The Privileged Access Management (PAM) Solutions Market witnesses
rapid revenue growth on the global platform. Increasing implementations of the
PAM solutions across verticals drive the market growth. Besides, the spurring
rise in healthcare, manufacturing, government & defense, IT &
telecommunication, retail, and energy & utilities sectors boost the market
value.
With rising cyber-attacks & malware and
increased adoption of BYOD policies in small and large enterprises, the market
is expected to garner significant gains in the next few years. In this
regard, Market Research Future (MRFR) asserts that 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.
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Key Players:
Key Companies in the
privileged access management (PAM) solutions market include,
- CA Technologies
- Wallix
- CyberArk
- Centrify
- ManageEngine
- ARCON
- Hitachi ID Systems
- Beyond Trust
- Thycotic
- Devolutions
- One Identity LLC
Additionally, augmented demand for PAM solutions in
eGovernance usages bolsters the market shares. Other key factors boosting
the market revenues include the growing digitization, internet usages, and the
proliferation of digital database management systems.
Also, rising security concerns in banking
activities are one of the key growth propellers. On the flip side, the lack of
technological breakthroughs and skilled technicians restricts the market's
growth.
Global PAM Management Solutions Market – Segments
The market is segmented into offering, component,
software deployment, enterprise size, end-users, and regions. The offering
segment is bifurcated into solutions (access management, identity management,
session monitoring & management, others) and services (maintenance &
integration, professional, consulting & training, and managed services)
The software deployment segment is bifurcated into
on-cloud and on-premises. The enterprise size segment is classified as small
& medium enterprises (SMEs) and large enterprises. The end-user segment is
bifurcated into BFSI, healthcare, government, manufacturing, energy &
utilities, IT & telecom, retail, and others. The region segment is
sub-segmented into Asia Pacific, North America, Europe, and the
Rest-of-the-World.
Privileged Access Management Solutions Market –
Geographical Analysis
North America is the largest market for privileged
access management solutions. Factors such as rapid growth in industrial sectors
and commercial units and rising big data needing higher protection drive the
market growth. Besides, the strong presence of key PAM solution providers, self-employed
individuals, and startups is a major driving force behind the regional market
growth.
Privileged Access Management (PAM) Solutions Market
– Competitive Landscape
The well-established PAM solutions market is
adorned by several large and small players having an international presence.
Matured players incorporate collaboration, acquisition, partnership, product
launch, and expansion to gain a competitive advantage in this market.
These Key players emphasize product innovation and
new processes, which is anticipated to fuel the intensified competition during
the forecast period. The PAM solutions market demonstrates a high growth
prospect, attracting several new entrants and intensifying the market
competition further.
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Privileged Access Management (PAM) Solutions
Industry Developments:
January: BeyondTrust announced the
acquisition of Centrify, a leading provider of PAM solutions. This acquisition
will combine the strengths of two leading PAM vendors, creating a more comprehensive
and integrated solution for organizations.
February: CyberArk released a new version
of its Privileged Access Manager (PAM) solution, with a number of new features
and enhancements. These features include support for cloud-based applications,
improved session management, and more robust reporting capabilities.
March: ManageEngine released a new
version of its Privileged Access Manager (PAM) solution, with a number of new
features and enhancements. These features include support for more operating
systems and applications, improved password management, and more granular
access control.
April: Devolutions released a new
version of its Password Manager Pro solution, with a number of new features and
enhancements. These features include support for more cloud-based applications,
improved password sharing, and more robust auditing capabilities.
May: Thycotic released a new version
of its Secret Server solution, with a number of new features and enhancements.
These features include support for more operating systems and applications,
improved password management, and more granular access control.
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