Privileged Identity Management Market Research Report- Global Forecast 2023
Privileged identity management (PIM) is the process to monitor top-level user accounts in an organization. These top-level users include CIOs, CEOs, and database administrators who have access to the organization’s most sensitive information. In such condition where vulnerabilities of numerous systems are exposed which is a major identity management security issue.
Implementation of PIM ensures efficient management of those top-level users, creating a policy that specifies how top-level user accounts should be managed and their access reach. In PIM, these privileged accounts are also regularly audited. This policy-based centralization of user identity management is also known as identity governance.
PIM supports IT security and helps maintain regulatory compliance and thus, allows organizations orchestrate, reviewing the policy with compliance regulations by auditing user access. Resultantly, implementations of the privileged identity management are increasing across growing verticals such as government & defense, healthcare, manufacturing, energy & utilities, it & telecommunication, and retail, among others.
Acknowledging the vast accruals the market is garnering currently, Market Research Future (MRFR) asserts that the global privileged identity management market would reach approximately USD 6,200 MN by 2023, registering a whopping 32% CAGR throughout the assessment period (2017 and 2023).
Factors bolstering the growth of the market include increased cyber-attacks and malware and increased adoption of bringing your own device (BYOD) policies in enterprises. The wide adoption of this technology to ensure security is a key driving force behind the growth of the privileged identity management market. Augmented demand for PIM across government sectors (eGovernance usages) is boosting the market growth.
Factors such as spurting digitization, usage of the internet, and the trend of digital database management systems, fuel the growth of the privileged identity management market. Rising security concerns in banking activities are one of the key growth propellers.
Despite ensuring a broad uptake, privileged identity management still lacks substantial technological breakthroughs which are highly dependent on the skills of technicians. This acts as a major drawback restricting the growth of the market. However, the expected technological advancements in the recent future would give some relief promising a good fortune for the global privileged identity management market.
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For a better understanding, the report has been segmented into seven key dynamics:
By Solution: Identity Management, Access Management, And Session Monitoring & Management, among others.
By Service: Professional Services, Implementation and Integration, Consulting, Education & Training, Support and maintenance, and Managed Services, among others.
By Installation Type: Agent-based and Appliance based
By Deployment Type: Cloud and On-Premise.
By Organization Size: Small & Medium Enterprises and Large enterprises.
By Vertical: Government & Defense, Healthcare, Manufacturing, Energy & Utilities, IT & Telecommunication, and Retail, among others.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global Privileged Identity Management Market – Regional Analysis
North America would retain its dominance over the global privileged identity management market. Technological advancements, several opportunities in various sectors, and increasing usage by law enforcement agencies drive the regional market.
Moreover, increased adoption of bringing your own device (BYOD) policies and malicious software that can easily hack sensitive information foster the growth of the market. Furthermore, there is increased adoption of solutions such as session monitoring and management and identity management, which, in turn, propel the market growth in the region.
The privileged identity management market in the Asia Pacific region has emerged as a profitable market globally. Owing to increasing IT infrastructure and growing cyber-attacks, the region is forecasted to register the highest CAGR over the review period.
Global Privileged Identity Management Market – Competitive Analysis
Highly competitive, the privileged identity management market appears to be fragmented due to the presence of numerous well-established players. Innovation, mergers & acquisitions, and brand reinforcement remain the key trends for these players. The market will witness intensified competition with an increase in R&D innovations and M&A.
Players leading the global privileged identity management market include Balabit (Hungary), ARCON (India), BeyondTrust (US), CA, Inc. (US), Bomgar Corporation (US), Centrify (US), Cyberark (US), Core Security (US), Hitachi-ID (Canada), and IBM Corporation (US), among others.
Industry/ Innovation/ Related News:
June 26, 2019 — Saviynt Inc. (the US), a leading company enabling enterprises to secure applications, data, and infrastructure in a single platform for cloud and enterprise, launched Cloud PAM to provide Privileged Access Management for cloud workloads and hybrid apps.
The new Cloud PAM is the latest addition to Saviynt’s core IGA platform that also offers Application Access Governance for critical applications and Cloud Security, seamlessly extending the power of intelligent identity to Privileged Access Management.
This unique SaaS offering enables organizations to govern and administer privileged access with integrated security analytics and segregation of duty violation verification, thereby allowing the enterprises to stay compliant.
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Privileged Identity Management Market, By Component (Solution, Service), By Installation Type (Agent Based, Appliance Based), By Deployment (Cloud, On-Premise), By Organization Size (Small & Medium Enterprises, Large Enterprises) – Global Forecast 2023
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