Rise in Demand for Protection Against Insider Threats to Fuel Privileged Access Management Solutions Market Growth During Forecast Period
According to our latest study, “Privileged Access Management Solutions Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Offering, Deployment, Enterprise Size, End-Use Industry, and Geography," the market was valued at US$ 2.46 billion in 2023 and is expected to reach US$ 5.95 billion by 2031; it is estimated to record a CAGR of 11.7% from 2023 to 2031. The report includes growth prospects owing to the current privileged access management solutions market trends and their foreseeable impact during the forecast period.
Insider threats involve cybersecurity risks from within an organization, typically involving employees, former employees, or individuals directly accessing the organization's network and sensitive data. These insiders know internal processes, company policies, and other malicious information that can be exploited. PAM solutions are helpful in mitigating insider threats by implementing robust security measures. They enable organizations to monitor and control privileged access to critical resources, reducing the risk of unauthorized access and potential insider attacks. Insider threats can have severe consequences for establishments, such as data breaches, theft of intellectual property, and disruption of operations. PAM solutions offer features such as credential management, session monitoring, controlled command elevation, and secrets management for applications and devices. These capabilities assist organizations in detecting and preventing unauthorized privileged access, enhancing their overall security posture. Hence, the rising demand for protection against insider threats is boosting the adoption of PAM solutions to safeguard against these risks, thereby propelling the privileged access management solutions market growth.
Privileged Access Management Solutions Market
Privileged Access Management Solutions Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Offering (Solutions and Services), Deployment (On-Premise and Cloud), Enterprise Size (Large Enterprises and SMEs), End-Use Industry (BFSI, IT & Telecom, Healthcare, Energy & Utility, Retail & E-Commerce, Manufacturing, Government & Defense, and Others), and Geography
Privileged Access Management Solutions Market Report by 2031
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Broadcom Inc., CyberArk Software Ltd., International Business Machines Corp, Okta Inc, One Identity LLC., Delinea Inc., BeyondTrust Corporation, Microsoft Corp, Fortinet Inc., and Persistent Systems Ltd are among the key players profiled in the privileged access management solutions market report. Several other major players were also studied and analyzed during the market study to get a holistic view of the market and its ecosystem.
The report includes the privileged access management solutions market forecast by offering, deployment, enterprise size, and end-use industry. Based on offering, the privileged access management solutions market is categorized into solutions and services. In terms of revenue, the solution segment held the largest privileged access management solutions market share and is expected to record the highest CAGR during the forecast period.
The scope of the privileged access management solutions market report focuses on North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). North America dominated the market in 2023, followed by Europe and APAC.
The Asia Pacific privileged access management solutions market is segmented into Australia, China, Japan, India, South Korea, and the Rest of APAC. In terms of revenue, China held the largest privileged access management solutions market share in APAC. The privileged access management solutions market in China is witnessing considerable growth. The COVID-19 pandemic accelerated digitalization and digital service delivery across the world, as well as in China. The pandemic highlighted the suitability of different work models for businesses. The digital model has become increasingly popular among customers and businesses of all sizes. This sudden rise in digital activity led to a huge growth in Internet traffic in China, generating an unprecedented demand for privileged access management solutions to tackle security risks. Moreover, the increasing number of collaborations and rapid adoption of network security tools during the pandemic resulted in the increased use of privileged access management solutions to offer protected access to resources. In China, the number of cyberattacks and their severity have surged in recent years. According to AAG, the country recorded 14.15 million account breaches from Q2 to Q3 of 2022, which underlines the necessity of privileged access management solutions in China.
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