Growth Opportunities in the Privileged Access Management Market, Global, 2024–2028

Growth Opportunities in the Privileged Access Management Market, Global, 2024–2028

The Privileged Access Management Market is Experiencing Transformational Growth Due to the Growing Convergence of Access and Identity Security and the Complexity of Disruptive Technologies

The adoption of private access management (PAM) will maintain a steady growth momentum in the next 5 years, mainly because of several factors, including the evolving cybersecurity landscape, the noticeable increase in cyber insurance requirements, stringent regulations and best practices frameworks, the expanded attack surface from cloud-based adoption, and the rising need for a more integrated and consolidated access security approach.

In line with digitalization trends, IT and cloud-based infrastructure and services will become even more complex, changing the global threat landscape and introducing new and different privileged access security risks. Recognizing the importance of managing access to systems and data by different parties (including third-party vendors and contractors), organizations are increasingly adopting PAM solutions with a zero-trust approach or multi-factor authentication.

The traditional access security approach is no longer effective in securing privileged access and accounts in cloud and hybrid environments, especially as organizations mature their DevOps practices. Organizations increasingly seek a fresh PAM strategy that converges with cloud infrastructure entitlement management (CIEM), identity threat detection and response (ITDR), identity governance and administration (IGA), or enhanced identity security. A comprehensive PAM will become essential to providing simplified end-to-end visibility across all privileged access and accounts, including third-party access.

Given that cyberattacks are increasingly AI-driven, more organizations emphasize the importance of leveraging automated tools and AI/machine learning as well as integrating advanced analytics features and data-backed recommendations into PAM solutions to enable swift identification and remediation to bridge the security gap. The demand for PAM will remain relevant because organizations seek to gain visibility, security efficiency, automation, and consistency in security-privileged accesses across different IT infrastructures or deployments.

Insights into the global market landscape include regional breakdowns for North America; Europe, the Middle East, and Africa; Asia-Pacific; and Latin America by market vertical and horizontal. The period scope is from 2022 to 2028.