Market Analysis
The global privileged identity management market size is predicted to touch USD 534.37 mllion at a whopping 29.3% CAGR between 2020- 2030, states the recent Market Research Future (MRFR) analysis. Privileged identity management or PIM accounts, simply put, are managed, secured, rotated, and audited to ensure strict security measures are put in place against future data breaches due to unauthorized access.
Various factors are propelling the global privileged identity management market share. According to the recent MRFR report, such factors include the rising adoption of BYOD, increasing cases of insider threats, government monitoring agreements, need to improve the productivity of the organization, and finest observes implementation.
On the contrary, high set up costs of PIM systems, frequent alterations in regulations, and the impact of the ongoing COVID-19 pandemic may limit the global privileged identity management market growth over the forecast period.
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Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global privileged identity management market based on organization size, deployment, installation type, component, and vertical.
By component, the global privileged identity management market is segmented into service and solution. The solution is again segmented into access management, monitoring management, session management, and identity management. Of these, the identity management system will lead the market over the forecast period.
By installation type, the global privileged identity management market is segmented into appliance-based and agent-based. The appliance-based installation type is predicted to dominate the market over the forecast period.
By deployment, the global privileged identity management market is segmented into on-premise and cloud. Of these, the cloud deployment segment will have a major share in the market over the forecast period.
Based on organization size, the privileged identity management market is segmented into large enterprises, small and medium enterprises. Of these, large enterprises will command the largest share in the market over the forecast period.
By vertical, the global privileged identity management market is segmented into retail, government and defense, manufacturing, healthcare, and others. Of these, the healthcare segment will spearhead the market over the forecast period.
Key Players
Leading players profiled in the global privileged identity management market report include IBM Corporation (U.S.), Hitachi-ID (Canada), Cyberark (U.S.), Core Security (U.S.), Centrify (U.S.), CA, Inc. (U.S.), Bomgar Corporation (U.S.), BeyondTrust (U.S.), Balabit (Hungary), and ARCON (India).
Regional Analysis
Based on the region, the global privileged identity management market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, the Rest of the World (RoW). Of these, North America will dominate the market over the forecast period. Surging use of BYOD (bring your own device) technology, rising malicious attacks on sensitive information, and growing adoption of solutions like identity management session monitoring and management to reduce threats in different enterprises are factors that may limit the global privileged identity management market growth in the region.
The global privileged identity management market in the APAC region is predicted to grow at a fast pace over the forecast period. Increasing investments in PIM solutions by government organizations, rising cases of cyberattack, and growing information technology (IT) infrastructure are adding to the global privileged identity management market growth in the region.
The global privileged identity management market in Europe is predicted to have sound growth over the forecast period. Various collaborations and mergers acquisitions between leading industry players, constant technological innovations to improve product performance, and surging demand in different organizations wanting to reap the perks offered by PIM systems are adding to the global privileged identity management market growth in the region.
The global privileged identity management market in the RoW is predicted to have steady growth over the forecast period.
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