Privileged Identity Management Market Size

Privileged Identity Management Market Growth Projections and Opportunities

The advanced Privileged Identity Management (PIM) market is subject to progressive changes caused by the growing security necessities in electronic and information exchange conditions. Like PIM (Privileged Access Management; PAM), the purpose of PAM is securing crucial and sensitive systems and data from any unauthorized access attempts. The market dynamics of PIM are determined by the diversity of factors such as the growing number of cyber attacks, complicated regulation rules, and a higher awareness from organizations regarding the potential dangers coming from the privileged access.

Another major fuel that has aided the PIM market to accelerate rapidly is the increasingly complex cyber threat landscape. With the advent of more crafty and regular cyber thefts, companies are becoming sensitive to the issue of protecting privileged accounts as they are used to elevated access rights in an IT environment. Hackers commonly penetrate such accounts with the aim of accessing a trove of valuable data or strategic systems. As a consequence, the PIM solution's demand escalated because they close all the gaps regarding managing, controlling, and monitoring the privileged access that could result in the data breaches and unauthorized access.

The regulatory compliance as the other significant factor that should be addressed is now accompanying the threat landscape of PIM market. The governments and regulatory authorities of various countries are levying the strict regulations to make sure that the privacy of sensitive information and personally identifiable data acquired is not compromised. Confidentiality requirements like GDPR, HIPAA, and SOX add to the virtual privacy management solutions list, which organizations must employ to meet the required levels of security standards. For this reason, companies from various market industries have initiated PIM investments, adding more to the market development.

Over and above these the expanding knowledge by businesses along the lines of exposure to the risks through privileged access is leading to the adoption of PIM solutions. In this age of connectivity, more and more companies come to terms with the fact that old school security features are not enough to defend them against insider hazards, external attacks, or accidentally misuse of credentials. PIM solutions provide a proactive approach through the implementation of the least privilege rules, regulations based on the role, and real-time monitoring and alerting systems. The general knowledge about data threats has resulted in the increased demand for PIM systems as a strategic element of cybersecurity architecture for discrete organizations.