Privileged identity management is defined as sub domain within identity management. It offers service to special requirements of privileged accounts within IT department of an enterprise. It enables government and private organization by preventing confidential information from hacking and malware that can damage the network.
Protection from increased cyber-attacks and malware is driving the market of privileged identity management market. According to the study, identity management solution accounts for highest market share in the privileged identity management market. Owing to increased adoption of bring your own device (BYOD) in enterprises and managing the identities associated with privileged account is boosting the market of PIM. By deployment segment, cloud solution is expected to acquire highest market share. The BFSI and insurance vertical is contributing highest market share in PIM market. The study also indicates session monitoring and management to play a major part in the PIM market.
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Major Key Players:
- BeyondTrust (U.S.),
- Bomgar Corporation (U.S.),
- CA, Inc. (U.S.),
- Centrify (U.S.),
- Core Security (U.S.),
- Cyberark (U.S.),
- Hitachi-ID (Canada),
- IBM Corporation (U.S.),
- ARCON (India),
- Balabit (Hungary),
According to MRFR, The privileged identity management market is expected to grow at approximately USD 6,200 Million by 2023, at 32% of CAGR between 2017 and 2023.
January, 2018 – One Identity, a key player in IAM solutions for access management, acquired Balabit Corp., which is a leading provider of privileged account analytics and log management solutions. The acquisition helps One Identity to add more advances in their existing PIM solutions.
January, 2018 – KPMG a professional service company, acquired Cyberinc which provides technology and enterprise solutions. Cyberinc will boost KPMGs existing capabilities in consulting services and information security and help in expanding the firm’s ability to provide users with responsive PIM solutions.
January, 2018 – Microsoft Corporation, a market leader in information technology released new features for its existing Privileged Identity Management service. Microsoft is offering PIM services through Azure Active Directory. The recent updates will enhance users by just in time capability that allows access for set period of time and to stop privilege type of attacks.
The Privileged Identity Management Market can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by component: Comprises solution (identity management, access management, session monitoring and management), service (professional and managed services)
Segmentation by installation type: Comprises agent based and appliance based
Segmentation by deployment: Comprises on-premise, on-cloud.
Segmentation by organization size: Comprises SME and large enterprises
Segmentation by vertical: Comprises government and Defense, healthcare, manufacturing, energy and utilities, IT and telecommunication among others
Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
Geographically, North America holds the largest market share for global privileged identity management market. Owing to increased adoption of bring your own device technology and malicious software which can be easily hackable. Due to these reasons session monitoring is being highly adopted in this region. Increasing IT infrastructure in Asia Pacific region, PIM is anticipated to grow rapidly through the forecast period.
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- Investors and consultants
- System Integrators
- Government Organizations
- Research/Consultancy firms
- Technology solution providers
- IT Solution Providers
- Original Equipment Manufacturers
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