Global Privileged Access Management Solutions Market Size, Share & Industry Trends Analysis Report

Global Privileged Access Management Solutions Market Size, Share & Industry Trends Analysis Report By Component, By Deployment Mode (On-premises and Cloud), By Organization Size, By Vertical, By Regional Outlook and Forecast, 2023 - 2030

The Global Privileged Access Management Solutions Market size is expected to reach $16.9 billion by 2030, rising at a market growth of 21.1% CAGR during the forecast period.

Identity management is the most adopted solution in the privileged access management solutions due to the capabilities of identity management to administer, control, and monitor access to crucial organizational resources. Hence, identity management is expected to acquire more than 45% share of the market by 2030. With this solution, organizations can provide users with just-in-time privileged access to resources and monitor what those users do with their access. Growing data protection standards, such as the General Data Protection Regulation (GDPR) and the Health Insurance Portability and Accountability Act (HIPAA), are what is causing IDaaS (identity-as-a-service) to rise. Due to these restrictions, various firms are starting to take additional steps to secure employee, supplier, and end-user profiles.

The major strategies followed by the market participants are Product Launches as the key developmental strategy to keep pace with the changing demands of end users. For instance, In March, 2023, Delinea announced the launch of the Delinea Platform, a privilege access control solution used to provide end-to-end visibility and flexible security. The new platform features compatibility with Secret Server and VPN-less Secure Remote Access Service. Additionally, In March, 2022, Hitachi ID, now known as Bravura Security, Inc, announced the launch of Hitachi ID Bravura Safe for its Hitachi ID Bravura Security Fabric. The Hitachi ID Bravura Safe provides management facilities for classified files of an organization that helps in protecting the data of the organization.

Based on the Analysis presented in the KBV Cardinal matrix; Broadcom, Inc. is the major forerunner in the Market. Companies such as CyberArk Software Ltd., BeyondTrust Corporation, WALLIX GROUP, are some of the key innovators in the Market. In December, 2021, BeyondTrust unveiled BeyondTrust Cloud Privilege Broker. The BeyondTrust Cloud Privilege Broker is a security solution used for taking over control of multicloud entitlements. The benefits of BeyondTrust Cloud Privilege Broker include quick identification of special users, reducing the privilege risks and monitoring the mitigation efforts.

Market Growth Factors

Growing security risks raising the demand for PAM solutions

Insider attacks are rising quickly and costing businesses data breaches. Anyone with physical access to or remote access to an organization's assets is considered an insider. An insider has access to physical data, such as hard copies of papers, electronic equipment used by the company, and digital assets, like data in transit, digital media, and other information sources. The insider can be a worker, vendor, business partner, or maintenance contractor. Privileged identity management is widely used due to the insider threat environment. Safeguarding this data is a company's top priority, and superuser accounts have access to a sizable database inside the firm. Thus, the need for privileged identity management solutions is anticipated to soar due to the rising security concerns, fueling the market's growth.

Control access in one central location

Organizational silos are frequently used by businesses to manage privileged accounts and credentials, with varying enforcement and best practices in various departments. This not only complicates management but also exposes the business to more risk. However, regardless of the platform, hardware device, application, or service being utilized, companies can manage all of their privileged accounts from a single location with a PAM solution. Hence, the market growth is anticipated to be boosted by the features mentioned above of the privileged access management solution.

Market Restraining Factors

Complications in solution adoption

Small businesses may manage their essential admin accounts directly, while large industrial sectors frequently struggle to safeguard their privileged accounts because of their complicated infrastructure. Even if they use Privileged Access Management software solutions, the inability of such systems to scale is a huge barrier. The company tends to expand more quickly, but the Privileged Access Management software cannot keep up with this expansion. As a result, significant business requirements and expenditures are imposed by modifications, revisions, or the purchase of new software. This can make it challenging for businesses to use PAM solutions, slowing the market's expansion.

Component Outlook

Based on Component, the market is segmented into solution and service. The solution segment dominated the market with maximum revenue share in 2022. This is due to the fact that privilege abuse is a leading cybersecurity concern that frequently results in costly losses and can even cripple businesses. This solution equips organizations seeking to avoid this growing threat with a robust privileged access management (PAM) program that ensures no access path to mission-critical assets is unmanaged, unknown, or unmonitored.

