CHICAGO, Nov. 7, 2023 /PRNewswire/ -- The dynamic security landscape, the requirement for safe access in intricate systems, and the continuous emphasis on data protection and compliance will all influence the PAM industry going forward. PAM solutions will keep changing to address these new problems and offer strong security for sensitive data and important assets as businesses come to understand how important it is to safeguard privileged access.
The global Privileged Access Management Market size is projected to grow from USD 2.9 billion in 2023 to USD 7.7 billion by 2028 at a CAGR of 21.5% during the forecast period, according to a new report by MarketsandMarkets. The market for PAM has seen significant expansion due to the rapid adoption of digital transformation and cloud technologies, increasing concerns over account and password sharing, the rising threat from insider activities, and enhanced compliance with regulatory standards.
Browse in-depth TOC on "Privileged Access Management Market"
350 - Tables
45 - Figures
314 - Pages
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Scope of the Report
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By vertical segment, the healthcare vertical will grow at the highest CAGR during the forecasted period.
The healthcare vertical is anticipated to have the highest CAGR in the PAM market, primarily driven by the increasing digitization of health records and the rising reliance on connected medical devices. This digital transformation, while improving efficiency and patient care, also introduces vulnerabilities. Privileged accounts in the healthcare system provide access to sensitive patient data, medical histories, and billing information, making them prime targets for cyber adversaries. Moreover, regulatory frameworks like the HIPAA mandate stringent data protection measures, pressuring healthcare organizations to bolster their cybersecurity infrastructure. Additionally, the recent surge in cyberattacks targeting healthcare institutions, particularly ransomware, has further underlined the urgent need for robust PAM solutions. The increasing realization of these vulnerabilities and the need to comply with regulatory standards drive the healthcare vertical to invest heavily in PAM solutions, resulting in its dominant growth trajectory in the market.
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By offerings, the professional services segment holds the largest market size during the forecast period.
The professional services segment is anticipated to hold the largest market size during the forecasted period. This prominence is attributed to certain factors. Firstly, implementing PAM solutions requires a nuanced understanding of an organization's IT infrastructure, necessitating consultation, integration, and post-deployment services. Businesses, particularly those without a robust in-house IT team, often turn to professional services to seamlessly integrate PAM tools into their existing systems. Secondly, as cyber threats evolve, there is a growing demand for regular audits, training, and maintenance services to ensure that PAM systems remain robust and up-to-date. Further, as regulations and compliance requirements around data protection become more stringent, companies are leaning on professional services to guarantee that their PAM solutions comply with the latest standards. Consequently, these factors collectively contribute to the anticipated growth and predominance of the professional Services segment in the PAM market during the forecasted period.
By region, the Asia Pacific market is to grow at the highest CAGR during the forecast period.
The Asia Pacific region, encompassing well-established economies like China, Japan, Australia, and New Zealand and emerging countries like India and Singapore, are poised for the most significant CAGR during the anticipated period. This anticipated surge can be attributed to several factors. Firstly, the region is witnessing rapid technological advancements and a swift digitization pace, particularly in emerging economies such as India. Secondly, as businesses in the area continue to expand, there is a growing emphasis on safeguarding critical data from internal and external threats, driving the demand for robust PAM solutions. Furthermore, increasing awareness about cyber threats, coupled with regulatory pressures to bolster data security measures, is propelling the adoption of PAM systems. Lastly, the region's IT infrastructure is expanding, and the accelerated shift to cloud services necessitates advanced security measures, making PAM solutions pivotal for businesses aiming to protect privileged accounts from potential breaches.
Top Key Companies in Privileged Access Management Market:
Fortinet (US), Beyond Trust (US), CyberArk (US), Broadcom (US), Imprivata (US), Optiv Security (US), Okta (US), IBM (US), Micro Focus (OpenText) (UK), ManageEngine (Zoho) (US), Hashi Corporation (US), One Identity (US), ARCON (India), Netwrix (US), Delinea (US), Wallix (France), Saviynt (US), Senhasegura (Brazil), KronTech (Turkey), miniOrange (US), EmpowerID (US), StrongDM (US), CyberSolve (US), Opal Security (US), Foxpass (US), Secureden (US), RevBits (US), Silverfort (Israel), and IDM Technologies (UAE) are the key players and other players in the PAM market.
Recent Developments
- In September 2023, BeyondTrust formed a strategic partnership with Jamf (US). This collaboration enhances Mac endpoint security, a critical aspect of PAM solutions. The integration streamlines privilege management and application control for Apple devices, offering improved access control and operational efficiency.
- In March 2023, FortiPAM introduced privileged remote access management for OT ecosystems and critical assets, integrating with various Fortinet products to provide single sign-on, multi-factor authentication, and zero trust network access.
- In June 2022, CyberArk introduced new functionality for CyberArk Endpoint Privilege Manager, extending its capabilities to support Linux platforms. This enhancement allows security and IT professionals to enforce the least privilege and implement just-in-time security controls across Linux endpoints in various environments.
- In April 2022, Imprivata strategically acquired SecureLink, a move aimed at strengthening its presence in the PAM market. This acquisition underscores Imprivata's commitment to advancing secure, friction-free digital identity solutions tailored explicitly to PAM.
- In March 2021, Optiv Security introduced a new service. This PMaaS offering provides comprehensive planning, implementation, and ongoing management to assist organizations in safeguarding their privileged accounts from cyber threats. It includes services such as architecture and design, software implementation, and strategy and assessment, all supported by Optiv's security and operations (SecOps) team. It aims to enhance privileged access management and identity security, helping organizations protect their critical assets effectively.
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Privileged Access Management Market Advantages:
- PAM systems, which regulate, monitor, and audit privileged access, greatly increase the security of an organization's IT infrastructure. This aids in preventing misuse and illegal access to important systems and data.
- By keeping an eye on and managing the actions of privileged users-which might include vendors, contractors, and employees-PAM solutions effectively mitigate insider threats. As a result, there is less chance of unintentional or purposeful data leaks.
- Passwords, digital certificates, and encryption keys are just a few of the privileged credentials that PAM systems secure and manage. Credential theft and abuse are less likely because to this safeguard.
- By upholding the least privilege principle, PAM makes sure users have the minimal amount of access required to do their tasks. By doing this, the attack surface is decreased and the possible harm that hacked accounts could inflict is limited.
- PAM solutions offer real-time privileged session monitoring together with the capacity to log and examine sessions for forensic and auditing reasons. This facilitates the detection and examination of security incidents.
- In order to lower the risk associated with static or readily guessed passwords, PAM products frequently incorporate password rotation and management features that automatically reset privileged passwords at regular intervals.
- By offering the required controls and audit trails, PAM systems assist organisations in adhering to industry-specific laws and data protection standards, such HIPAA, GDPR, and SOX.
Report Objectives
- To define, describe, and forecast the PAM market based on offering, deployment mode, verticals, and regions:
- To predict and estimate the market size of five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
- To analyze the subsegments of the market with respect to individual growth trends, prospects, and contributions to the overall market
- To provide detailed information related to the primary factors (drivers, restraints, opportunities, and challenges) influencing the growth of the PAM market
- To analyze opportunities in the market for stakeholders by identifying high-growth segments of the PAM market
- To profile the key players of the PAM market and comprehensively analyze their market size and core competencies.
- Track and analyze competitive developments, such as new product launches, mergers and acquisitions, partnerships, agreements, and collaborations in the global PAM market.
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