Securing Digital Frontiers: Exploring Growth Opportunities in Privileged Access Management Solutions Market

The privileged access management solutions market size has grown exponentially in recent years. It will grow from $3.36 billion in 2023 to $4.26 billion in 2024 at a compound annual growth rate (CAGR) of 26.9%. The growth in the historic period can be attributed to regulatory compliance requirements, rising awareness of insider threats, proliferation of privileged accounts, high-profile security incidents, insufficient traditional security measures.

The privileged access management solutions market size is expected to see exponential growth in the next few years. It will grow to $11.31 billion in 2028 at a compound annual growth rate (CAGR) of 27.6%. The growth in the forecast period can be attributed to growth of remote workforce, vendor risk management, focus on data privacy, increased funding for cybersecurity initiatives, international cybersecurity cooperation. Major trends in the forecast period include cloud adoption, integration with identity and access management (iam), advanced analytics and ai, remote work security, passwordless authentication, user education and training.

Market Overview -
Privileged access management solutions refer to information security (infosec) solutions that safeguard identities with privileged access or skills beyond those of regular users. PAM functions by combining people, processes, and technology solutions to safeguard an organization's critical data.

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Increasing Cyber Threats In Access Management Solution
The increasing concern over cyber threats is expected to propel the growth of the privileged access management solutions market going forward. Cyberthreats refer to malicious acts that aim to destroy data, steal data, and work systems to disrupt the digital wellbeing and stability of IT infrastructure in an enterprise. Privileged access management solutions help organizations maintain the necessary levels of access to do their jobs and enable security teams to identify malicious activities linked to privilege abuse and take swift action to remediate risk, which reduces the cyber threat in an organization. For exmaple, according to the Federal Bureau of Investigation (FBI), a US-based federal agency for investigating cyber-attacks and intrusions, more than 2,000 internet crime complaints per day were received. Additionally, we received 2.211k complaints with a loss of $13.3 billion over the past 5 years from 2016 to 2020, which equals an average of 4.40k complaints per year. Therefore, the increasing concern over cyber threats is driving the growth of the privileged access management solutions market.

Competitive Landscape -
Major companies operating in the privileged access management solutions market report are Arcon Techsolutions Private Limited, BeyondTrust Corporation, CA Technologies Inc., Avatier Corporation, CyberArk Software Ltd., Hitachi Ltd., Lieberman Software Corporation, Zoho Corporation Pvt. Ltd., Onion ID Inc., Osirium Technologies plc, Peritus Inc., Remediant Inc., Silverfort Ltd., SolarWinds Corporation, SSH Communications Security corporation, Systancia SA, International Business Machines Corp., Micro Focus International plc, Okta ASA, HashiCorp Inc., Broadcom Inc., StrongDM, Bitium Corporation, Keeper Security Inc., McAfee Corp., Netwrix Corporation, Quest Software Inc., Akamai Technologies Inc., ManageEngine Password Manager Pro

Tech Advancement In Access Management Solution
Technological advancement is the key trend gaining popularity in the privileged access management solutions market. Major companies operating in the market are focused on research and development for product innovations in privileged access management solutions. For example, CyberArk Software Ltd., a US-based company operating in privileged access management solutions, introduced a CyberArk Cloud Entitlements Manager that works on artificial intelligence to strengthen the security of the cloud environments of an organization. CyberArk cloud entitlements manager uses the identity security strategy to understand context and intent to properly assess risk and take appropriate actions to protect the cloud environment of an organization by continuously detecting hidden, misconfigured, and unused cloud permissions. Additionally, the CyberArk cloud entitlements manager can be configured to provide an assessment of exposure levels to deploy granular remediations for delivering exceptional customer value, such as a centralized dashboard with a single view of permissions for the users.

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Key Segments -

The privileged access management solutions market covered in this report is segmented -

1) By Offerings: Solution, Service, Other Offerings
2) By Deployment: Cloud, On-Premise
3) By Enterprise Size: Small And Medium Enterprises, Large Enterprises
4) By Application: Windows, Unix And Linux, Mac OS, Infrastructure Devices And IoT
5) By End-User: Healthcare, BFSI, Government, Energy And Utilities, Manufacturing, Retail, IT And Telecom, Other End-Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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