December 1, 2023
Privileged Access Management Market Size, Share with Focus on Emerging Technologies, Top Countries Data, Top Key Players Update, and Forecast 2028 2
Privileged Access Management Market Size, Share with Focus on Emerging Technologies, Top Countries Data, Top Key Players Update, and Forecast 2028
Fortinet (US), Beyond Trust (US), CyberArk (US), Broadcom (US), Imprivata (US), Optiv Security (US), Okta (US), IBM (US), Micro Focus (OpenText) (UK), ManageEngine (Zoho) (US), Hashi Corporation (US), One Identity (US), ARCON (India), Netwrix (US), Delinea (US), Wallix (France), Saviynt (US), Senhasegura (Brazil), KronTech (Turkey), and IDM Technologies (UAE)
Privileged Access Management Market by Offering, Deployment Mode (On-Premises and Cloud), Vertical (BFSI, Government, IT & Ites, Healthcare, Telecommunications, Manufacturing, Energy & Utilities, Retail & Ecommerce) and Region – Global Forecast to 2028

The global Privileged Access Management Market size is projected to grow from USD 2.9 billion in 2023 to USD 7.7 billion by 2028 at a CAGR of 21.5% during the forecast period. Several key factors propel the PAM market. These include a marked rise in digital transformation and the accelerated shift to the cloud, the growing menace of insider threats, account and password sharing concerns, and growing adherence to regulatory standards.

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PAM Market Definition

Privileged Access Management (PAM) is a system that governs and manages privileged accounts and credentials by assigning elevated permission levels to accounts accessing critical resources and admin-level controls. Based on the principle of least privilege, PAM ensures that users, programs, or processes have only the minimum required permissions to perform their tasks while isolating and monitoring user actions. This framework aids businesses in controlling and tracking who is granted what level of administrative access to specific endpoints.

By vertical segment, the healthcare vertical will grow at the highest CAGR during the forecasted period.

The healthcare vertical is anticipated to have the highest CAGR in the PAM market, primarily driven by the increasing digitization of health records and the rising reliance on connected medical devices. This digital transformation, while improving efficiency and patient care, also introduces vulnerabilities. Privileged accounts in the healthcare system provide access to sensitive patient data, medical histories, and billing information, making them prime targets for cyber adversaries. Moreover, regulatory frameworks like the HIPAA mandate stringent data protection measures, pressuring healthcare organizations to bolster their cybersecurity infrastructure. Additionally, the recent surge in cyberattacks targeting healthcare institutions, particularly ransomware, has further underlined the urgent need for robust PAM solutions. The increasing realization of these vulnerabilities and the need to comply with regulatory standards drive the healthcare vertical to invest heavily in PAM solutions, resulting in its dominant growth trajectory in the market.

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By offerings, the professional services segment holds the largest market size during the forecast period.

The professional services segment is anticipated to hold the largest market size during the forecasted period. This prominence is attributed to certain factors. Firstly, implementing PAM solutions requires a nuanced understanding of an organization’s IT infrastructure, necessitating consultation, integration, and post-deployment services. Businesses, particularly those without a robust in-house IT team, often turn to professional services to seamlessly integrate PAM tools into their existing systems. Secondly, as cyber threats evolve, there is a growing demand for regular audits, training, and maintenance services to ensure that PAM systems remain robust and up-to-date. Further, as regulations and compliance requirements around data protection become more stringent, companies are leaning on professional services to guarantee that their PAM solutions comply with the latest standards. Consequently, these factors collectively contribute to the anticipated growth and predominance of the professional Services segment in the PAM market during the forecasted period.

Unique Features in the Privileged Access Management Market

Just-in-time privileged access is a feature of certain PAM solutions that grants users temporary access privileges only when required. This reduces the possibility of extended exposure and aids in the strict management of privileged accounts by organisations.

PAM solutions frequently have session recording and monitoring features, which let businesses keep tabs on and examine privileged user activity. Forensic analysis, compliance, and identifying any questionable activity all depend on this.

Multi-factor authentication can be integrated into PAM solutions to ensure an extra security measure before allowing access to sensitive systems or data.

Dynamic privilege management in PAM systems allows access levels to be dynamically adjusted, improving security without sacrificing efficiency.

Certain PAM technologies employ behavioural analytics to find unusual activity from privileged users. These solutions work by setting baselines for typical behaviour and then looking for deviations that might point to a security risk.

In order to stay informed about the most recent cybersecurity risks, PAM solutions may interface with threat intelligence feeds. Real-time risk identification and response are made easier by this connection.

Major Highlights of the Privileged Access Management Market

Compliance requirements, such as those outlined in regulations like GDPR, HIPAA, and SOX, have driven the adoption of PAM solutions. Organizations aim to meet regulatory standards for data protection and access control.

PAM systems have developed to give organisations more precise control over privileges, enabling the application of least privilege principles. This comprises restricted administrative power delegation and privilege elevation for particular tasks.

Identity and Access Management (IAM) systems are becoming more and more integrated with PAM solutions to simplify identity management and guarantee uniform access controls throughout the enterprise.

