Privileged Access Management Solutions Market Overview, Analysis by Top Key Players and Forecast

According to a new report published by Allied Market Research, titled, "Privileged Access Management Solutions Market by Offering, Solution Type, Deployment Model, Enterprise Size, and Industry Vertical: Global Opportunity Analysis And Industry Forecast, 2021-2030,"

The privileged access management solutions market size was valued at $2.47 billion in 2020, and is projected to reach at $19.73 billion by 2030, growing at a CAGR of 23.1% during the forecast period.

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Privileged access management system (PAM) is a combination of tools and technology intended to secure, monitor, and control admittance to critical information and resources of an enterprise. Privileged access management includes privileged session management, access password management, vendor privileged access management, and applications access management. Further, privileged access management software and tools are designed to gather credential information of privileged accounts, commonly known as system administrator accounts into a secure repository to lower risk of cyberattacks. Besides, government and private agencies are rapidly deploying privileged access solutions, owing to rise in number of cyberattacks on privileged user accounts globally, which is expected to offer immense market opportunities for the privileged access management solutions market during the forecast period.

The major privileged access management solutions market trends include rise in adoption of cloud-based infrastructure across prime economies and government agencies, owing to emergence of hybrid cloud technology, and coupled with increase in government regulations against cyber risks. However, extreme cost associated with deployment and innovation technology of privileged access management solutions acts as a prime restraint for the privileged access management solutions market growth. Further, surge in need to enhance organization efficiency paired with a high risk of data breach due to insider threats is anticipated to provide lucrative opportunities for the privileged access management solutions Market during the forecast period.

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Competitive Analysis:
The competitive environment of Privileged Access Management Solutions Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, Privileged Access Management Solutions Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.

Key Players:
Arcon
Balabit Corporation
Beyondtrust, Inc.
Ca, Inc.
Centrify Corporation
Cyberark Software Ltd
Hitachi ID System Inc.
Iraje Software
Krontech, Inc.,
Wallix and Many More

Region-wise, North America holds a significant share in the global solutions market. Moreover, surge in demand for privileged access management in government & private and BFSI sectors in Asia-Pacific is anticipated to boost growth of the privileged access management solutions market in this region.

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Privileged access management (PAM) solution allows enterprises to secure their infrastructure and assets, run businesses efficiently, and maintain confidentiality of vital information and critical infrastructure. PAM is a cybersecurity strategy used to control, secure, monitor, and audit all non-human and human privileged access and activities in an enterprise IT environment. In addition, growth in demand for cloud computing paired with high risk of cyberattacks across prime economies drives the market growth. This technology is popular for use in the government and private sector, owing to surge in growth of cyber-attacks and insider thefts over confidential information. Moreover, privileged access management solution, such as identity management, is an overarching discipline for verifying identity of users to maintain access to a particular system. Further, emergence of intelligence-based privileged access management solutions is a significant opportunity for the market growth.

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