Privileged Access Management (PAM) Solutions Market
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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