The growing popularity of BYOD and mobile devices to have a noteworthy impact on the privileged identity management market
With the increasing need for seamless connectivity between the corporate network and the employees, employs use personal devices such as smartphones, laptops, and tablets to access the company’s database and confidential information. The increasing adoption of bring your own device has led to the increased access and storage of critical information, which has further increased the need for data protection.
The rising employee mobility has led to the increased use of mobile devices. These devices are not generally secured, and it’s easy for hackers to access to mobile devices and gain unauthorized access to corporate networks, which may lead to fraudulent activities and misuse of corporate and business-critical data. With the increasing threat of data breaches, the businesses are adopting privileged identity management solutions to secure the network and to provide secure access to confidential information. Increasing adoption of BYOD is one of the key factor fuelling the global privileged identity management market and are expected to have a significant impact on the growth of privileged identity management market during the forecast period.
The privileged identity management services help the organizations to mitigate the risk of insider attacks and enables the organizations to provide access to resources without providing them authority to see or alter the sensitive data. As the IT infrastructure is shifting from on-premise to hybrid the demand for privileged identity management services is increasing across various sectors such as IT &Telecom and BFSI. Several prominent market players such as IBM Corporation and Microsoft are focusing on providing enhanced privileged identity management services and solutions to help organizations in controlling and securing the accounts and reducing the risk insider attacks. The increasing popularity of cloud-based solutions, changing IT infrastructure, and the emergence of intelligence based privileged identity management solutions are the significant factors that are supporting the growth of privileged identity management services and solutions.
The cloud deployment model, the enterprise data is stored in the third-party cloud provider. This enables the client to reduce the cost of IT infrastructure, and minimize the operational cost of the solution. All the clients on clouds share the same infrastructure pool through security protections, flexible configuration, and accessibility variances. However, clouds are more extensive when compared to on-premise deployment type, due to which enterprise associated with cloud are benefitted with seamless, on-demand scalability. Cloud service is used for providing high service availability at minimum costs, and several organizations are leveraging cloud service to offers services and storing critical data which is creating a demand for privileged identity management across organizations.
With the emergence of cloud technologies securing sensitive data has become a big challenge for organizations. There has been an increase in security threats caused by insiders having access to privileged accounts due to inactive shared or poorly secured logins. This factor is creating a demand for enhanced privileged identity management across organizations.
Strategic partnership with technology companies to help them in intelligence engagement of the customers was observed as the most adopted strategy in global privileged identity management market.
2019: The Company introduced availability of Authentication Services 4.2 for their customers that facilitate in improved security measures across Unix, Linux, and Mac based operating systems.
2019: The Company announced introduction of its Secret Server 10.6 version of its enterprise focused PAM solutions. The new features is expected to further enhance the accountability and agility across dynamic enterprise environment for improved privileged access management.
2019: The company launched its cloud based enhanced privileged access management solution, “Zero Trust Privilege” keeping in mind with the hybrid enterprise requirement. The solution supports privileged access management across multiple virtual private cloud (VPC) and Infrastructure-as-a-Service (IaaS) deployments at the client IT infrastructure.
The regional trends and factors influencing the Privileged Identity Management Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Privileged Identity Management 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 2018 | US$ 1.5 Billion |
| Market Size by 2027 | US$ 16.33 Billion |
| Global CAGR (2018 - 2027) | 30.8 % |
| Historical Data | 2016-2017 |
| Forecast period | 2019-2027 |
| Segments Covered |
By Component
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| Regions and Countries Covered | North America
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| Market leaders and key company profiles |
The Privileged Identity Management 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 Identity Management Market are:
Disclaimer: The companies listed above are not ranked in any particular order.