector's growth and are driving it forward. It is anticipated that variables like the complexity of solution integration and compatibility requirements will gradually increase during the projected period. Furthermore, the virtual appliance segment will grow at a rapid rate during the forecasted period. Businesses can be flexible, mobilize workforces, and virtualize work environments thanks to adopting virtual appliances. Because virtual appliances are so easy for end users and IT experts, more and more businesses are adopting them. Therefore, the growing acceptance of virtual appliances among businesses across various industries will fuel the growth of the virtual appliance sector.
Figure 3: Privileged Access Management (PAM) Solutions Market, by Type, 2022 & 2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Privileged Access Management (PAM) Solutions Application Insights
The privileged access management (PAM) solutions market segmentation, based on application, includes windows, unix & linux, mac os, infrastructure devices and IoT. In 2022, the IoT segment dominated the market. The need for IoT device management is anticipated to increase as businesses emphasize managing connected devices and enhancing operational efficiencies across industry verticals. In addition, the development of security solutions, real-time data analytics, and data management solutions were prompted by the advancement of industrial technologies like IoT, Blockchain, and Machine Learning, as well as the requirement for effectively managing linked devices.
June 2022: Amazon Web Services (AWS) offered IoT Device Management, which aids in the monitoring, organization, registration, and remote management of IoT devices at scale. Integrate with AWS IoT Core to connect and manage cloud devices and with AWS IoT Device Defender to audit and monitor the security posture of your fleet.
Additionally, in 2022, the infrastructure device sector witnessed the fastest growth rate. The growth of the infrastructure device is significantly influenced by the trend of BYOD and growing security concerns. All organizations must now consider the fleet of mobile and portable devices that is quickly expanding. It facilitates the deployment of mobile device management systems that provide strong data protection and a high level of oversight.
Privileged Access Management (PAM) Solutions Regional Insights
By region, the report offers market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American privileged access management (PAM) solutions market area will dominate this market. A significant volume of data requires greater protection because North America has more industrial and commercial entities. The market for privileged access management (PAM) solutions has expanded due to the region's rising self-employment and startup rates. In United States, in 2022, there will be 30.2 million small companies.
Further, the prominent countries studied in the market report are US, Canada, France, German, Italy, UK, Spain, Japan, China, Australia, India, South Korea, and Brazil.
Figure 4: PRIVILEGED ACCESS MANAGEMENT (PAM) SOLUTIONS MARKET SHARE BY REGION 2022 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Europe's privileged access management (PAM) solutions market accounts for the second-largest market share due to worries about security and regulatory compliance in nations including Germany, Italy, Spain, and others. The market for privileged access management (PAM) solutions in this region is driven by the General Data Protection Regulation (GDPR) requirements for the entire European Union. Growing small and medium-sized businesses are driving the need for privileged access management solutions to comply with rules in this area. Further, the German privileged access management (PAM) solutions market held the major market share, and the UK privileged access management (PAM) solutions market was the rapidly-growing market in the region.
The Asia-Pacific Privileged Access Management (PAM) Solutions Market is estimated to expand at a rapid rate from 2023 to 2032. Growing operational digitization, increasing internet penetration, many SMEs implementing such systems, and the rapid development of digital infrastructure are all factors in developing the privileged access management (PAM) solutions market in the Asia Pacific region. Moreover, China’s privileged access management (PAM) solutions market held the major market share, and the Indian privileged access management (PAM) solutions market was the rapidly-growing market in the Asia-Pacific region.
Privileged Access Management (PAM) Solutions Key Market Players & Competitive Insights
Leading market players are largely investing in research and development to expand their product lines, which will help the privileged access management (PAM) solutions market, grow even more. The launch of new products, larger-scale mergers and acquisitions, contractual agreements, and collaboration with other organizations are significant market developments in which market participants engage to increase their presence. The privileged access management (PAM) solutions industry must provide affordable products to expand and thrive in a more competitive and challenging market environment.
One of the major business strategies manufacturers use in the privileged access management (PAM) solutions industry to increase market sector and benefits customers is local manufacturing to lower operational costs. In recent years, the privileged access management (PAM) solutions industry has stipulated some of the most important medicinal benefits. Major players in the privileged access management (PAM) solutions market, including Hitachi ID Systems, ARCON, Centrify, CA Technologies, and others, are attempting to increase market demand by heavily investing in research and development operations.
