Privileged Access Management Market

Privileged Access Management Market Trends, Growth, and Forecast

At a CAGR of 21.5% over the course of the forecast period, the size of the global PAM market is expected to increase from USD 2.9 billion in 2023 to USD 7.7 billion by 2028. 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.

The Privileged Access Management (PAM) market is poised for substantial growth in the coming years, driven by several key factors:

  • Increasing Cybersecurity Threats
  • Regulatory Compliance Requirements
  • Adoption of Cloud Technologies
  • Digital Transformation Initiatives
  • Growing Demand for Identity and Access Management

These growth factors highlight the dynamic and evolving nature of the PAM market, driven by the need for enhanced security, regulatory compliance, and efficient access management in an increasingly digital world.

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Increasing Cybersecurity Threats:

  • Threat Landscape: Rise in sophisticated cyber attacks targeting privileged accounts.
  • Risk Mitigation: Need for robust PAM solutions to mitigate risks associated with privileged access.

Regulatory Compliance Requirements:

  • Data Protection: Compliance with stringent data protection regulations (GDPR, CCPA, etc.).
  • Access Control: Ensuring proper access controls and audit trails for regulatory adherence.

Adoption of Cloud Technologies:

  • Cloud Security: Increasing adoption of cloud services necessitates robust PAM solutions.
  • Hybrid Environments: Managing privileged access across on-premises and cloud environments.

Digital Transformation Initiatives:

  • Operational Efficiency: Need for PAM solutions to support digital transformation and operational efficiency.
  • Secure Access: Ensuring secure access to critical systems and applications.

Growing Demand for Identity and Access Management:

  • Integrated Solutions: Increasing demand for integrated identity and access management solutions.
  • Access Governance: Enhancing access governance and security posture.

Privileged Access Management Market Share - Global Industry Landscape

The PAM market is characterized by the presence of several key players competing for market share. Some of the leading companies in the PAM industry include:

  • Fortinet (US)
  • Beyond Trust (US)
  • CyberArk (US)
  • Broadcom (US)
  • Imprivata (US)

These companies are influential in the PAM market, offering diverse solutions that enhance security, compliance, and operational efficiency.

Fortinet (US)

Market Share: Fortinet is a leading player in the PAM market, known for its comprehensive security solutions.

Key Offerings:

  • FortiPAM: Privileged access management solution integrated with Fortinet’s security fabric.
  • FortiAuthenticator: Identity and access management solution enhancing security and compliance.

Beyond Trust (US)

Market Share: Beyond Trust holds a significant position in the PAM market, leveraging its expertise in privileged access security.

Key Offerings:

  • BeyondInsight: Integrated platform for managing privileged access and reducing risks.
  • Privileged Remote Access: Solution for secure remote access to critical systems.

CyberArk (US)

Market Share: CyberArk is a dominant player in the PAM market, offering advanced security solutions for privileged accounts.

Key Offerings:

  • CyberArk Privileged Access Security: Comprehensive suite for managing and securing privileged access.
  • CyberArk Endpoint Privilege Manager: Solution for enforcing least privilege on endpoints.

Broadcom (US)

Market Share: Broadcom has a robust presence in the PAM market, focusing on identity and access management solutions.

Key Offerings:

  • Symantec PAM: Solution for securing and managing privileged accounts and access.
  • Identity Governance and Administration: Comprehensive solution for access governance and compliance.

Imprivata (US)

Market Share: Imprivata is a key player in the PAM market, known for its focus on healthcare security solutions.

Key Offerings:

  • Imprivata OneSign: Single sign-on and authentication management solution.
  • Imprivata Privileged Access Management: Secure access management solution tailored for healthcare environments.

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

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