Privileged Access Management Solutions Market | Top Companies, Global Growth, Size, Trends, Industry Analysis, Key Players by 2030

A recent report from Allied Market Research shows that the global market for privileged access management solutions made $2.47 billion in 2020. The report predicts that the market will grow to $19.73 billion by 2030, with an expected annual growth rate of 23.1% between 2021 and 2030. The report provides a comprehensive analysis of the market, including changing trends, important segments, investment opportunities, the value chain, regional information, and competitors.

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The adoption of global privileged access management solutions in healthcare is expected to witness a steady growth, owing to ongoing digitization in healthcare across the globe. Moreover, rise in adoption of IoT devices and surge in big data analytics usage further accelerates the market growth rapidly.

The global market for privileged access management solutions is being driven by the need to improve enterprise efficiency, government regulations to adopt cybersecurity practices, and an increase in cyber-attacks caused by internal threats. However, the market growth is being hindered by a lack of knowledge about emerging security risks. On the other hand, the surge in digitization and adoption of privileged access management services presents new opportunities for the future.

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A Privileged Access Management System (PAM) is a set of tools and technology that help secure, monitor, and control access to important enterprise information and resources. This includes managing privileged sessions, access passwords, vendor access, and applications. PAM software collects and stores the login credentials of privileged accounts, such as system administrators, in a secure location to reduce the risk of cyber attacks.

Impact of Covid-19 on Privileged Access Management Solutions Market-

• There has been an increase in the adoption of cloud-based technology for data cyber-security during the COVID-19 pandemic with the implementation of the "work from home" culture among enterprises and organizations.

• The adoption of privileged access management solutions among BFSI, IT & telecom, government & public sector, healthcare, retail & e-commerce sectors increased considerably to protect data and avoid data breaches.

• The number of cyber-attacks rose during the Covid-19 pandemic and the need to implement cyber-security solutions increased. This led to the growth of the global privileged access management solutions market.

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Based on the deployment model, the on-premise segment accounted for the highest share in 2020, holding more than two-thirds of the total share, and is estimated to maintain its leadership status during the forecast period. However, the cloud segment is expected to register the largest CAGR of 25.5% from 2021 to 2030.

Based on industry vertical, the government & public sector segment held the highest share in 2020, accounting for around one-fourth of the global privileged access management solutions market, and is estimated to maintain its lead position during the forecast period. However, the energy & utilities segment is expected to witness the fastest CAGR of 26.4% from 2021 to 2030.

Based on region, North America contributed to the highest share in 2020, holding nearly two-fifths of the total share, and is projected to maintain its dominance in terms of revenue by 2030. However, Asia-Pacific is projected to manifest the fastest CAGR of 25.4% during the forecast period.

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Leading players of the global privileged access management solutions market analyzed in the research include Arcon, Balabit Corporation, Beyondtrust, Inc., Ca, Inc., Centrify Corporation, Cyberark Software Ltd, Hitachi ID System Inc., Iraje Software, Krontech, Inc., and Wallix are provided in this report.

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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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