The PAM market has been impacted by the introduction of Zero Trust security concepts, which highlight the necessity of authenticating and verifying each user and device attempting to access resources, even if they are inside the network perimeter.

Behavioural analytics has been integrated into PAM solutions to identify unusual activity among privileged users. By constant monitoring, this improves the capacity to recognise possible security risks, including insider threats.

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Competitive overview:

The PAM market is led by some of the globally established players, namely Fortinet (US), Beyond Trust (US), CyberArk (US), Broadcom (US), Imprivata (US), Optiv Security (US), Okta (US), IBM (US), Micro Focus (OpenText) (UK), ManageEngine (Zoho) (US), Hashi Corporation (US). Partnerships, agreements, collaborations, acquisitions, and product developments are various growth strategies these players adopt to increase their market presence.

Fortinet (US) is a global frontrunner in cybersecurity, instrumental in steering the merger of networking and security. The company aims to secure people, devices, and data across various environments. It achieves this through a portfolio of over 50 enterprise-grade products that offer comprehensive cybersecurity solutions. As of Q2 2023, Fortinet’s billings reached USD 1.541 billion, with 1,285 patents by June 2023.

The company has developed FortiPAM, a key part of its Fortinet Security Fabric, focusing on PAM. FortiPAM emphasizes a ZTNA model and offers strict controls for elevated accounts across the IT realm. Not only does it continuously monitor device postures for vulnerabilities, but it also features dynamic password management and logging of user interactions for comprehensive auditing. These capabilities demonstrate Fortinet’s dedication to robust cybersecurity, making FortiPAM a significant player in the PAM market. Further, the company’s financial strength and innovation are evidenced by its Q2 2023 billings of USD 1.541 billion and the possession of 1,285 global patents as of mid-2023.

CyberArk (US) is a prominent player in the PAM market. It stands out in the PAM sector as a leading authority on privileged access security solutions. CyberArk’s offerings include Privileged Access Management technology tailored to shield against unauthorized access internal threats and guarantee regulatory compliance. This technology plays a pivotal role in a plethora of industries, such as finance, healthcare, and government, bolstering their cyber defenses. In 2022, CyberArk posted revenues surpassing USD 543 million, underscoring its market dominance and trustworthiness. The recent accolade from KuppingerCole in 2023 further cemented CyberArk’s position as a PAM industry leader. The company’s commitment to progress is also mirrored in strategic acquisitions, amplifying its product range. Catering to over 6,000 global businesses, including half of the Fortune 500, the company’s esteemed clientele features Cisco and DZ Bank. With a workforce exceeding 2,400 as of 2022, CyberArk continues to expand its influence across North America, Europe, and Asia-Pacific regions.

Apart from prominent vendors, other players include One Identity, ARCON, Netwrix, Delinea, Wallix, Saviynt Senhasegura, KronTech, miniOrange, EmpowerID, StrongDM, CyberSolve, Opal Security, Foxpass, Secureden, RevBits, Silverfort, and IDM Technologies which are also evolving in the PAM market.

One Identity (US) is a significant player in identity security, providing solutions that amplify cybersecurity, optimize operations, and manage costs. The company caters to industries including technology, healthcare, and finance and boasts an impressive portfolio of over 11,000 enterprise clients, including many from the Fortune 100. The company’s influence in the market is evident from its management of over 500 million identities and collaboration with 1,000+ global partners. One Identity’s standout offering is its PAM solutions, available as both SaaS and on-prem, encompassing features like privileged password vaulting and threat analytics. The company’s integration of Identity Manager with Safeguard further showcases its dedication to governance. The company also organizes the “One Identity UNITE” event, emphasizing collaboration and innovation, and has consistently received positive feedback for its contributions to risk reduction and operational efficiency.

Silverfort (Israel) is a prominent player in the cybersecurity space, focusing on advanced identity protection. It has introduced innovations in MFA, extending protection to traditionally vulnerable resources like legacy systems. It offers a protective mechanism for service accounts, fostering a zero-trust environment and preventing unauthorized access. The company recently secured USD 65 million in Series C funding, bringing its total to over USD 100 million, underlining its growth and service to top-tier companies. The company has won the InfoSec award for being the most innovative adaptive authentication service. Also, it has been the finalist at the 2022 Partner of the Year for startup awards and has won the best startup to work for in Israel by Dun & Bradstreet. Furthermore, Silverfort collaborated with giants like Microsoft, emphasizing its dedication and impact on Identity and access management.

MnM says most businesses use inorganic growth strategies to hold their market share. In 2021–2022, the number of agreements rose significantly. MnM is expecting that the rate of agreements will further increase in the PAM market in the coming years as startups are evolving in the following market space, having technical advancements which, with time, get acquired or partnerships with tech giants to bring the innovations in their existing solutions and increase their market share in the PAM market.

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Privileged Access Management Market Size, Share with Focus on Emerging Technologies, Top Countries Data, Top Key Players Update, and Forecast 2028 first appeared on Web and IT News.

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