Solution Type Outlook

Under the solution type, the market is classified into identity management, access management and session monitoring & management. The access management segment procured a substantial revenue share in the market in 2022. This is because privilege access management helps organizations manage identities, making it more difficult for threat actors to gain privileged account access by penetrating a network. In addition, it provides additional security for privileged organizations that control access to domain-joined computers and their applications. PAM also provides monitoring, visibility, and fine-grained controls to identify privileged administrators and see how their accounts are used. Thus, these characteristics are expected to propel the segment's expansion.

Deployment Mode Outlook

On the basis of deployment Mode, the market is divided into on-premises and cloud. The cloud segment garnered a prominent revenue share in the market in 2022. This is due to the fact that when PAM is shifted to the cloud, it has the potential to serve as a dynamic security solution. Instead of storing passwords and credentials in a vault on-premises, cloud-based security permits businesses to secure their data with multi-factor authentication automatically rotated passwords, and credentials modified based on user activity.

Organization size Outlook

By Organization size, the market is classified into large enterprise and small & medium enterprises. The large enterprises segment registered the highest revenue share in the market in 2022. This is owing to the escalation of cyberattacks, especially on large firms, as more agile hackers and ransomware groups target collaboration tools used by remote workers, schools, and educational institutions. In addition, many individuals shifted to digital platforms during the pandemic, which caused a significant increase in attacks on organizations due to the rapid digitalization of many industries.

Verticals Outlook

Based on the verticals, the market is bifurcated into BFSI, IT & telecom, government & public sector, healthcare & life sciences, manufacturing, energy & utilities, retail & e-commerce and others. The BFSI segment acquired a significant revenue share in the market in 2022. This is because privileged access management (PAM) solutions assist financial institutions in managing the complexity of their IT environments by providing centralized administration and control over privileged accounts. In addition, by securing privileged accounts frequently targeted by cybercriminals, PAM may aid in protecting the industry from cyber threats.

Regional Outlook

Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region generated the highest revenue share in the market in 2022. This is due to factors such as the increasing prevalence of mobile services across various industries, including government, IT & Telecom, and BFSI, as well as the penetration of internet users. As a result, privileged access management solutions are becoming increasingly prevalent in North America.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ARCON, One Identity LLC (Quest Software, Inc.), BeyondTrust Corporation, Broadcom, Inc., Delinea Inc. (TPG Inc.), CyberArk Software Ltd., Bravura Security, Inc (Volaris Group Inc.), Iraje Inc, Kron Teknoloji A.S. and WALLIX GROUP.

Recent Strategies Deployed in Privileged Access Management Solutions Market

Partnerships, Collaborations, and Agreements

Apr-2023: BeyondTrust teamed up with Moro Hub, a database management company based in UAE. The partnership aims at providing enterprises based in UAE of the two companies with an enhanced portfolio of Privileged Access Management (PAM) solutions that are customizable according to the needs of the user.

Apr-2023: BeyondTrust partnered with Jamf, a software development company based in the US. The partnership aims at providing customers with an enhanced portfolio of solutions that would allow them to simultaneously boost productivity and corporate security.

Apr-2023: WALLIX partnered with Britive, a cloud security identity platform. The partnership aims at creating a comprehensive Privilege Access Management solution that will allow the two companies to serve their customers in a better way.

Mar-2023: BeyondTrust announced a partnership with BIO-key International, Identity and Access Management solution provider. The partnership aims at providing Identity-based biometrics for increased security by integrating BIO-key International's PortalGuard® Identity-as-a-Service (IDaaS) platform with BeyondTrust's Privileged Remote Access solution. The partnership allows the two companies to serve their customers in a better way by providing them with an enhanced portfolio of privileged remote access solutions.

Aug-2022: Delinea announced a distribution partnership with Value InfoSolutions, a technology solutions provider. The partnership aims at providing enterprises based in India with privileged access management (PAM) solutions.

Aug-2022: Hitachi ID, now known as Bravura Security, Inc, announced a partnership with HYPR, a cybersecurity solutions provider. Through this partnership, Hitachi ID aims at developing enhanced cybersecurity solutions by utilizing HYPR's portfolio of products, thereby, allowing them to serve their customers in a better way.