CyberArk Software Ltd offers information technology security solutions to protect the company's data, infrastructure, and assets. The company's software solutions were centered on safeguarding credentials, privileged accounts, and secrets. Its products and services include Privileged Session Manager, Privileged Threat Analytics, Enterprise Password Vault, and CyberArk Privilege Cloud. In May 2020, CyberArk Software Ltd., a US-based provider of privileged access control systems, acquired IDaptive Holdings Inc. for an undisclosed sum. Through this acquisition, CyberArk Software Ltd. seeks to enhance its capacity to manage and secure identities with varied degrees of privileges across hybrid and multi-cloud systems to give customers an efficient and seamless user experience in supplying security.
Centrify is now Delinea, a leading provider of privileged access management (PAM) solutions for the modern, hybrid enterprise. They let businesses secure essential data, devices, code, and cloud infrastructure, reducing risk, ensuring compliance, and simplifying security. Delinea simplifies and specifies access boundaries for thousands of consumers worldwide. In September 2021, Centrify Privilege Service, a cloud-based privileged access security solution, now supports hybrid IT systems (on-premises and cloud). CPS complements and extends the flagship Centrify Server Suite's broad capabilities for identity consolidation, privilege management, and privileged session auditing by providing shared account password management for servers, network devices, and Infrastructure-as-a-Service (IaaS).
Key Companies in the privileged access management (PAM) solutions market include
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CA Technologies
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Centrify
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ARCON
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Wallix
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Hitachi ID Systems
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Beyond Trust
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Thycotic
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Devolutions
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One Identity LLC
Privileged Access Management (PAM) Solutions Industry Developments
At its European user conference, HashiDays, in 2023, HashiCorp, Inc., a pioneer in multi-cloud infrastructure automation software, revealed new products and solutions to broaden its offering of identity-based security. These include HashiCorp Boundary Enterprise, a new feature for privileged access management (PAM), and HashiCorp Cloud Platform (HCP) Vault Secrets, a streamlined SaaS service for secrets management.
The Delinea Platform, a cloud-native basis for Delinea's PAM solutions, was unveiled in 2023 by the supplier of solutions that expand Privileged Access Management (PAM), Delinea. It is intended to offer end-to-end visibility, dynamic privilege controls, and adaptive security. The Delinea Platform offers a VPN-less safe vault solution with the most recent version of Secret Server.
Through the Delinea marketplace, merchants and remote employees can access a remote access service and an ecosystem of connectors. 84% of firms have reported identity-related breaches in the past year, according to research from the Identity Defined Security Alliance. Since compromised identities are a common factor in almost all cyber events, today's complex IT environments demand a more cohesive approach to protection.
Secrets are essential to cybersecurity in 2023. They include the private information needed for system access and individual permission. However, if a secret is revealed, it becomes a threat. Secrets and credentials are synonyms. Either they grant human access to software and systems or machine access to other machines. Both categories must be controlled and safeguarded.
Although the technology to do this is comparable, machine-to-machine credential protection systems are known as secrets management whereas human credential protection methods are typically categorised as password managers or privileged access management (PAM) systems.
January 2023: Simeio, the industry's top provider of specialized identity and access management (IAM) services, announced the acquisition of Texas-based PathMaker Group (PMG), a leader in identity management services and solutions. Simeio's unique identity orchestration technology, Simeio IO, is being enhanced by combining PathMaker Group's patented "IAM MAP" evaluation process and methodology. This enhancement will allow businesses to measure and assess the maturity of their identification programs regularly.
July 2021: Microsoft has purchased CloudKnox Security to provide unified privileged access and cloud entitlement management. CloudKnox's purchase provides Microsoft Azure Active Directory customers with even more granular visibility, continuous monitoring, and automatic remediation for hybrid and multi-cloud rights.
Privileged Access Management (PAM) Solutions Market Segmentation
Privileged Access Management (PAM) Solutions Type Outlook
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Software
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Physical Appliance
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Virtual Appliance
Privileged Access Management (PAM) Solutions Application Outlook
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Windows
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Unix & Linux
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Mac OS
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Infrastructure Devices
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IoT
Privileged Access Management (PAM) Solutions Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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