The study categorizes the PAM market by offering, deployment mode, verticals, and regions.

Northbrook, IL 60062 -- (SBWire) -- 11/17/2023 --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, according to research report by MarketsandMarkets™.

The market for PAM has seen significant expansion due to the rapid adoption of digital transformation and cloud technologies, increasing concerns over account and password sharing, the rising threat from insider activities, and enhanced compliance with regulatory standards.

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350 - Tables
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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.

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.

By region, the Asia Pacific market is to grow at the highest CAGR during the forecast period.

The Asia Pacific region, encompassing well-established economies like China, Japan, Australia, and New Zealand and emerging countries like India and Singapore, are poised for the most significant CAGR during the anticipated period. This anticipated surge can be attributed to several factors. Firstly, the region is witnessing rapid technological advancements and a swift digitization pace, particularly in emerging economies such as India. Secondly, as businesses in the area continue to expand, there is a growing emphasis on safeguarding critical data from internal and external threats, driving the demand for robust PAM solutions. Furthermore, increasing awareness about cyber threats, coupled with regulatory pressures to bolster data security measures, is propelling the adoption of PAM systems. Lastly, the region's IT infrastructure is expanding, and the accelerated shift to cloud services necessitates advanced security measures, making PAM solutions pivotal for businesses aiming to protect privileged accounts from potential breaches.

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Market Players:

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), miniOrange (US), EmpowerID (US), StrongDM (US), CyberSolve (US), Opal Security (US), Foxpass (US), Secureden (US), RevBits (US), Silverfort (Israel), and IDM Technologies (UAE) are the key players and other players in the PAM market.

Key Dynamic Factors For Privileged Access Management Market:

Growing Risks to Cybersecurity:

The significance of safeguarding privileged access has increased due to the steady increase in cyber risks, encompassing both external and internal attacks. PAM solutions play a critical role in safeguarding sensitive data and preventing unwanted access.

Needs for Regulatory Compliance:

Adoption of PAM solutions is fueled by strict compliance standards and data protection laws (such GDPR, HIPAA, and others). To abide by these laws, organisations must have strong security measures in place, such as privileged access controls.

Increasing Knowledge of Insider Threats

Businesses are growing increasingly conscious of the dangers posed by insider threats, both deliberate and accidental. PAM systems assist in controlling and monitoring privileged access in order to lessen the threat scenario posed by insiders.

Cloud Utilisation:

To ensure secure access to cloud-based resources, improved PAM solutions are required because to the growing utilisation of cloud services and infrastructure. The dynamic nature of cloud systems is driving the evolution of cloud PAM solutions.

Challenges for Remote Workers:

Managing privileged access has become more challenging due to the global events like the COVID-19 outbreak that have expedited the transition towards remote employment. PAM solutions must change to enable safe connections to vital systems and accommodate secure remote access.

Identity and Access Management (IAM) Integration:

PAM's integration with IAM systems is becoming more and more significant. By addressing both privileged and non-privileged accounts, this integration guarantees a comprehensive approach to access control while optimising all security procedures.

Competitive and Segmentation Analysis:

The market for privileged access management, or PAM, is characterised by fierce rivalry and a quickly changing environment since cybersecurity is becoming more and more important in contemporary business settings. Prominent firms in this field, including CyberArk, BeyondTrust, Thycotic, and Centrify, are always trying to set themselves apart with new ideas and all-encompassing PAM solutions. Scalability, reactivity to new cybersecurity risks, and smooth integration with current IT infrastructure are a few examples of the elements that impact competitive dynamics. Market segmentation is centred on the various requirements that organisations have, such as deployment choices, industry vertical, and size.

While small and medium-sized organisations (SMEs) may prefer more straightforward and affordable solutions, large enterprises frequently need powerful, enterprise-scale PAM solutions with cutting-edge functionality. The industry vertical is also very important, since PAM adoption is driven by the particular compliance requirements of industries like finance, healthcare, and government. Additionally, as more and more businesses use cloud services, cloud-based PAM solutions are becoming more popular. The market is segmented according to a sophisticated grasp of the various organisational requirements, and vendors set themselves apart by customising their products to suit these disparate demands. Competition is expected to heat up as the PAM industry develops, pushing suppliers to improve their offerings with state-of-the-art technology, intuitive user interfaces, and a focus on proactive threat detection and response.

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