Privileged Access Management Solutions Global Market Report 2024

The primary offerings of privileged access management solutions encompass solutions and services tailored to address specific organizational challenges using software programs. These solutions find deployment across small, medium, and large enterprises, both in cloud and on-premise setups. They cater to various applications like Windows, Unix, Linux, macOS, infrastructure devices, and IoT. Diverse industries such as healthcare, BFSI, government, energy, manufacturing, retail, IT, telecom, and others utilize these solutions for securing their operations.

This report provides privileged access management solutions market statistics, including privileged access management solutions industry global market size, regional shares, competitors with privileged access management solutions market shares, detailed privileged access management solutions market segments, market trends and opportunities, and any further data you may need to thrive in the privileged access management solutions industry. This privileged access management solutions market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The global privileged access management solutions market has grown exponentially in recent years. It will grow from $3.36 billion in 2023 to $4.26 billion in 2024 at a compound annual growth rate (CAGR) of 26.9%. The growth observed during the historical period can be attributed to several factors including the need for regulatory compliance, heightened awareness of insider threats, the proliferation of privileged accounts, notable security breaches in high-profile incidents, and the inadequacy of traditional security measures.

The global privileged access management solutions market is expected to see exponential growth in the next few years. It will grow to $11.31 billion in 2028 at a compound annual growth rate (CAGR) of 27.6%. The projected growth in the forecast period is driven by various elements such as the expansion of remote workforces, heightened emphasis on vendor risk management, a stronger focus on data privacy, increased investment in cybersecurity initiatives, and enhanced international cooperation in cybersecurity efforts. Key trends expected in this period encompass increased cloud adoption, integration with identity and access management (IAM), the utilization of advanced analytics and AI, heightened security measures for remote work setups, the implementation of passwordless authentication methods, and a greater emphasis on user education and training.

The surge in concerns surrounding cyber threats is anticipated to drive the privileged access management solutions market. These threats encompass malicious activities aiming to disrupt digital stability, making privileged access management crucial. This solution aids in maintaining necessary access levels while enabling swift identification and remediation of privilege abuse-related threats. For instance, the FBI reported over 2,000 daily internet crime complaints and a total loss of $13.3 billion from 2016 to 2020, emphasizing the urgency for enhanced security solutions, thus propelling the market growth.

The escalating demand for remote work is poised to bolster the privileged access management solutions market. As remote work gains prevalence, these solutions offer heightened security, compliance, and productivity to remote workers. A survey by Upwork highlighted a surge in remote work projections, indicating 40.7 million professionals potentially working remotely in the next five years, up from 22.9% in 2020. This shift underscores the significance of access management solutions in supporting remote work setups, thereby stimulating market growth.

Technological advancements represent a key trend shaping the privileged access management solutions market. Industry leaders are heavily invested in R&D to innovate such solutions. CyberArk Software Ltd., for instance, introduced the CyberArk Cloud Entitlements Manager, leveraging AI to bolster cloud environment security. This tool uses AI to detect hidden permissions and assess risks, offering granular remediation options. Such innovations align with the market's evolving needs, driving growth through enhanced security provisions.
Major players in the privileged access management solutions market prioritize the development and launch of novel technologies. AlertEnterprise, Inc., unveiled the Guardian AI Chatbot in February 2023, powered by OpenAI ChatGPT, designed to provide instant security insights. This AI-driven chatbot delivers quick access and security insights related to physical access and safety reporting, enhancing operational efficiency.

In April 2022, Imprivata Inc. made a strategic move by acquiring SecureLink, aiming to bolster secure access to on-premises and cloud-based systems. This acquisition enriches Imprivata's capabilities to provide secure access across various devices and workstations.

Major companies operating in the privileged access management solutions market report are Arcon Techsolutions Private Limited, BeyondTrust Corporation, CA Technologies Inc., Avatier Corporation, CyberArk Software Ltd., Hitachi Ltd., Lieberman Software Corporation, Zoho Corporation Pvt. Ltd., Onion ID Inc., Osirium Technologies PLC, Peritus Inc., Remediant Inc., Silverfort Ltd., SolarWinds Corporation, SSH Communications Security corporation, Systancia SA, International Business Machines Corp., Micro Focus International PLC, Okta ASA, HashiCorp Inc., Broadcom Inc., StrongDM, Bitium Corporation, Keeper Security Inc., McAfee Corp., Netwrix Corporation, Quest Software Inc., Akamai Technologies Inc., ManageEngine Password Manager Pro

North America was the largest region in the privileged access management solutions market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the privileged access management solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the privileged access management solutions market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The privileged access management solutions market includes revenues earned by professional services, managed services, and other types. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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