Privileged Access Management Market

Market Leader - Privileged Access Management Market

The global PAM 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.

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.

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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.

Related Reports:

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

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Privileged Access Management Market Size,  Share & Growth Report
Report Code
TC 8845
RI Published ON
11/6/2023
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