Privileged Access Management Solution Market is valued at USD 2923.5 Million in 2021 and is expected to reach USD 12381.2 Million by 2028 with a CAGR of 22.9% over the forecast period.
Global Privileged Access Management Solution Market Global Size, Trends, Competitive, Historical & Forecast Analysis to 2022-2028, Increasing adoption of cloud-based infrastructure across the various industries and its rising demand in different industries are anticipated to drive the growth of Global Privileged Access Management Solution Market.
A privileged access management solution is a new cybersecurity technology designed to securely maintain and elevate access permissions for users, accounts, processes, and systems within an organization. Privileged access allows an enterprise to secure its infrastructure and applications to maintain the privacy of vital data and sensitive information. Furthermore, privileged account management relies on authorizations such as passwords, keys, and secrets to control user access. In addition, privileged access management stores manage authorizations in a secure vault to accomplish official access of a user to protect the IT environment. It allows the organizations to monitor in and out-premise fears by centrally handling and studying the use of privileged access authorizations across platforms. Owing to this, it finds extensive applications across various industries such as banking, financial services and insurance (BFSI), defense, healthcare, manufacturing, information technology (IT), and telecommunications, etc.
Covid-19 pandemic has shown a positive impact on the privileged access management market. Due to the stringent rule and regulations of the government and social distancing, working from home was obvious thing during this pandemic. Therefore, companies have focused more on online activities that are projected to upsurge the cyber-threat. To overcome this threat, privileged access management solutions are securely adopted across the globe. That’s why; the market value for privileged access management solution has gradually augmented during the outbreak of Covid-19.
Global privileged access management solution market report covers prominent players like:
The global privileged access management solution market is segmented on basis of offering, software deployment type, end-users and region & country level. Based on the offering, the global privileged access management solution market is classified as solutions and services. Based on deployment type, the global privileged access management solution market is classified as on-premises, cloud and others. Based on end-users, the market is classified as BFSI, healthcare, manufacturing, information technology, energy, and utilities, retails and e-commerce.
The regions covered in the Privileged Access Management Solution Market report are North America, Europe, Asia-Pacific, and the Rest of the World. Based on the country level, the market of Privileged Access Management Solution is subdivided into the U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, Southeast Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
On January 2nd, 2020; CyberArk, a global leader in privileged access security launched industry’s first privileged access security solution for continuous discovery and protection in the cloud. The company delivered the industry’s most complete solution to decrease risk created by privileged credentials and secrets. The CyberArk Privileged Access Security Solution v10.8 is the first-of-its-kind to automate detection, alerting, and response for unmanaged and potentially-risky Amazon Web Services (AWS) accounts. This version also features new industry-leading Just-in-Time capabilities that deliver flexible user access to cloud-based or on-premises Windows systems.
One of the major factors driving the growth of privileged access management solution market is the increasing adoption of cloud-based infrastructure across industries. Cloud-based structure deployment has gained standard acceptance across the industry in recent times. This is substantially due to the advancement of cloud infrastructure and the easy availability of cloud-based results along with reasonable pricing. In accordance with study of Brandessence Market research analyst, almost 92 % of data center traffic would be on the cloud in next five years. For instance; at the end of 2021, more than 67 of all companies’ infrastructure were cloud-based. with the accelerating technology of amazon, web services have the largest cloud computing market share at 32%. Cloud-based infrastructure is the competition alteration platform for small & medium companies to manage complexity and enable cost-effective access to information and technology. Thus, cloud-based infrastructure significantly help enterprises to adopt cloud-based privileged access management solutions. Privilege access management solution platform delivers, and helps to easy track to securely store, exchange, and segregate credentials (for both human as well as non-human fiends), and quickly deliver affordable threat decline to all business. By keeping all these things in mind, the adoption of privileged access management solutions is hugely flourishing among the players and hence boosting the market growth.
The rising demand for privileged access management solutions is another leading factor driving the privilege access management solution market globally. Privileged access management solutions are used in different sectors such as banking, financial services, and insurance (BFSI), government, healthcare, manufacturing, and information technology. A large number of benefits of privileged access management solutions are increasing their implementation in many sectors. For instance; ICICI, HDFC, Axis bank, and many financial firms have developed better IT infrastructure to secure customer data and assets from cyber breaches. Withal, approximately 82% of government organizations stored information in an online platform to secure this data they required privileged access management solutions. These advantages of privileged access management solution made its implementation on rising.
However, the high cost of the privileged access management solution (pricing starts at $1500.00 per user, associated with the implementation of privileged access) may hamper the market growth. In spite of this, an upsurge in government regulatory policies, coupled with a rise in concerns over cyber security threats are creating a plethora of opportunities for the further growth of the market.
On a geographic basis, North America is expected to dominate the global privileged access management solution market owing to the growing demand for the internet, data security, data monitoring, and adoption of new technology in this region. U.S. is one of the developed countries where masses of new entrants are leveraging in this land. For instance; according to an information technology report (IT) 2020 report, Gigabit Wi-Fi networking was also a popular IT trend within IT companies in 2021. According to the Central Intelligence Agency, the U.S. has ranks one in the world with around 7,000 Internet Service Providers. As North America holds a higher number of industrial sectors and commercial units, there is a large amount of data that need higher protection. As a result, need for privileged access management solution is soaring.
The Asia Pacific is projected to become the fastest-growing market for privileged access management solutions market. The presence of crowd of players (CyberArk, DBAPPSecurity, Venustech, BeyondTrust, QIZHI, Broadcom, QiAnXin, NSFOCUS, etc.) in the region is one of the leading factors fostering the market growth in this region. For instance; in September 2019, Centrify added support for hybrid IT environments to its cloud-based privileged access security solution, Centrify Privilege Service. Also, on June 30, 2020, AsiaInfo provided services to around 262 telecom operator clients, a year-on-year growth of 16.4%, with a customer retention rate of over 99%, indicating that its leading position in the privileged access management solution market. Apart from the aforementioned players, many more players are investing in this market to keep their position in this competitive landscape.
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2028|
|Market Size in 2021:||USD 2923.5 Million|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 12381.2 Million|
|Tables, Charts & Figures:||175|
|Privileged Access Management Solution Manufacturers||Arcon, Balabit Corporation, Beyondtrust, Inc.,CA, Inc., Centrify Corporation, CyberArk software Ltd, Hitachi ID System Inc., Iraje Software, Krontech, Inc., Walix, others|
|Segments Covered||By Offerings, By Software Deployment Model, By End-Users|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
Middle East and Africa