Privileged Identity Management Market to Grow at 30.8% CAGR to Reach $16331.6 Million by 2027 Led by Thycotic, Zoho, BeyondTrust, CA Technologies, Centrify, Cyberark, Micro Focus, One Identity
Every crucial and decisive detail for the development of the market and the restraining factors that may hamper the market in near future is mentioned with solutions in the report. Segmentation's of the market are studied specifically to give profound knowledge for supplementary market investments.
The global privileged identity management market accounted to US$ 1496.6 Mn in 2018 and is expected to grow at a CAGR of 30.8 % during the forecast period 2019 – 2027, to account to US$ 16331.6 Mn by 2027.
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North America was the leading geographic privileged identity management market and it is anticipated to be the highest revenue contributor throughout the forecast period. Factors such as penetration of internet users, increasing popularity of mobile services across various sectors such as BFSI and Government, and growing digitization have a profound influence over the penetration of the privileged identity management market during the past few years. The privileged identity management market is mostly driven by factors such as increasing trend of BYOD and increasing spending on security solutions. With the increasing usage of mobile devices and tablets, it has given rise to many identification issues. Employees can access confidential information such as corporate emails, financial database, and other business information using these devices. Businesses are highly focused on investing for security solutions to restrict employees from misusing confidential data through fraudulent activities. Also, increased use of portable devices has made corporate networks more susceptible to hacking. Hence, companies are adopting privileged identity management solutions to secure their network and provide safe access.
Privileged identity management Market Insights: The growing popularity of BYOD and mobile devices to have a noteworthy impact on the privileged identity management market
With the increasing need for seamless connectivity between the corporate network and the employees, employs use personal devices such as smartphones, laptops, and tablets to access the company’s database and confidential information. The increasing adoption of bring your own device has led to the increased access and storage of critical information, which has further increased the need for data protection. The rising employee mobility has led to the increased use of mobile devices. These devices are not generally secured, and it’s easy for hackers to access to mobile devices and gain unauthorized access to corporate networks, which may lead to fraudulent activities and misuse of corporate and business-critical data. With the increasing threat of data breaches, the businesses are adopting privileged identity management solutions to secure the network and to provide secure access to confidential information. Increasing adoption of BYOD is one of the key factor fuelling the global privileged identity management market and are expected to have a significant impact on the growth of privileged identity management market during the forecast period.
Global Privileged identity management Market – Company Profiles
• BeyondTrust Corporation
• CA Technologies
• Hitachi Id Systems, Inc.
• IBM Corporation
• Micro Focus
• One Identity LLC.
• Zoho (ManageEngine)
Answers that the report acknowledges:
• Market size and growth rate during forecast period.
• Key factors driving the Privileged Identity Management Market
• Key market trends cracking up the growth of the Privileged Identity Management Market.
• Challenges to market growth.
• Key vendors of Privileged Identity Management Market.
• Detailed SWOT analysis.
• Opportunities and threats faces by the existing vendors in Global Privileged Identity Management Market.
• Trending factors influencing the market in the geographical regions.
• Strategic initiatives focusing the leading vendors.
• PEST analysis of the market in the five major regions.
Rising trends in the integration of privileged identity management solutions with other security solutions:
With the increasing business need and advancements in security solutions, vendors are integrating other security solutions with privileged identity management solution. The integration with other security solutions such as event manager and identity manager enables better control such as better provisioning and de-provisioning, total access control, and password management. Vendors are also integrating forensic solutions to enable investigate user behaviors and provide a more granular approach. Factors such as these have driven the major privileged identity management vendors such as BeyondTrust, CA Technologies, and IBM to provide solutions that allow easy integration. For instance, solutions from CA Technologies provide integration capability with CA Security Management Solutions, thus providing benefits such as rapid provisioning and de-provisioning. Therefore, vendors have a huge opportunity by integrating other security solutions to privileged identity management solutions.
Privileged identity management Market - Offering Insights:
The privileged identity management services help the organizations to mitigate the risk of insider attacks and enables the organizations to provide access to resources without providing them authority to see or alter the sensitive data. As the IT infrastructure is shifting from on-premise to hybrid the demand for privileged identity management services is increasing across various sectors such as IT &Telecom and BFSI. Several prominent market players such as IBM Corporation and Microsoft are focusing on providing enhanced privileged identity management services and solutions to help organizations in controlling and securing the accounts and reducing the risk insider attacks. The increasing popularity of cloud-based solutions, changing IT infrastructure, and the emergence of intelligence based privileged identity management solutions are the significant factors that are supporting the growth of privileged identity management services and solutions.
Privileged identity management Market - Deployment Insights:
The cloud deployment model, the enterprise data is stored in the third-party cloud provider. This enables the client to reduce the cost of IT infrastructure, and minimize the operational cost of the solution. All the clients on clouds share the same infrastructure pool through security protections, flexible configuration, and accessibility variances. However, clouds are more extensive when compared to on-premise deployment type, due to which enterprise associated with cloud are benefitted with seamless, on-demand scalability. Cloud service is used for providing high service availability at minimum costs, and several organizations are leveraging cloud service to offers services and storing critical data which is creating a demand for privileged identity management across organizations.
With the emergence of cloud technologies securing sensitive data has become a big challenge for organizations. There has been an increase in security threats caused by insiders having access to privileged accounts due to inactive shared or poorly secured logins. This factor is creating a demand for enhanced privileged identity management across organizations.
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Privileged identity management Market - Strategic Insights:
Strategic partnership with technology companies to help them in intelligence engagement of the customers was observed as the most adopted strategy in global privileged identity management market.
2019: The Company introduced availability of Authentication Services 4.2 for their customers that facilitate in improved security measures across Unix, Linux, and Mac based operating systems.
2019: The Company announced introduction of its Secret Server 10.6 version of its enterprise focused PAM solutions. The new features is expected to further enhance the accountability and agility across dynamic enterprise environment for improved privileged access management.
2019: The company launched its cloud based enhanced privileged access management solution, “Zero Trust Privilege” keeping in mind with the hybrid enterprise requirement. The solution supports privileged access management across multiple virtual private cloud (VPC) and Infrastructure-as-a-Service (IaaS) deployments at the client IT infrastructure.
GLOBAL PRIVILEGED IDENTITY MANAGEMENT MARKET - SEGMENTATION
Global Privileged identity management Market - By Component
Global Privileged identity management Market - By Deployment
Global Privileged identity management Market - By End-User
• IT & Telecom
• Healthcare & Pharmaceutical
Global privileged identity management market - By Geography
• North America
o Rest of Europe
• Asia Pacific (APAC)
o South Korea
o Rest of APAC
• Middle East & Africa (MEA)
o Saudi Arabia
o South Africa
o Rest of MEA
• South America (SAM)
o Rest of SAM
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