Privileged Access Management Solutions Market Forecast and Innovations 2024

"The Business Research Company recently released a comprehensive report on the Global Privileged Access Management Solutions Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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.

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Market Drivers and Trends:

The increase in demand for working from home is expected to propel the growth of the privileged access management solutionsl market going forward. Work from home is a concept where an individual can do their duties from home using tools, resources, and policies that their employer has approved. Privileged access management solutions helps people working remotely with increased security, better compliance, and improved productivity. For instance, according to a survey report published by Upwork, a US-based online freelance marketplace, among 1,000 recruiting managers in the United States, in 2021, 28% of 1,000 recruiting managers in the United States, representing 40.7 million professionals, claimed they are going to be remote in the next five years, up from 22.9% in 2020. Therefore, the increase in demand for working from home drives the privileged access management solutions market.

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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Major Key Players of the Market:

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

Privileged Access Management Solutions Market 2024 Key Insights:

• 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%.
• Increasing Cyber Threats In Access Management Solution
• Tech Advancement In Access Management Solution
• North America was the largest region in the privileged access management solutions market in 2023

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