Privileged Identity Management Market Growth, Revenue, Share, Latest Trends, Key Players, Business Opportunities and Future Outlook till 2032: SPER Market Research
Privileged identity management is a system that secures, manages, audits and rotates privileged identity accounts to prevent data breaches through unauthorised access. It assists organizations to secure and monitor network access and alerts system security professionals of unauthorised attempts to access the organization’s sensitive information technology network. The Privileged Identity Access Management market is expected to grow rapidly in the coming years due to the increasing demand for implementing robust security management solutions to protect IT infrastructure of organizations around the world.
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%.
The rise in government monitoring agreements is one of the key factors driving the market growth. The adoption of best-in-class identifiers for identity management is on the rise. The threat of data breach caused by insider attacks is on the rise, as is the need to improve organization efficiency. The privileged identity management market is expected to grow further in the coming years due to the digitization and the increasing adoption of Identity as a Service (IDaaS). The emergence of intelligent privileged identity management solutions is expected to create new opportunities for the laser technology market over the forecast period.
Some organizations lack awareness about privileged identity management. The lack of awareness about the risks of PIM and the advantages of PIM can impede market growth. Integrating PIM with the existing IT infrastructure can be complicated and time consuming. Legacy systems, diverse platforms, and decentralised environments all present integration challenges when it comes to PIM integration. Since it requires significant investments in technology, people, and training to become hence organizations with tight budgets may struggle to allocate resources for their PIM efforts.
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Privileged Identity Management Market Key Players:
The COVID-19 epidemic has had a major impact on the market for Privileged Identity Management. The sudden transition to remote work has heightened the dependence on digital infrastructure and increased the importance of privileged account security. Organizations have stepped up their digital transformation efforts and deployed strong PIM solutions to secure remote access and safeguard critical assets from cyber-attacks.
Privileged Identity Management Market Segmentation:
Globally, North America has the highest market share among all regions due to the increasing number of malicious attacks on confidential data. Asia-Pacific is expected to show the highest CAGR during forecast due to the growing IT infrastructure and the increasing number of cyber-attacks. The market in this region is also supported by the increasing investments of government organizations in Personal Information Management (PIM) solutions. Additionally, some of the market key players are ARCON, Balabit, BeyondTrust, Bomgar Corporation, CA, Inc., Centrify, Core Security, Cyberark, Hitachi-ID, IBM Corporation, Iraje, Lieberman Software, NRI Secure Technologies, ObserveIT, Onion ID, Oracle Corporation, Osirium, Quest Software and Others.
Global Privileged Identity Management Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Component:
- Services
- Solutions
- Access Management
- Identity Management
- Session Monitoring and Management
By Service:
- Managed Services
- Professional Services
- Consulting Services
- Education and Training
- Implementation and Integration
- Support and Maintenance
By Deployment Mode:
- Cloud
- On-premises
By Installation Type:
- Agent-based
- Appliance-based
By Organization Size:
- Large Enterprises
- Small and Medium Enterprises
By End User:
- BFSI
- Energy & Utilities
- Government & Defense
- Healthcare
- Manufacturing
- Retail
- Telecom & IT
By Region:
- Asia-Pacific
- Europe
- Middle East & Africa
- North America
- Latin America
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Privileged Identity Management Market Challenges
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