Privileged Identity Management Market Analysis

In-depth Analysis of Privileged Identity Management Market Industry Landscape

The Privileged Identity Management (PIM) industry is affected by multiple forces in the aggregate which create the trends. A highly important factor here is that more and more companies have to be aware of information security and cyber threats, i.e. they have to do so in order to protect their privileged accounts. With the growing number of cybercrimes and rising sophistication of data breaches, powerful PIM solutions are in high demand along their lines. This awareness of data protection as a heightened matter is not only expressed by large enterprises but also can be witnessed through SMEs, which realize the critical role of PIM in terms of data protection.

Regulations have proven to be another dimension that influence the market. All governments demand for strict measures in terms of data protection and therefore, companies are forced to establish completely integrated PIM systems that guarantee compliance. Regulations like the GDPR in Europe and the HIPAA in the US implies that a safe and secure management of privileged identities are encoded in the organizational policies which is regarded as the frontline of strategies to evade the heavy penalties and damage in reputation.

In the PIM line of business, the continuously changing threat environment adds to the dynamic conditions. The methods through which cyber attacks become more complicated and sophisticated with adversaries coming up with new techniques to usurp privileged accounts are of huge concern. To the same effect, companies turn the tables onto advanced PIM solutions that might be the ones that are adjusted to new threats and offer proactive rather than reactive protection. The very nature of cyber-threats drives innovation not only in the PIM industry but also gives rise to the cutting edge technology which help accommodate new and emerging risks.

The market consolidation in addition is also a considerable factor which influence the PIM land performance. Steadily, the requirement for a complete PIM is expanding and for that, mergers and acquisitions of other companies in the market become more prominent. The most significant cybersecurity firms conduct mergers and acquisitions with specialized PIM providers to expand their departments and provide integrated security system. The merger reflects not only the increase in PIM solutions’ market coverage, but also the cooperation between the experts on cybersecurity. This cooperation then produces better and more effective fusion of the products and services.

The development of cloud computing is the pivotal element affecting the consumption structure of PIM. Companies are transforming cloud solutions into on-premises PIM services to be able to accommodate the flexibility and scalability that the cloud-based platforms provide. Cloud - based PIM solutions support privileged identities handling remotely, in perfect harmony with the worldwide tendency of working from anywhere. The additional credential dimension emerging in today's deployment models not only allows seamless operation but also enables organizations to effectively control their credentials on the distributed network.