Privileged Access Management Market by Component, Deployment, Organization Size, End-Use

Description

List of Tables

[192 Pages Report] The Privileged Access Management Market size was estimated at USD 3.82 billion in 2023 and expected to reach USD 4.57 billion in 2024, at a CAGR 20.27% to reach USD 13.92 billion by 2030.

Privileged Access Management is a comprehensive cybersecurity strategy designed to regulate, control, and monitor privileged users' access to critical information within a business network. The primary application of PAM is to restrict and monitor elevated access and privileged access within an IT environment. This helps prevent security breaches that may result from the misuse and exploitation of high-level access. PAM solutions are utilized across several industries, such as banking, financial services, insurance (BFSI), healthcare, retail, and energy, where data security is a high priority. The growing concern of cybersecurity threats and the need for effective data security solutions drive the demand for sophisticated privileged access management systems. The surge in digital transformation initiatives across various industries is also a significant factor contributing to the market growth. The lack of cybersecurity awareness among small and medium enterprises limits the market scope. Furthermore, technical complexities involved in the implementation and maintenance of PAM solutions often pose a challenge. The integration of machine learning and advanced analytics provides predictive capabilities and risk mitigation strategies. In addition, as more businesses transition to the cloud, the PAM market witnesses an increased demand for cloud-integrated PAM solutions.

KEY MARKET STATISTICS
Base Year [2023]	USD 3.82 billion
Estimated Year [2024]	USD 4.57 billion
Forecast Year [2030]	USD 13.92 billion
CAGR (%)	20.27%

Regional Insights

In the Americas, the United States and Canada are leading the charge in implementing progressive privileged access management solutions. A notable increase in awareness about cybersecurity issues, shaping customer purchasing behavior across the region. Software companies in the American region have been heavily investing in privileged access management solutions. The proliferation of privileged access management is particularly visible within governmental institutions. EU countries lead in privileged access management solutions adoption; the Middle East exhibits the highest growth rates in the region. Africa, though relatively slow in the adoption of privileged access management solutions, holds vast growth potential due to its emerging markets. Notable initiative includes the EU-funded project, which enhances cloud security with advanced privileged access management solutions implementations. In the APAC, Japan, India, and China governments initiative prioritizes cybersecurity research, offering promising opportunities for advanced privileged access management solutions. APAC is showing robust growth due to increased demand from the burgeoning IT sector. The significant shift in customer purchasing behavior towards advanced cybersecurity solutions positioning the Asia Pacific region as pivotal in the global PAM market.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Privileged Access Management Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers
- Increasing concern over data breaches and cyber threats globally
- Growing adoption of digital infrastructure and cloud services
- Regulatory compliance requirements to implement comprehensive access management solutions

Market Restraints
- Complexity in implementing and managing access management solutions

Market Opportunities
- Continuous innovations in the development of novel privileged access management solutions
- Emerging trend of remote work with increasing need for remote access management solutions

Market Challenges
- Lack of awareness associated with access management solutions

Market Segmentation Analysis
- Component: Expanding utilization of services associated with privileged access management to mitigate the risks of data breaches
- Deployment: Growing adoption of cloud solutions that provide a quicker start with easier maintenance
- Organization Size: Rising potential for cost-effective and sustainable PAM solutions across small and medium enterprises (SMEs)
- End-User: Expanding the application of PAM across the healthcare industry to safeguard intellectual property and sensitive data

Market Disruption Analysis
Porter's Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Privileged Access Management Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Privileged Access Management Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Pax8 And CyberFOX Announce Partnership For Comprehensive Identity Access Management Solutions

Pax8 partnered with CyberFOX to provide MSPs with identity access management (IAM) solutions specializing in privileged access management (PAM). With their suite of solutions, including AutoElevate and Password Boss, CyberFOX enables MSPs to strengthen security protocols by overseeing and mitigating risks associated with user access to data. Together, Pax8 and CyberFOX create a comprehensive security solution hub that empowers MSPs with greater control over user access to essential information. [Published On: 2023-10-26]

Senhasegura Opens North American Center of Excellence to Support Next Generation PAM

Senhasegura established its newest Center of Excellence (CoE) in Austin, TX. This CoE would serve as a dedicated hub for delivering technical training, services, and support to both the Company's North American channel partners and end users. These achievements highlight Senhasegura's dedication to providing exceptional PAM solutions and services to its valued customers worldwide. [Published On: 2023-07-27]

Procyon Launches Next Generation Cloud-Based Privilege Access Management (PAM) Solution

