NEW
YORK, June 10, 2024 /PRNewswire/ -- The global
privileged access management solutions market size is estimated to
grow by USD 10.71 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of 34.08% during the forecast
period. need for multi-factor authentication (MFA) for
privileged accounts is driving market growth, with a
trend towards increased adoption of byod concept.
However, system integration and interoperability issues
poses a challenge. Key market players include ARCON,
BeyondTrust Corp., Broadcom Inc., Centrify Corp., CyberArk Software
Ltd., Devolutions, Fudo Security Inc., Hitachi Ltd., International
Business Machines Corp., Iraje Inc., Kron Telekomunikasyon
Hizmetleri A.S., Open Text Corporation, Oracle Corp., Osirium Ltd.,
Quest Software Inc., Silverlake Mastersam, Simeio Solutions LLC,
Thycotic Software LLC, Wallix Group SA, and Zoho Corp. Pvt.
Ltd..
![Technavio has announced its latest market research report titled Global privileged access management solutions market 2024-2028 Technavio has announced its latest market research report titled Global privileged access management solutions market 2024-2028](https://mma.prnewswire.com/media/2433154/Technavio_Global_privileged_access_management_solutions_market_2024_2028.jpg)
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Privileged Access
Management Solutions Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
34.08%
|
Market growth
2024-2028
|
USD 10710.8
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
25.53
|
Regional
analysis
|
North America, Europe,
APAC, Middle East and Africa, and South America
|
Performing market
contribution
|
APAC at 33%
|
Key
countries
|
US, China, UK, Germany,
and Japan
|
Key companies
profiled
|
ARCON, BeyondTrust
Corp., Broadcom Inc., Centrify Corp., CyberArk Software Ltd.,
Devolutions, Fudo Security Inc., Hitachi Ltd., International
Business Machines Corp., Iraje Inc., Kron Telekomunikasyon
Hizmetleri A.S., Open Text Corporation, Oracle Corp., Osirium Ltd.,
Quest Software Inc., Silverlake Mastersam, Simeio Solutions LLC,
Thycotic Software LLC, Wallix Group SA, and Zoho Corp. Pvt.
Ltd.
|
Market Driver
The BYOD trend in organizations is driving the demand for
Privileged Access Management Solutions (PAM). As employees use
personal devices for work, enterprises require robust security
systems. IDaaS applications, a type of PAM solution, offer easier
installation and configuration than on-premises solutions, making
them popular. This trend is expected to significantly contribute to
the growth of the global PAM solutions market.
The Privileged Access Management (PAM) market is experiencing
significant growth due to the increasing need for secure access to
critical systems and data. Tools and solutions are being developed
to address this requirement, including those that enable
cloud-based and on-premises access, provide single sign-on
capabilities, and offer session monitoring and reporting.
These solutions are essential for organizations to ensure secure
and controlled access to sensitive information, prevent
unauthorized access, and meet regulatory compliance requirements.
Additionally, advancements in artificial intelligence and machine
learning technologies are enhancing PAM solutions, enabling more
effective threat detection and response. Overall, the PAM market is
trending towards more advanced, automated, and integrated solutions
to address the evolving threat landscape.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
- The integration of advanced technologies in various industries
creates challenges for privileged access management solutions.
Interoperability issues arise during system updates or mergers,
leading to cross-platform integration problems.
- Vendors must collaborate with IT teams to seamlessly integrate
IT systems and manage infrastructure. Standardized solutions may
not meet organizational needs, and customized options come with
high costs, discouraging adoption and potentially hindering market
growth.
- Privileged Access Management (PAM) solutions play a crucial
role in securing an organization's digital environment. However,
implementing these solutions comes with challenges. One major
challenge is identifying and managing a large number of privileged
accounts. Another challenge is ensuring that these accounts are
used only by authorized personnel.
- Additionally, keeping up with the latest threats and
vulnerabilities requires continuous updates and patches to the PAM
solution. Furthermore, integrating PAM solutions with other
security tools and processes can be complex. Lastly, ensuring
compliance with various regulations and standards adds to the
complexity of PAM implementation. Addressing these challenges
requires a comprehensive and robust PAM strategy.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
- Deployment
- 1.1 On-premises
- 1.2 Cloud-based
- Component
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 On-premises- Privileged Access Management
(PAM) solutions enable organizations to secure and manage access to
critical systems and data. These solutions help control user
permissions, monitor access activities, and ensure compliance with
security policies. By implementing PAM solutions, businesses can
strengthen their IT security posture and mitigate the risk of
unauthorized access and data breaches. PAM solutions are essential
for protecting sensitive information and maintaining regulatory
compliance in various industries.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
In today's cloud-centric business landscape, the need for robust
Privileged Access Management (PAM) Solutions has become paramount.
These solutions mitigate cybersecurity threats posed by internal
actors and insider attacks. PAM tools enable the management of
privileged accounts for authorized users, ensuring secure access to
digital assets. Innovative technologies, such as Multi-Factor
Authentication (MFA) and Single Sign-On (SSO), enhance the
functionality of PAM solutions. Despite the benefits, IT budgets
and inflation rates can hinder small businesses and large
industrial sectors from implementing these solutions. However,
investing in PAM tools is essential for maintaining security and
mitigating potential security breaches.
Component solutions like Password Vaulting, Session Management,
and Privileged Identity Management offer comprehensive protection
against cyber threats. Organizational silos can also pose
challenges in implementing PAM solutions. To address this,
businesses can consider implementing PAM solutions from reputable
vendors, such as Delinea and Hitachi ID, which offer integrated
solutions to streamline processes and eliminate silos.
Market Research Overview
The Privileged Access Management (PAM) solutions market
encompasses innovative technologies designed to manage and secure
access to critical systems and data. These solutions ensure the
implementation of least privilege principles, strengthening
security posture against internal and external threats. Strategies
such as multi-factor authentication, session recording, and
real-time monitoring are integral components of PAM solutions.
Additionally, these solutions provide centralized management,
automating the process of granting, modifying, and revoking access.
PAM solutions cater to various industries, including finance,
healthcare, and government, addressing their unique security
requirements. Overall, PAM solutions are essential for maintaining
a robust security infrastructure and mitigating potential
risks.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Deployment
-
- Component
-
- Geography
-
- North America
- Europe
- APAC
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio