The Privileged Access Management (PAM) Solution Market involves the provision of solutions aimed at securing and managing access to privileged accounts within organizations. It experiences growth driven by increasing cybersecurity threats, regulatory compliance requirements, and the need to prevent insider attacks. Key players focus on offering comprehensive identity and access management solutions, including privileged access controls, session monitoring, and password management. Market trends include the adoption of cloud-based PIM solutions, integration with security analytics platforms, and the use of artificial intelligence for threat detection and response.
According to SPER market research, ‘Privileged Identity Management Market Size- By Component, By Service, By Deployment Mode, By Installation Type, By Organization Size, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2032’ state that the Global Privileged Identity Management Market is predicted to reach USD 26.78 billion by 2032 with a CAGR of 29.54%.
Privileged identity management (PIM) is an information security and governance platform that helps organizations prevent data breaches involving privileged accounts. It is also used to monitor privileged user sessions, manage shared account credentials, and secure remote access between devices. It also serves as a secure password management solution for database administration. It allows enterprises to monitor both on- and off-premise threats by centralizing and evaluating the use of privileged access credentials across platforms. As a result, it has a wide range of applications in areas such as banking, financial services and insurance (BFSI), defense, healthcare, manufacturing, information technology (IT), and telecommunications.
The rise in government monitoring agreements is a critical factor accelerating market growth, as is the increase in the implementation of best practices for identity management, the rise in the threat of data breaches due to insider attacks, and the rise in the need to optimize organizational efficiency, among other factors, boosting the privileged identity management market. Furthermore, the increased digitization and adoption of identification as a service (IDaaS), as well as the advent of intelligence-based privileged identity management systems, will open up new prospects for the laser technology market throughout the projection period.
However, the high cost of innovation and implementation is one of the primary factors limiting market expansion, and it will pose further challenges to the privileged identity management market throughout the projection period.
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The COVID-19 Pandemic has impacted commercial activities all over the world. To mitigate the pandemic’s impact on corporate operations, organizations have embraced remote work policies and cloud technologies. Data protection and privacy issues for businesses have grown as a result of increased cloud usage and remote labour. IAM solutions have gained popularity during the COVID-19 pandemic as a result of the economic damage caused by cybercrime and an increase in identity fraud. Businesses have recognized the benefits of these solutions as a result of the COVID-19 epidemic, and it is expected that this market will grow significantly in the long run.
Privileged Identity Management Software Market Key Players:
North America dominates the privileged identity management market because to an increase in the application of best practices for identity management, a rise in the threat of data breaches caused by insider assaults, and an increase in the requirement to enhance organizational efficiency in this region. Key players are ARCON, Balabit, BeyondTrust, Bomgar Corporation, CA, Inc., Cyberark, Hitachi-ID, Iraje, Lieberman Software, NRI Secure Technologies, ObserveIT, Onion ID, Quest Software, Thycotic and Wheel Systems.
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Privileged Identity Management Market Future Outlook
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