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)
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
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.
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)
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
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.
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.
Figure 3: PRIVILEGED IDENTITY MANAGEMENT MARKET SHARE BY REGION 2022 (USD Billion)
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.
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.
NET AND
Wallix Group SA
Lieberman Software
CyberSec Oy
IBM Corporation
Core Security
ARCON
Centrify
Beyond Trust Inc.
Zoho Corp
Micro Focus NetIQ
April 2023: BeyondTrust has joined forces with Moro Hub, a UAE-based data center management firm. The joint venture of the corporations’ aims to deliver a more advanced Privileged Access Management (PAM) portfolio with customization to meet user needs.
April 2023 saw Wallix and Britive, a cloud security identity platform, forge a collaboration. The Partnership will create an all-inclusive Privilege Access Management solution that allows both firms to better serve their clients.
April 2023: BeyondTrust forged an alliance with Moro Hub, a database management firm located in UAE. This Partnership is intended to offer commercial enterprises found within the UAE of these two businesses specifically tailored Privileged Access Management (PAM) solutions.
The strategic Partnership of BIO-key International and BeyondTrust was announced by them in March 2023. This partnership uses Identity-based biometrics to produce more secure PortalGuard® Identity-as-a-Service (IDaaS) platform by BIO-key International through integration with the Privileged Remote Access product from BeyondTrust. The aim of this collaboration is to improve what they offer by developing a greater range of privileged remote access solutions for their customers.
May 2023: BeyondTrust Analytics v2 was launched. Those who use it can make sense of user behavior and take steps to improve policies. Among its features are saved views, VirusTotal for events, and application-level integration.
May 2023: CyberArk has added new features to its CyberArk Identity Security Platform. They include improved clandestine management capabilities, a Bring Your Key facility, updated privileged access management, and self-governed discovery and provisioning of endpoint accounts by end-users themselves.
April 2023: Wallix has released SaaS Remote Access as a Privileged Access Management solution. Some advantages include easy deployment, full security, and a holistic view of external access resources.
March 2023: Delinea introduced the Delinea Platform. It is a secure access control solution that provides a variety of flexible security options and end-to-end visibility. The new platform can be integrated with Secret Server and VPN-less Secure Remote Access Service.
March 2022: Hitachi ID has launched a new product called Hitachi ID Bravura Safe for Hitachi ID Bravura Security Fabric. It is the management facility for classified files within an organization, which helps in keeping the organization’s data safe.
On-Premises
Cloud
BFSI
Government & Defense
Healthcare
Manufacturing
Telecom & IT
Others
US
Canada
Germany
France
UK
Italy
Spain
Rest of Europe
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 0.25 Billion |
| Market Size 2024 | USD 0.32 Billion |
| Market Size 2032 | USD 1.84 Billion |
| Compound Annual Growth Rate (CAGR) | 24.44% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, The Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Deployment, Vertical and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, Japan, India, China, Australia, South Korea, and Brazil |
| Key Companies Profiled | NETAND, Wallix Group SA, Lieberman Software, CyberArk, CyberSec Oy, IBM Corporation, Bomgar Corporation, Core Security, ARCON, Centrify, Beyond Trust Inc., Zoho Corp, Micro Focus NetIQÂ |
| Key Market Opportunities | Increased adoption of PIM by the organizations. |
| Key Market Dynamics | Increased cybersecurity threats and need to protect privileged accounts. |
Privileged Identity Management Market Highlights:
Frequently Asked Questions (FAQ) :
The Privileged Identity Management market size valued at USD 0.25 Billion in 2023.
The market is foreseen to rise at a CAGR of 24.44% throughout the forecast period, 2024-2032.
North America had biggest share of the market.
The key players in the market are NETAND, Wallix Group SA, Lieberman Software, CyberArk, CyberSec Oy, IBM Corporation, Bomgar Corporation, Core Security, ARCON, Centrify, Beyond Trust Inc., Zoho Corp, and Micro Focus NetIQ.
The cloud category dominated the market in the year 2022.
The BFSI had the largest share in the market.
Research Analyst Level II With a technical background in information technology & semiconductors, shubham has 4.5+ years of experience in market research and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the ict/semiconductor domain. shubham holds a bachelor’s in information and technology and a master of business administration (mba). shubham has executed over 150 research projects for our clients under the brand name market research future in the last 2 years. his core skill is building the research respondent relation for gathering the primary information from industry and market estimation for niche markets. he is having expertise in conducting secondary & primary research, market estimations, market projections, competitive analysis, analysing current market trends and market dynamics, deep-dive analysis on market scenarios, consumer behaviour, technological impact analysis, consulting, analytics, etc. he has worked on fortune 500 companies' syndicate and consulting projects along with several government projects. he has worked on the projects of top tech brands such as ibm, google, microsoft, aws, meta, oracle, cisco systems, samsung, accenture, vmware, schneider electric, dell, hp, ericsson, and so many others. he has worked on metaverse, web 3.0, zero-trust security, cyber-security, blockchain, quantum computing, robotics, 5g technology, high-performance computing, data centers, ai, automation, it equipment, sensors, semiconductors, consumer electronics and so many tech domain projects.
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