The privileged access management solutions market size is expected to reach US$ 5.95 billion by 2031 from US$ 2.46 billion in 2023. The privileged access management solutions market is estimated to record a CAGR of 11.7% from 2023 to 2031. The zero trust security model is likely to remain a key market trend.
The increasing prevalence of cyberattacks targeting privileged accounts and credentials is driving the adoption of privileged access management solutions. Organizations are increasingly becoming aware of the need to safeguard their critical assets from unauthorized access and potential breaches. PAM solutions also play a crucial role in mitigating insider threats by implementing robust controls and monitoring privileged user actions. Furthermore, PAM solutions enable organizations to enforce adaptive access controls considering real-time contextual factors, granting appropriate access privileges based on the specific context. These solutions also assist organizations in meeting complex compliance requirements by offering risk management capabilities, maintaining detailed records of critical infrastructure activities, and facilitating audit-friendly IT environments.
The growing number of security breaches related to privileged access misuse has underscored the significance of robust privileged access management (PAM) solutions. These solutions help organizations reduce the attack surface by limiting privileged account membership and minimizing privileges. They also aid in mitigating insider threats through controls and monitoring privileged user activities. Moreover, PAM solutions enable organizations to enforce context-based access controls and enhance compliance with complex regulations.
Privileged access management (PAM) solutions are advanced security measures designed to safeguard organizations against cyber threats by actively monitoring, detecting, and preventing unauthorized access to critical resources. These solutions primarily focus on protecting privileged accounts, which possess elevated access privileges within an organization's systems and networks, making them prime targets for cybercriminals. PAM solutions utilize a combination of processes and technology to provide comprehensive visibility into the activities of privileged users and their use of privileged accounts.
In recent years, businesses are facing the continuous threat of cyberattacks. According to Embroker Insurance Services LLC, cyberattacks were considered the fifth top-rated risk in 2020, and cases continue to rise with technological advancements. Computer malware, data breaches, and denial of service (DoS) are a few examples of cyberattacks. During the COVID-19 pandemic, cybercriminals took advantage of misaligned networks as businesses were shifting to remote working environments. According to OneLogin, cybercrime costs more than US$ 1 trillion worldwide, as 37% of organizations were affected by ransomware and 61% were affected by malware attacks in 2020. Between 2019 and 2020, cyberattacks in the US increased by 139% as the country registered 145.2 million cases in Q3 2020. Malware attacks increased by 358% in 2020 compared to 2019. Similarly, according to the Clusit Report, cyberattacks across the globe increased by 10% in 2021 compared to the previous year. For instance, according to AAG, the UK had the highest number of cybercrime victims per million internet users (4,783 users) in 2022, an increase of 40% over 2020 figures. The average cost of a cyber breach was US$ 4.35 million in 2022, and it is predicted that this value is expected to reach US$ 10.5 trillion by 2025.
Cyber threats are considered a major concern as various organizations continue to operate in a digital environment. They have serious consequences for individuals, corporations, and governments. The rise in the number of cyberattacks has increased the importance of cybersecurity to safeguard critical infrastructures and to ensure the safety of individuals and organizations. Organizations are increasingly becoming aware of the need to safeguard their critical assets from unauthorized access and potential breaches. Thus, the increasing number of cyberattacks is a significant factor propelling the growth of the privileged access management (PAM) solutions market.
Intelligence-based PAM enables risk-based access control, where access decisions are based on risk assessments. Factors such as user roles, privileges, and contextual information are evaluated to determine the level of risk associated with a specific access request. This allows organizations to implement dynamic access controls that adapt to changing risk profiles. Intelligence-based PAM solutions can automate responses to security incidents or policy violations. For instance, if an unauthorized user attempts to access a privileged account, the solution can automatically block the access attempt and notify the security team. Intelligence-based PAM solutions continuously monitor privileged access activities in real-time. This proactive monitoring helps organizations detect suspicious or unauthorized behavior and respond to potential security threats before they escalate. Intelligence-based PAM also enables adaptive access policies that dynamically adjust based on contextual information. For instance, if a user's behavior indicates a higher risk, the solution can enforce stricter access controls or require additional authentication measures. Thus, the emergence of intelligence-based PAM solutions is anticipated to provide significant growth opportunities to the privileged access management (PAM) solutions market.
Key segments that contributed to the derivation of the privileged access management solutions market analysis are offering, deployment, enterprise size, and end-use industry.
The regional trends and factors influencing the Privileged Access Management Solutions Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Privileged Access Management Solutions Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 2.46 Billion |
| Market Size by 2031 | US$ 5.95 Billion |
| Global CAGR (2023 - 2031) | 11.7% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Offering
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Privileged Access Management Solutions Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Privileged Access Management Solutions Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The privileged access management solutions market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the privileged access management solutions market are listed below:
(Source: CyberArk, Press Release, May 2024)
(Source: IBM, Press Release, April 2023)
The "Privileged Access Management Solutions Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:
The List Oof Companies - Privileged Access Management (PAM) Solutions Market
The key players, holding majority shares, in privileged access management (PAM) solutions market includes Microsoft Corp, International Business Machines Corp, Oracle Corp, Broadcom Inc, and Fortinet Inc.
The North America held the largest market share in 2023, followed by Europe and Asia Pacific.
Asia Pacific is anticipated to grow with the highest CAGR over the forecast period 2024-2031.
Rise of cloud-based privileged access management solutions and zero trust security model is the future trends of the privileged access management (PAM) solutions market.
Increase in number of cyberattacks, rise in demand for protection against insider threats, and stringent government regulations are the driving factors impacting the privileged access management (PAM) solutions market.
The privileged access management (PAM) solutions market was valued at US$ 2.46 billion in 2023 and is projected to reach US$ 5.95 billion by 2031; it is expected to grow at a CAGR of 11.7% during 2023–2031.