Market Research Future Insights

The privileged access management (PAM) solutions market industry is estimated to grow from USD 3.20 Billion in 2023 to USD 23.22 Billion by 2032, logging a compound annual growth rate (CAGR) of 28.10% between 2023 and 2032. A privileged access management solution is an advanced cyber security technology designed to securely maintain and upgrade access permissions for users, accounts, processes, and systems within an organization. Privileged access empowers an enterprise to secure its infrastructure and applications to maintain the privacy of critical data and sensitive information. Furthermore, privileged account management depends on authorizations such as passwords, keys, and secrets to control user access. In addition, privileged access management stores maintain authorizations in a secure vault to accomplish official access of a user to secure the IT environment.  It permits organizations to monitor in and out-premise fears by centrally handling and studying the utilization of privileged access authorizations across platforms.

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Key Players:

The Global Privileged Access Management (PAM) Solutions Market’s prominent key players are,

• CA Technologies
• Wallix
• CyberArk
• Centrify
• ManageEngine
• ARCON
• Hitachi ID Systems
• Beyond Trust
• Thycotic
• Devolutions
• One Identity LLC. 

One of the key factors pushing the growth of the privileged access management solution market is the increasing espousal of cloud-based infrastructure across industries. Privilege access management solution platform provides, and assists in easy track to securely store, exchange, and segregate credentials (for both human as well as non-human friends), and rapidly deliver affordable threat decline to all businesses. Because of the aforementioned reasons, the embracement of privileged access management solutions is hugely growing among the players and hence boosting the market growth.

The Global Privileged Access Management (PAM) Solutions Market report provides an integrated evaluation of the market. The report provides a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that play a significant role in the market.

Regional Analysis:

The Global Privileged Access Management (PAM) Solutions Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

North America is projected to dominate the worldwide privileged access management solution market owing to the culturing demand for the internet, data security, data monitoring, and adoption of new technology in this region.

The Asia Pacific is expected to become the fastest-growing market for privileged access management solutions market. The boosting numbers of self-employment and startups in the region have helped the growth of the Privileged Access Management Solutions Market.

The Middle Eastern parts of Africa and South America are witnessing substantial growth in the Privileged Access Management Market share as these regions have a chunk of country-level market players that possess cloud-based infrastructure.

Market Segmentation:

The Global Privileged Access Management (PAM) Solutions Market is segmented into the following types; 

By Offerings:

• Solution
• Identity Management
• Access Management
• Session Monitoring and Management
• Service
• Others 

By Software Deployment Model:

• On-premises
• Cloud
• Others 

By Component:

• Software/ Platform
• Services
• Professional
• Maintenance & Integration
• Consulting & Training
• Managed 

By End-Users:

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

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Privileged Access Management (PAM) Solutions Industry Developments:

January (2023): CyberArk announces the acquisition of Vaultize, a cloud-based PAM solution.

February (2023): Thycotic Software announces the acquisition of RedLock, a cloud-based data security solution.

March (2023): Centrify announces the launch of its new Privileged Access Suite, which includes a range of PAM solutions for on-premises and cloud environments.

April (2023): BeyondTrust announces the launch of its new Privileged Access Manager, which includes a range of PAM features for managing privileged accounts and sessions.

May (2023): Okta announces the launch of its new Privileged Access Management solution, which is integrated with its Okta Identity Cloud platform.

June (2023): Saviynt announces the launch of its new Privileged Access Management solution, which is designed to help organizations secure their privileged accounts and sessions.

These are just a few of the key PAM solutions industry developments in 2023. As the threat landscape continues to evolve, we can expect to see even more innovation in this space in the years to come.

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