According to our latest study on "Privileged Access Management Solutions Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis - by Offering, Deployment, Enterprise Size, End-Use Industry," the privileged access management solutions market size was valued at US$ 2.46 billion in 2023 and is expected to reach US$ 5.95 billion by 2031; it is estimated to record a CAGR of 11.7% from 2023 to 2031.
The privileged access management solutions market is segmented into five major regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. North America dominated the market in 2023, followed by Europe and APAC, respectively. The Europe privileged access management solutions market is segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. In terms of revenue, Germany dominated the privileged access management solutions market share. Germany is constantly witnessing a rise in cybercrime activities. As per the 2022 State of IT Security in Germany report, the reasons for the high threat level are ongoing cybercrime activities, cyber-attacks in the context of the Russia-Ukraine war, and inadequate product quality of IT and software products. During the 2021, a high threat from cybercrime was observed. Ransomware remained the main threat, especially for big companies. Further, Germany is among the countries that have been persistently adopting and investing in advanced security technologies such as PAM solutions. In addition, due to the shift toward Industry 4.0, the country is continuously boosting digitization across multiple sectors. Thus, the rise in the deployment of IoT and growing digitization may lead to a rise in cyberattacks in the country, generating the need for PAM solutions
UK is experiencing rapid digitalization, which is giving rise to cybersecurity concerns. Thus, the government in the country is promoting the use of advanced security solutions to safeguard the data. For instance, the UK's National Cyber Security Centre (NCSC) supports cybersecurity in the most critical organizations framework, the wider public sector, industries, SMEs as well as the general public in the country. They provide an effective incident response to minimize harm to the UK's data and help recovery. NCSC also promotes the use of PAM solutions for secure system administration, as the adoption of such a solution makes it difficult for an attacker to hack critical services of an organization.
Key Findings of Privileged Access Management Solutions Market Study:
The privileged access management solutions market is segmented based on offering, deployment, enterprise size, end-use industry and geography. Based on offering, the market is segmented into solutions and services. By deployment, the market is bifurcated into cloud and on premise. In terms of enterprise size, the market is bifurcated into large enterprises and SMEs. Based on industry vertical, the market is segmented into BFSI, IT & telecom, healthcare, energy & utility, retail & ecommerce, manufacturing, government & defense, and others. By geography, the privileged access management solutions market is segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and South & Central America.
By deployment, the market is bifurcated into cloud and on premise.. The cloud segment held the largest privileged access management solutions market share. Cloud-based privileged access management software uses the power of the cloud to deliver a scalable and accessible solution. This approach allows for easy deployment, seamless updates, and hassle-free maintenance, ensuring businesses stay up-to-date with the latest features and enhancements. With cloud-based PAM solutions, customers can manage access to accounts from any location with an Internet connection. Cloud-based PAM solutions can scale to fit environments of any size, as cloud-based infrastructure offers minimum service disruptions. Cloud-based PAM solutions offer more uptime and, therefore, higher availability. Most cloud PAM vendors provide subscription pricing models that allow customers to pay based on the services they need, which leads to reduced costs depending on the vendor and specifications. Cloud PAM vendors handle patches, updates, and upgrades, reducing the effort required by the organization to maintain the hardware and software.
On-premise privileged access management software offers a robust solution that empowers businesses with enhanced control, flexibility, and security. This software is installed on the company's servers, offering complete control over data management and customization options. With on-premise software, businesses have the flexibility to tailor the privileged access management software as per their specific needs, ensuring seamless integration with existing processes and workflows. With data stored and managed internally, businesses have greater control over sensitive customer information which fosters trust with customers, enhancing brand reputation.
Broadcom Inc., CyberArk Software Ltd., International Business Machines Corp, Okta Inc, One Identity LLC., Delinea Inc., BeyondTrust Corporation, Microsoft Corp, Fortinet Inc., and Persistent Systems Ltd are among the key players profiled in the privileged access management solutions market report. Several other major players were studied and analyzed during the privileged access management solutions market analysis to get a holistic view of the market and its ecosystem. The privileged access management solutions market also provides detailed market insights, which help the key players strategize their growth. The report includes growth prospects owing to the current privileged access management solutions market trends and their foreseeable impact during the forecast period.
Contact UsContact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id:
sales@premiummarketinsights.com