Procyon received funding of USD 6.5 million from Lobby Capital, GTM Capital, and First Rays Venture Partners and launched a cloud-based PAM solution for managing identity and access in multi-cloud environments. Procyon is redefining the conventional approach to privileged access management. Their solution provides quick access to systems and applications while efficiently managing thousands of cloud services across distributed teams. [Published On: 2023-02-14]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Privileged Access Management Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Privileged Access Management Market, highlighting leading vendors and their innovative profiles. These include Arcon, BeyondTrust Corporation, Blue Star Limited, Bravura Security Inc. by Volaris Group, Broadcom Inc. by Avago Technologies Limited, Cyberark Software Ltd., Delinea Inc., Devolutions, Fortra, LLC, Fudo Security sp. z o.o, International Business Machines Corporation, Iraje Inc., Kron Teknoloji A.S., Lenovo Group Limited, Microsoft Corporation, Nomura Research Institute, Ltd. by Nomura Holdings, Inc., One Identity LLC by Quest Software Inc., Open Text Corporation, Osirium Ltd. by SailPoint Technologies, Inc., Sectona Technologies Pvt. Ltd., Senhasegura, Silverlake Mastersam, Simeio Solutions, LLC, WALLIX Group, and Zoho Corporation Pvt. Ltd..

Market Segmentation & Coverage

This research report categorizes the Privileged Access Management Market to forecast the revenues and analyze trends in each of the following sub-markets:

Component
- Services
  - Consulting
  - Implementation & Integration
  - Professional Services
  - Support & Maintenance

Solution
- Access Management
- Identity Management
- Session Monitoring & Management

Deployment
- Cloud
- On-premise

Organization Size
- Larger Enterprises
- Small and Medium Enterprises (SMEs)

End-Use
- BFSI
- Energy & Utilities
- Healthcare
- IT & Telecom
- Manufacturing
- Retail & eCommerce

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

Product Code: MRR-92249FEC2CC7

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Increasing concern over data breaches and cyber threats globally
  - 5.1.1.2. Growing adoption of digital infrastructure and cloud services
  - 5.1.1.3. Regulatory compliance requirements to implement comprehensive access management solutions
- 5.1.2. Restraints
  - 5.1.2.1. Complexity in implementing and managing access management solutions
- 5.1.3. Opportunities
  - 5.1.3.1. Continuous innovations in the development of novel privileged access management solutions
  - 5.1.3.2. Emerging trend of remote work with increasing need for remote access management solutions
- 5.1.4. Challenges
  - 5.1.4.1. Lack of awareness associated with access management solutions
5.2. Market Segmentation Analysis
- 5.2.1. Component: Expanding utilization of services associated with privileged access management to mitigate the risks of data breaches
- 5.2.2. Deployment: Growing adoption of cloud solutions that provide a quicker start with easier maintenance
- 5.2.3. Organization Size: Rising potential for cost-effective and sustainable PAM solutions across small and medium enterprises (SMEs)
- 5.2.4. End-User: Expanding the application of PAM across the healthcare industry to safeguard intellectual property and sensitive data
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Privileged Access Management Market, by Component

6.1. Introduction
6.2. Services
6.3. Solution

7. Privileged Access Management Market, by Deployment

7.1. Introduction
7.2. Cloud
7.3. On-premise

8. Privileged Access Management Market, by Organization Size

8.1. Introduction
8.2. Larger Enterprises
8.3. Small and Medium Enterprises (SMEs)

9. Privileged Access Management Market, by End-Use

9.1. Introduction
9.2. BFSI
9.3. Energy & Utilities
9.4. Healthcare
9.5. IT & Telecom
9.6. Manufacturing
9.7. Retail & eCommerce

10. Americas Privileged Access Management Market

10.1. Introduction
10.2. Argentina
10.3. Brazil
10.4. Canada
10.5. Mexico
10.6. United States

11. Asia-Pacific Privileged Access Management Market

11.1. Introduction
11.2. Australia
11.3. China
11.4. India
11.5. Indonesia
11.6. Japan
11.7. Malaysia
11.8. Philippines
11.9. Singapore
11.10. South Korea
11.11. Taiwan
11.12. Thailand
11.13. Vietnam

12. Europe, Middle East & Africa Privileged Access Management Market

12.1. Introduction
12.2. Denmark
12.3. Egypt
12.4. Finland
12.5. France
12.6. Germany
12.7. Israel
12.8. Italy
12.9. Netherlands
12.10. Nigeria
12.11. Norway
12.12. Poland
12.13. Qatar
12.14. Russia
12.15. Saudi Arabia
12.16. South Africa
12.17. Spain
12.18. Sweden
12.19. Switzerland
12.20. Turkey
12.21. United Arab Emirates
12.22. United Kingdom

13. Competitive Landscape

13.1. Market Share Analysis, 2023
13.2. FPNV Positioning Matrix, 2023
13.3. Competitive Scenario Analysis
- 13.3.1. Pax8 And CyberFOX Announce Partnership For Comprehensive Identity Access Management Solutions
- 13.3.2. Senhasegura Opens North American Center of Excellence to Support Next Generation PAM
- 13.3.3. Procyon Launches Next Generation Cloud-Based Privilege Access Management (PAM) Solution
13.4. Strategy Analysis & Recommendation

14. Competitive Portfolio

14.1. Key Company Profiles
14.2. Key Product Portfolio