Jul-2022: Delinea partnered with Authomize, a Cloud Identity, and Access Security solutions provider. The partnership enhances Delinea’s privileged access management capabilities by combining it with Authomize's portfolio.

Product Launches and Product Expansions:

May-2023: BeyondTrust introduced Analytics v2. The Analytics v2 is used for gaining an understanding of user behavior and taking actions for policy improvement. The features of Analytics v2 include saved views, VirusTotal for events, and application-level integration.

May-2023: CyberArk added new features to its CyberArk Identity Security Platform. The new features include enhanced unrevealed management capabilities, Bring Your Key facility, updated privileged access management, and self-controlled locating and consignment of endpoint accounts.

Apr-2023: Wallix announced the launch of SaaS Remote Access, a privileged access management solution. The benefits of the product include easy deployment, complete security, and complete view of external access resources.

Mar-2023: Delinea announced the launch of the Delinea Platform. The Delinea Platform is a privilege access control solution used to provide end-to-end visibility and flexible security. The new platform features compatibility with Secret Server and VPN-less Secure Remote Access Service.

Mar-2022: Hitachi ID, now known as Bravura Security, Inc, announced the launch of Hitachi ID Bravura Safe for its Hitachi ID Bravura Security Fabric. The Hitachi ID Bravura Safe provides management facilities for classified files of an organization that helps in protecting the data of the organization.

Jan-2022: BeyondTrust announced the launch of version 22.1 of Privileged Remote Access solution. The new version is used for enforcing enhanced control and least privilege. The new version features dark mode, Vault - Service Account Management and Jump item relation.

Dec-2021: Beyondtrust unveiled BeyondTrust Cloud Privilege Broker. The BeyondTrust Cloud Privilege Broker is a security solution used for taking over control of multicloud entitlements. The benefits of BeyondTrust Cloud Privilege Broker include quick identification of special users, reducing the privilege risks and monitoring the mitigation efforts.

Nov-2020: CyberArk introduced the CyberArk Cloud Entitlements Manager. The CyberArk Cloud Entitlements Manager is an AI-powered cloud security solution. The CyberArk Cloud Entitlements Manager is used to monitor the exposure levels and deploy granular corrections.

Feb-2020: WALLIX introduced WALLIX BestSafe. The WALLIX BestSafe is an Endpoint management solution that is used to protect employee workstations against cyberattacks. The benefits of the product include efficient workstation security and improved security through the usage of the Principle of Least Privilege.

Jul-2019: CyberArk announced the addition of new features to CyberArk Privilege Cloud. The new features include CyberArk Alero for adaptive authentication and CyberArk Endpoint Privilege Manager for quick access.

Acquisition and Mergers:

May-2023: WALLIX took over Kleverware, a French software company. The acquisition aids the company in its Unicorn25 plan and enhances the company's current portfolio.

May-2020: CyberArk completed the acquisition of Idaptive, a privilege access management solutions provider. The acquisition adds SaaS-based privilege access management solutions to the current portfolio of the company and aids the company in serving its customers in a better way.

Nov-2019: Broadcom acquired Symantec Corporation, a software company based in the US. The acquisition enhances Broacom's infrastructure software footprint.

Geographical Expansions:

Mar-2023: CyberArk announced the opening of a new facility in India. The new facility would serve as a research and development hub for cyberattack solutions.

Scope of the Study

Market Segments covered in the Report:

By Component

• Solution
• Identity Management
• Access Management
• Session Monitoring & Management
• Services

By Deployment Mode

• On-premises
• Cloud

By Organization Size

• Large Enterprises
• Small & Medium Enterprises (SMEs)

By Vertical

• Government & Public Sector
• BFSI
• Retail & E-commerce
• Energy & Utilities
• Telecom & IT
• Manufacturing
• Healthcare & Life Sciences
• Others

By Geography

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA

Companies Profiled

• ARCON
• One Identity LLC (Quest Software, Inc.)
• BeyondTrust Corporation
• Broadcom, Inc.
• Delinea Inc. (TPG Inc.)
• CyberArk Software Ltd.
• Bravura Security, Inc (Volaris Group Inc.)
• Iraje Inc
• Kron Teknoloji A.S.
• WALLIX GROUP

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