Privileged Access Management (PAM) Market Size - By Offering (Solution [Identity Management, Access Management, Session Monitoring & Management], Services), Deployment Model (On-premises, Cloud), Enterprise Size, Industry Vertical & Forecast 2024 - 2032

Privileged Access Management (PAM) Market Size - By Offering (Solution [Identity Management, Access Management, Session Monitoring & Management], Services), Deployment Model (On-premises, Cloud), Enterprise Size, Industry Vertical & Forecast 2024 - 2032

Privileged Access Management Market Size

Privileged Access Management Market size was valued at USD 3 billion in 2023 and is estimated to register a CAGR of over 22% between 2024 and 2032. The increasing number of cybercrime complaints is driving the market growth. Organizations, in response to rising cyber threats, are recognizing the importance of securing privileged access to critical systems.

To get key market trends

  Download Free Sample

According to the FBI's Internet Crime Report, in 2022, a total of 800,944 cybercrime complaints were submitted to the bureau. Privileged access management solutions, designed to manage and monitor elevated access, are becoming essential tools to mitigate the risks associated with cyberattacks, contributing to the expanding demand for privileged access management in the cybersecurity landscape.
 

What are the growth opportunities in this market?

 Download Free Sample

The escalating requirement to mitigate high-profile data breaches is driving the privileged access management market size. Organizations, recognizing the severe impact of data breaches, are investing in privileged access management solutions to secure and control access to privileged assets. The role of privileged access management in safeguarding sensitive information coupled with its ability to reduce the risk of unauthorized access positions it as a crucial component in the prevention of data breaches.

High costs associated with acquiring and implementing privileged access management solutions pose a significant hurdle. Expenses encompass licensing, training, and ongoing maintenance can strain the budgets of Small- and Medium-sized Enterprises (SMEs). The financial investment required may outweigh perceived benefits for some organizations, impacting their ability to adopt robust privileged access management solutions. Striking a balance between security needs and budget constraints becomes crucial with cost-effective solutions and clear return on investment playing pivotal roles in encouraging widespread adoption across diverse business landscapes.

COVID-19 Impact

The COVID-19 pandemic positively impacted the privileged access management market. The surge in remote work increased the attack surface, prompting organizations to prioritize privileged access management to secure privileged access. The heightened awareness of cybersecurity risks and regulatory compliance during the pandemic accelerated privileged access management adoption. As businesses invest in robust security solutions to protect sensitive data in distributed environments, the demand for privileged access management has risen, contributing to market growth amid the evolving challenges posed by the pandemic.

Privileged Access Management Market Trends

Advancements in product development for securing access to cloud services are propelling the market. As organizations prioritize cloud security, privileged access management solutions with enhanced capabilities contribute to the protection of privileged access in dynamic cloud environments. For instance, in October 2023, CyberArk, an identity security firm, unveiled enhanced features aimed at securing access to cloud services and contemporary infrastructure for all users. These capabilities leverage the company's risk-based intelligent privilege controls, facilitating secure access across various layers of cloud environments.

The escalating adoption of cloud-based privileged access management solutions is a pivotal trend propelling market growth. As organizations migrate to cloud environments, the need to secure privileged access within these dynamic infrastructures becomes paramount. Cloud-privileged access management offerings provide enhanced flexibility, scalability, and adaptability, addressing the unique challenges posed by cloud-native architectures. This trend aligns with the broader shift toward cloud computing, positioning privileged access management as an indispensable solution for safeguarding privileged access in contemporary IT ecosystems.

Privileged Access Management Market Analysis

Learn more about the key segments shaping this market

 Download Free Sample

Based on deployment model, the on-premises segment held over 60% of the market share in 2023. The appeal of on-premises deployment in the market lies in its capacity for customization and tailoring. Organizations choose on-premises solutions for privileged access management to mold the system according to their unique security requirements and operational nuances. This flexibility allows a more personalized approach to privileged access management, thereby catering to specific organizational needs. The ability to tailor the privileged access management infrastructure is particularly advantageous for industries & enterprises with distinct security policies and complex operational environments.

Learn more about the key segments shaping this market

 Download Free Sample

Based on industry vertical, the BFSI segment accounted for 30% of the privileged access management market share in 2023. In the BFSI sector, high-stake security is paramount due to the industry's management of substantial financial assets and sensitive customer data. Privileged access management becomes indispensable as it safeguards against cyber threats and potential data breaches. The critical nature of financial operations necessitates robust privileged access management measures to protect privileged access, ensuring the integrity, confidentiality & security of valuable assets, and ultimately fortifying the sector's resilience against evolving cybersecurity challenges.

Looking for region specific data?

 Download Free Sample

North America privileged access management market recorded 35% of the revenue share in 2023. The North America market is experiencing propulsion with the introduction of AI-powered auditing features to enhance PAM solutions. This innovation improves the efficiency of access auditing processes by leveraging artificial intelligence, enabling more intelligent and proactive monitoring of privileged user activities.

For instance, in October 2023, Delinea, a provider of solutions expanding privileged access management, introduced Intelligent Automated Auditing for the Delinea privileged access management platform. Positioned as an industry pioneer, IAA aims to streamline the compliance process, enhance security postures, and mitigate risks by accelerating the identification & response to privilege abuse.

Privileged Access Management Market Share

IBM Corporation and Beyondtrust, Inc. hold a significant revenue share in the market. The major companies operating in the market are fiercely competing for revenue shares through strategic pricing, technological advancements, and expanding product portfolios. Continuous innovation, customer-centric approaches, and global market presence are the key elements of their competitive strategies.

Privileged Access Management Market Companies

Major companies operating in the privileged access management industry are

• Arcon
• Beyondtrust, Inc.
• Cyberark Software Ltd.
• Fortinet
• Hitachi ID Systems Inc.
• IBM Corporation
• Imprivata
• Okta
• Optiv Security
• SailPoint

Privileged Access Management Industry News

• In October 2023, Teleport, a prominent provider of identity-native infrastructure access management, unveiled Teleport Identity Governance and Security. This groundbreaking product ensures the security and governance of services & user identities across diverse environments, clouds, and Software as a Service (SaaS) applications, marking an industry-first solution in this domain.

The privileged access management (PAM) market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2018 to 2032, for the following segments

Click here to Buy Section of this Report

Market, By Offering

• Solution
• Identity Management
• Access Management
• Session Monitoring & Management
• Others 
• Services

Market, By Deployment Model

• On-premises
• Cloud

Market, By Enterprise Size

• Large Enterprises
• SMEs

Market, By Industry Vertical

• BFSI
• IT & Telecommunication
• Government & Public Sector
• Healthcare
• Manufacturing
• Energy & Utilities
• Retail & E-commerce
• Others

The above information has been provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Nordics
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia 
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • UAE
  • South Africa
  • Saudi Arabia

Frequently Asked Questions (FAQ)

What is the privileged access management market worth?

The market size of privileged access management reached USD 3 billion in 2023 and is set to witness 22% CAGR from 2024 to 2032, owing to the increasing number of cybercrime complaints.

How is the on-premises deployment mode expanding the privileged access management industry?

The on-premises segment held a market share of over 60% in 2023, as organizations choose on-premises solutions for privileged access management to mold the system according to their unique security requirements and operational nuances.

Why is North America privileged access management market growing?

North America market share was around 35% in 2023, favored by the introduction of AI-powered auditing features to enhance PAM solutions.

Who are the key players in the privileged access management landscape?

Arcon, Beyondtrust, Inc., Cyberark Software Ltd., Fortinet, Hitachi ID Systems Inc., IBM Corporation, Imprivata, Okta, Optiv Security, and SailPoint.