BANGALORE, India, Jan. 18, 2024 /PRNewswire/ -- Privileged Access Management Software Market is Segmented by Type (Cloud Based, Web Based), by Application (Large Enterprises, SMEs): Global Opportunity Analysis and Industry Forecast, 2023-2029. It is Published in Valuates Reports Under the Category of Software.
The Global Privileged Access Management Software 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. Several key factors propel the PAM market.
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Major Factors Driving the Growth of Privileged Access Management Market
Due to rising cybersecurity threats, stricter regulations, increased awareness of insider threats, the proliferation of cloud-based services, the complexity of IT environments, the emphasis on Zero Trust security models, the focus on remote workforce security, and integration with Identity and Access Management (IAM) solutions, the Privileged Access Management (PAM) market is expanding rapidly.
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TRENDS INFLUENCING THE GROWTH OF PRIVILEGED ACCESS MANAGEMENT MARKET
A major factor driving the market for Privileged Access Management (PAM) is the increasing frequency and sophistication of cybersecurity attacks. Strong PAM solutions are essential as companies deal with an increasing number of assaults that target sensitive data and vital infrastructure. PAM solutions are essential for protecting privileged accounts and reducing the possibility of unwanted access, enabling enterprises to successfully fend against changing cyber threats. PAM solution adoption is being driven by strict regulatory compliance requirements imposed by governments and diverse businesses worldwide. Strict controls over access to sensitive data are required by laws like GDPR, HIPAA, and SOX, thus PAM is crucial for businesses trying to meet these requirements.
The Privileged Access Management Industry is expanding as a result of growing awareness of insider risks, both purposeful and inadvertent. Organizations are at significant risk from insider threats, and privileged users may do significant harm if they are compromised. PAM systems mitigate the risk of insider-related security events by enforcing strict controls, keeping an eye on privileged actions, and guaranteeing that access is only allowed to those who need it. The expansion of PAM solutions is mostly being driven by the broad use of cloud-based services. As more businesses go to the cloud, controlling and safeguarding privileged access is harder. In order to ensure that security measures work smoothly in both on-premises and cloud settings, PAM solutions offer a centralized and scalable method of controlling access to cloud resources. This promotes the safe use of cloud services.
Advanced Privileged Access Management solutions are required because of the increasing complexity of IT environments, which are typified by a diversified architecture, many endpoints, and linked systems. Managing privileged access across a variety of platforms and devices is a challenge for organizations. PAM simplifies the process of safeguarding access in complicated IT environments by offering a consistent and all-encompassing solution to privileged access management. The need for PAM solutions has increased because of the move towards Zero Trust security models, where trust is never assumed and verification is necessary from anybody attempting to access resources. Since strict control over privileged access is necessary to implement a zero-trust strategy, PAM is a fundamental component of contemporary security solutions. Organizations taking a proactive approach to strengthening their security posture through Zero Trust Framework is driving the market's growth.
The market is growing because of the combination of Identity and Access Management (IAM) solutions with Privileged Access Management. A thorough approach to maintaining user identities and the privileged access they are connected with is ensured by the smooth coordination between PAM and IAM, which improves overall access governance. The establishment of a unified and efficient security framework is made possible by this integration, which also supports the market's steady expansion for privileged access management.
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PRIVILEGED ACCESS MANAGEMENT MARKET SHARE ANALYSIS
Due to its emphasis on cybersecurity, strict regulatory frameworks, and a large number of businesses using sophisticated security measures, North America is a major hub for the Privileged Access Management (PAM) industry. The existence of several technology-driven sectors and the region's awareness of cybersecurity dangers both support the PAM market's strong growth. The region's use of PAM solutions is further fueled by the requirement to adhere to laws like GDPR and HIPAA.
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Key Players:
- AWS
- Microsoft
- Onelogin Inc
- Salesforce
- VMware Inc
- Foxpass
- CyberArk
- BeyondTrust
- Oracle
- Centrify
- Hashicorp
- JumpCloud
- ManageEngine
- Sucuri.
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
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