Privileged Access Management Solutions Market on Track for Strong Growth, Estimated to Grow at 28.9% CAGR Through 2029

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What Is the Expected CAGR for the Privileged Access Management Solutions Market Through 2025?_x000D_
The market size for privileged access management solutions has seen an exceptional growth lately. Its value is projected to increase from $3.87 billion in 2024 to $4.87 billion in 2025, marking a compound annual growth rate (CAGR) of 25.8%. The significant growth during the historic period can be traced back to factors such as the need for regulatory compliance, an increase in awareness about insider threats, a surge in privileged accounts, high-profile security events, and a lack of effective traditional security controls._x000D_
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What's the Projected Size of the Global Privileged Access Management Solutions Market by 2029?_x000D_
The market size for privileged access management solutions is predicted to witness dramatic expansion in the upcoming years. It is forecasted to reach $13.42 billion by 2029, growing at a compound annual growth rate (CAGR) of 28.9%. The growth during the projection period can be credited to factors such as the upsurge of remote workforce, enhancement of vendor risk management, attention on data privacy, augmentation in funding for cybersecurity measures, and global collaborative efforts in cybersecurity. Major trends within the projection period encapsulate the adoption of cloud technology, integration of identity and access management (IAM), development in advanced analytics and artificial intelligence, security for remote work, passwordless authentication, as well as user tutoring and training._x000D_
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Top Growth Drivers in the Privileged Access Management Solutions Industry: What's Accelerating the Market? _x000D_
The escalating worry about cyber threats is predicted to drive the expansion of the privileged access management solutions market. Cyberthreats are harmful activities intended to obliterate, pilfer data, and destabilize the digital soundness and constancy of an enterprise's IT infrastructure. Privileged access management solutions empower organizations to sustain necessary access levels for their jobs and facilitate security teams in pinpointing harmful activities associated with privilege exploitation. These solutions also encourage prompt actions to lessen risks, thus diminishing the cyber threat within an organization. For example, as per the Australian Cyber Security Centre, an Australia-based cybersecurity agency, in February 2023, there were 76,000 cybercrime reports reported in 2022, representing a 13% increase from the previous year. As a result, the ramp-up in concerns about cyber threats is motivating the advancement of the privileged access management solutions market._x000D_
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What Trends Will Shape the Privileged Access Management Solutions Market Through 2029 and Beyond?_x000D_
The rising trend in the privileged access management solutions market revolves around technological advancement. The primary companies in this market are heavily investing in research and development to bring about innovative products. A notable example is the US-based CyberArk Software Ltd., which introduced CyberArk Cloud Entitlements Manager. This innovative solution leverages artificial intelligence to enhance the security of an organization's cloud environments. The unique strategy of the system involves utilizing identity security to correctly evaluate risks and implement suitable measures. This is achieved by consistently identifying concealed, wrongly configured, and unutilized cloud permissions. Added to that, the CyberArk cloud entitlements manager can be adjusted to evaluate levels of exposure and implement detailed solutions, offering exceptional customer value, like a centralized, user-friendly dashboard which provides a comprehensive view of permissions._x000D_
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What Are the Main Segments in the Privileged Access Management Solutions Market?_x000D_
The privileged access management solutionsmarket covered in this report is segmented - _x000D_
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1) By Offerings: Solution, Service, Other Offerings_x000D_
2) By Deployment: Cloud, On-Premise_x000D_
3) By Enterprise Size: Small And Medium Enterprises, Large Enterprises_x000D_
4) By Application: Windows, Unix And Linux, Mac OS, Infrastructure Devices And IoT_x000D_
5) By End-User: Healthcare, BFSI, Government, Energy And Utilities, Manufacturing, Retail, IT And Telecom, Other End-Users_x000D_
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Subsegments:_x000D_
1) By Solution: Password Vaulting Solutions, Session Management Solutions, Privileged Account Management Solutions_x000D_
2) By Service: Consulting Services, Implementation Services, Managed Services_x000D_
3) By Other Offerings: Training And Support, Integration Services, Custom Development Solutions_x000D_
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Which Top Companies are Driving Growth in the Privileged Access Management Solutions Market?_x000D_
Major companies operating in the privileged access management solutions market 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 _x000D_
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Which Regions Will Dominate the Privileged Access Management Solutions Market Through 2029?_x000D_
North America was the largest region in the privileged access management solutions market in 2024. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the privileged access management solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa._x000D_
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