Privileged access management (PAM) solutions are a critical component of cybersecurity strategies, focusing on monitoring, controlling and securing access to an organization's critical information and resources. These solutions are designed to prevent unauthorized access and manage the rights of users with special permissions to access sensitive systems and data.
The privileged access management solutions market consists of sales by entities (organizations, sole traders and partnerships) of privileged access management solutions and services that are used across a wide spectrum of industries and by various sizes of enterprises to protect against the misuse of privileged accounts, reduce the risk of data breaches and comply with regulatory requirements.
The global privileged access management solutions market was valued at $1,031.65 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 24.0%.
Rise In Government Initiatives
Government initiatives propelled the growth of the privileged access management solutions market. Government initiatives can create a conducive environment for the adoption and advancement of privileged access management solutions, helping organizations, including government agencies and critical infrastructure operators, enhance their cybersecurity defenses and protect against privileged access-related risks. For instance, in March 2023, according to the Canadian Centre for Cyber Security, a Canada-based governmental organization, to help its departments and agencies strengthen their overall security posture, the Government of Canada (GC) was creating a ZT security framework. The foundations of the CISA (Cybersecurity and Infrastructure Security Agency) and NIST (National Institute of Standards and Technology) references will be in line with the GC ZT security framework. Therefore, favorable government initiatives supported the growth of the privileged access management solutions market.
Strategic Collaborations And Partnerships Driving Innovation In Privileged Access Management (PAM) Solutions
Companies in the privileged access management solutions market are focusing on strategic partnerships and collaborations to strengthen their market position, enhance product offerings and expand their geographic reach. Through these partnerships, companies can take advantage of emerging technologies, integrate complementary skills and reach emerging markets. For instance, in March 2024, Verinext Corp., a US-based IT service management company, entered into a strategic partnership with One Identity LLC, a US-based software company. The partnership between Verinext and One Identity aims to strengthen privileged access management (PAM) across enterprises by offering the new One Identity Cloud PAM EssentialsSM solution. Further, in September 2023, CyberArk Software Inc., a US-based software company, entered into collaboration with Accenture plc, an Ireland-based professional services company. The collaboration between CyberArk and Accenture aims to deliver advanced privileged access management solutions to clients, enabling them to control and monitor privileged access across on-premises, cloud and hybrid infrastructures.
The top opportunities in the privileged access management solutions market segmented by offerings will arise in the solution segment, which will gain $3,721.48 million of global annual sales by 2028.
Privileged Access Management Solutions Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global privileged access management solutions market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for privileged access management solutions? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The privileged access management solutions market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider privileged access management solutions market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by offerings, by deployment, by enterprise size, by application and by end-user.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the privileged access management solutions market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by offerings, by deployment, by enterprise size, by application and by end-user in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for privileged access management solutions providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Offerings: Solution; Service
- 2) By Deployment Mode: Cloud; On-Premise
- 3) By Enterprise Size: Small And Medium Enterprises; Large Enterprises
- 4) By Application: Windows; Unix And Linux; Mac OS; Infrastructure Devices And IoT
- 5) By End User: Healthcare; BFSI; Government; Energy And Utilities; Manufacturing; Retail; IT And Telecom; Other End-Users
- Companies Mentioned: Broadcom Inc.; International Business Machines Corporation; Okta, Inc.; Fortinet, Inc.; CyberArk Software Ltd
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; privileged access management solutions indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.