PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1394081
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1394081
The global privileged access management (PAM) market is on an exponential growth trajectory, reaching a valuation of US$ 3.88 billion in 2024 and projected to surge to an impressive US$ 21 billion by the end of 2031.
Privileged Access Management (PAM) encompasses a suite of procedures, tools, and techniques deployed within organizations to safeguard and control access to sensitive information and critical IT resources. It entails the identification, authentication, authorization, and monitoring of accounts with enhanced rights, ensuring that only authorized personnel have access.
The growing menace of cybersecurity threats and the imperative to secure privileged accounts are driving the soaring demand for privileged access management solutions. Privileged accounts, coveted by attackers for their potent control over vital systems and sensitive data, necessitate robust security measures.
To mitigate risks effectively, organizations are embracing PAM solutions, which go beyond conventional password management. These solutions incorporate advanced strategies like session recording, session isolation, just-in-time access, and least privilege principles, making them indispensable as traditional security measures struggle to thwart sophisticated attackers in the evolving cybersecurity landscape.
In the United States, the adoption of PAM solutions is driven by sector-specific risks. Industries such as healthcare, finance, and critical infrastructure face unique security challenges due to the critical systems they operate and the sensitive data they manage, rendering them prime targets for cyberattacks. Consequently, robust PAM deployments are considered imperative to mitigate these risks and safeguard valuable assets.
India's market for PAM solutions is expected to flourish as a result of the country's escalating cloud adoption and the trend of remote work. With companies in India increasingly utilizing cloud services and offering remote work options, the attack surface is expanding, exposing enterprises to new cybersecurity threats.
Sales of PAM solutions in China are witnessing rapid growth, propelled by mounting cybersecurity concerns. The evolving cybersecurity landscape, characterized by sophisticated cyberattacks, data breaches, and criminal activities, has underscored the vulnerabilities associated with privileged accounts. Consequently, organizations in China are recognizing the vital role of robust PAM solutions in safeguarding critical infrastructure, sensitive information, and intellectual property.
In the fiercely competitive PAM market, vendors are forging strategic collaborations with technology partners to integrate their solutions with complementary technologies. Additionally, partnerships with resellers, system integrators, and managed service providers (MSPs) are being established to extend market reach and leverage partners' sales and distribution channels.
Key Segments of Privileged Access Management Industry Research
Professional Services
Managed Services
Banking
Insurance
Investment/Securities
Discrete Manufacturing
Process Manufacturing
Resource industries
Agriculture
Retail
Wholesale
Transportation/Logistics Services
Warehousing & Storage
Shipping
IT/Professional Services
Consumer & Personal Services
Media, Entertainment, & Publishing
Travel & Hospitality
Legal Services
Government (State/Central)
Education
Healthcare
Aerospace & Defense
Non-Profit
Telecommunication
Energy & Utilities
Building & Construction