Privileged identity management solutions are used to manage identities and personal information associated with privileged accounts within an organization. Privileged accounts belong to super-users, such as Chief Executive Officers (CEOs), Chief Information Officer (CIOs), and Database Administrator (DBAs), who have administrative access to critical systems in an organization. Privileged identity management solutions help organizations handle security issues efficiently, along with lowering the cost associated to identities and credentials management. In addition, the solutions enable organizations to define the access rights for employees, business partners, and customers, while meeting compliance requirements. In this report, MarketsandMarkets expects the privileged identity management market size to grow from USD 922.0 Million in 2016 to USD 3,792.5 Million by 2021, at a Compound Annual Growth Rate (CAGR) of 32.7%. As the number of cyber threats and insider attacks are increasing day-by-day, the need for privileged identity management solutions are also growing rapidly.
The key players in the this market include ARCON (India), Balabit (Hungary), BeyondTrust (U.S.), Bomgar Corporation (U.S.), CA, Inc. (U.S.), Centrify (U.S.), Core Security (U.S.), Cyberark (U.S.), Hitachi-ID (Canada), IBM Corporation (U.S.), Iraje (U.S.), Lieberman Software (U.S.), MANAGEENGINE (U.S.), MICROFOCUS (U.K.), NRI SecureTechnologies (U.S.), ObserveIT (U.S.), Onion ID (U.S.), Oracle Corporation (U.S.), Osirium (U.K.), Quest Software (U.S.), Silverlake Mastersam (Singapore), Simeio Solutions (U.S.), Thycotic (U.S.), Wallix (France), and Wheel Systems (U.S.). These players have adopted various strategies, such as partnerships, collaborations, agreements, mergers & acquisitions, and new product launches, to achieve growth in the global privileged identity management market.
Centrify Corporation is one among the leading players in the privileged identity management market. The fundamental objective of Centrify is to meet every industry client’s requirement and in addition, provide new advancements in smart grid security. The organization serves clients across different industries, such as Information Technology (IT) & telecom, healthcare, government & defense, manufacturing, and Banking, Financial Services, & Insurance (BFSI). The company has its major presence in North America, Europe, and Asia-Pacific (APAC). Centrify is considered to be one of the strongest providers of privileged identity management solutions and services. The organization follows both organic and inorganic growth strategies for expansion of its market share. For instance, in September 2016, the company launched enhanced on-premise and cloud services by adding its support to hybrid environments. In addition, in September 2016, the company partnered with DLT Solutions and enhanced its capabilities in privileged identity management. Moreover, in June 2015, the company expanded its presence in Japan by opening a new office in Tokyo.
BeyondTrust is another leading provider of privileged identity management solutions and services, to a variety of verticals across the globe. The organization has a noteworthy presence in a large number of countries and primarily serves the regions of North America, Europe, and APAC. BeyongTrust’s long-term strategy leans towards organic & inorganic growth, where it hopes to launch new privileged identity management solutions and enhance its capabilities through new product launches & partnerships with strong companies, in the privileged identity management market. With the launch of enhanced PowerBrokerfor UNIX and Linux9.4 in November 2016, the company strengthened its portfolio and enhanced the protection of privileged accounts. Moreover, in November 2016, the company joined Intel Security Innovation Alliance and certified its PowerBroker for Windows and McAfee ePolicy Orchestrator (ePO). These strategies helped the company to enhance its capabilities as well as gain a significant market share in the global privileged identity management market.
Privileged Identity Management Market by Solution (Identity Management, Access Management, Session Monitoring and Management), Service, Installation Type (Appliance-Based & Agent-Based), Deployment Mode, Vertical, and Region - Global Forecast to 2021
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