The rise in government legislation requiring the adoption of cybersecurity measures, an increase in cyberattacks caused by internal threats, and the desire to maximize corporate efficiency are the factors driving the growth of the global market for privileged access management systems. Since the Covid-19 outbreak, there has been a growth in the use of cloud-based technologies for data cybersecurity thanks to the spread of the "work from home" ethos among businesses and organizations.

Impact of Covid-19

The development of COVID-19 has been a key factor in expanding cloud-based data cybersecurity systems, which has increased the demand for privileged access control solutions. During the projected period, the market is anticipated to expand quickly. However, during the global lockout, a shortage of trained personnel was the main obstacle for the global privileged access management solutions business. Furthermore, throughout the course of the projected period, the market expansion is anticipated to be aided by rising demand for cybersecurity solutions and hybrid cloud solutions.

Cloud-based deployment has made processes simpler and faster but On-premise is expected to grow faster

By mapping secret credentials across the hybrid and cloud environments, cloud-based Privileged Access Management has made the process simpler and faster. The labor required to maintain access credentials and BYOD technologies has boosted the demand for privileged access management solutions. For the purpose of monitoring and auditing the security audit and other actions connected to privileged accounts, a potential Privileged Access Management solution is required. A hacker can access their accounts and steal the company's data thanks to their position and privileges, access to crucial information, and the system's vulnerability. The on-premise deployment category is anticipated to have a considerable market share increase. One reason for the market's expansion is the on-premises deployment model's better level of customization and data protection. On-premises PAM systems are already gaining popularity among many major businesses since they offer a high level of security when put into use.

North America will dominate the market as it is the largest provider of market solutions

The PAM solutions market will be dominated by North America throughout the projected period. The majority of the market's growth will be attributable to the area. In North America, the US is a crucial market for PAM solutions. Additionally, the market in this area will grow more quickly than the markets in MEA and South America. The expansion of the PAM solutions market in North America will be driven by the implementation of governmental norms and regulations due to the rise in hosted server threats and cyberattacks.

Privileged access helps a company safeguard its infrastructure and apps to retain the confidentiality of essential data and sensitive information.

The goal of the privileged access management sector is to provide secure audits, manage, and oversee all activities related to privileged accounts in an organization. To ensure a safe information environment, privileged access management has a wide range of applications in the public, corporate, and healthcare sectors. Furthermore, the advent of hybrid and multi-cloud computing in leading businesses has increased the need for cybersecurity tools like privileged access control systems. These all present potential opportunities for the market for privileged access control systems.

Because the possibility of insider assaults causing data breaches has increased, the market is anticipated to expand within the given time frame. The market for privileged access management solutions is also anticipated to be driven by an increase in the need for security and efficiency improvements within organizations. Additionally, the increased frequency of cyberattacks is anticipated to be opportunistic for market expansion. Given these aspects, it is predicted that the market for privileged access control systems will increase rapidly in the next years.

Software programs for managing privileged access are designed to keep an eye on and safeguard employees' confidential login information. By mapping secret credentials across the hybrid and cloud environments, cloud-based Privileged Access Management has made the process simpler and faster. The labour required to maintain access credentials and BYOD technologies have boosted demand for privileged access management solutions. For the purpose of monitoring and auditing the security audit and other actions connected to privileged accounts, a potential Privileged Access Management solution is required. A hacker can access their accounts and steal the company's data thanks to their position and privileges, access to crucial information, and the system's vulnerability. The market value of the Privileged Access Management Solutions Market is estimated to reach close to USD 20.1 billion by 2030 with an annualized growth rate of 23.6% through the forecast span.

Increased use of privileged access management systems owing to increased government regulatory laws, together with increased worries about cybersecurity risks, are significant drivers that affect the market's growth. But the expensive cost of implementing privileged access is a major impediment to early adoption, which slows the expansion of the industry. On the other hand, throughout the forecast period, the advent of intelligence-based privileged access management systems is anticipated to present lucrative prospects for the market.

This market is severely constrained by the high implementation costs of privileged access control solutions and the general lack of knowledge about cybersecurity dangers. A significant market potential for privileged access control systems is the development of intelligence-based PAM.

Key players in the global Privileged Access Management Software include Balabit Corporation Hitachi ID Systems, Arcon, Iraje Software, Beyondtrust, CA Incorporated, Centrify Corporation, Cyberark Software, Krontech.

Recent Developments

In 2018, For various crucial strategic reasons, One Identity purchased Balabit, a top provider of privileged access management (PAM), privileged account analytics, and log management solutions that aid enterprises in lowering the risk of data breaches linked to privileged accounts.

Privileged Access Management Solutions Market Scope

Key segments in the global Privileged Access Management Software

By Deployment, 2019-2029 ( USD Billion)

• On-premise
• Cloud-based

By Geography, 2019-2029 (USD Billion)

North America

•           US

•           Canada

Europe

•           Germany

•           France

•           UK

•           Rest of Europe

Asia Pacific

•           China

•           India

•           Japan

•           Rest of Asia Pacific

South America

•           Mexico

•           Brazil

•           Rest of South America

Middle-East and South Africa