- Privileged identity management (PIM) is an identity management capability that focuses in the management of privileged access. PIM is an information management and governance tool that helps businesses to meet the compliance regulations, which results in avoiding data breaches caused by privileged account misuse.
- Increase in usage of IoT is a prominent factors that is projected to drive the demand for privileged identity management during the forecast period. PIM focuses on identifying individuals and monitoring access to various types of data, such as sensitive data, non-sensitive data, or device data. PIM also safeguards an organization from data breaches and malicious activities that occur in the organization from unauthorized users.
Key Drivers of the Privileged Identity Management Market
- Increasing cyber threats is a prominent factor drives the demand of the privileged identity management in the coming future. For instance, according to the Center for Strategic and International Studies (CSIS) and McAfee which includes lost property intellectual property, stolen money, theft data damage and degradation, stolen money, lost property, intellectual property theft, and other fields would costs approximately US$ 600 billion a year, globally. It represents 0.8% of the global GDP.
- However, high implementation and maintenance cost hamper the privileged identity management (PIM) market
- The rising in cybersecurity threats in the various sectors such as IT & telecom, e-commerce, healthcare, is also a major factor that is estimated to drive the demand for privileged identity management in the coming future. Privileged identity management technologies enable businesses to boost their efficiency, which help reduce IT costs and ensures meeting government compliance. Furthermore, rise in adoption of logical and physical securities solutions in the financial sector is another factor that is likely to propel the demand for privileged identity management in the near future.
- However, lack of awareness and technical expertise in developing economies is expected to hamper the privileged identity management market
Impact of COVID-19 on the Global Privileged Identity Management Market
During pandemic situation, global economic face an economic slowdown around the world. Owing to this fact, most of the manufacturing and processing sector has been temporarily halted in the period of covid-19. In most nations, businesses have shifted to work from home concept. As a result it positively impact the demand of privileged identity management industry.
The internet ecosystem has become increasingly important around the world. Rising internet penetration in various sectors such as education, energy and infrastructure, and manufacturing sectors, transportation and logistics, BFSI, retail, healthcare, public sector, results in increasing demand for security solutions which helps these sectors to secure customer data from theft.
North America Accounts for Dominant Share of Global Privileged Identity Management Market
- North America holds a prominent share of the global privileged identity management are market. Rise in government compliance is a key factory that boosts the market. For instance, in 2017, according to the National Conference of State Legislatures, 42 states in the U.S. introduced 240 bills related to cybersecurity in order to fix cybersecurity concerns. States around the country are expected to resolve cybersecurity issues through various programs under this regulatory bill. Furthermore, numerous federal agencies in the U.S. have implemented stringent authentication standards for their employees to access government IT infrastructure and networks, such as hardware-based personal identity verification cards, which in turn is fueling the market.
- The Asia Pacific privileged identity management (PIM) market is expected to expand at a notable CAGR during the forecast period. Furthermore, rapid technical innovations, digitalization, and considerable expansion of SME businesses are key factors that drive the demand for privileged identity management in developing economies.
Key Players Operating in Global Privileged Identity Management Market
Companies active in providing privileged identity management are increasingly spending on research and development, which in turn is expected to increase the demand for privileged identity management in the next few years. The market is diversified with the presence of numerous manufacturers across the globe. Key players operating in the global privileged identity management market include:
- Microsoft Corporation
- Ping Identity Corporation
- Amazon Web Services
- HashiCorp, Inc.
- CyberArk Software Ltd.
- Foxpass, Inc.
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