The global privileged identity management market will touch USD 6200 million at a 32% CAGR by 2023, states the latest Market Research Future (MRFR) report.
Increasing Emergence of Intelligence-based Privileged Identity Management Solutions to Boost Market Growth
The increasing emergence of intelligence-based privileged identity management solutions will boost market growth over the forecast period.
Eminent industry players profiled in the global privileged identity management market report include ARCON (India), Balabit (Hungary), Beyond Trust (U.S.), IBM Corporation (U.S.), Bomgar Corporation (U.S.), CA, Inc. (U.S.), Centrify (U.S.), Core Security (U.S.), Cyberark (U.S.), and Hitachi-ID (Canada), among others.
The global privileged identity management market is both fragmented and also competitive due to the presence of several international as well as domestic industry players. These players have utilized innumerable innovative strategies for staying at the vanguard and also sufficing to the surging need of the customers including contracts, partnerships, collaborations, contracts, new product launches, joint ventures, geographic expansions, and more. Further, they are also investing in numerous research and development activities.
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Rising Instances of Data Thefts to offer Robust Opportunities
The rising instances of data thefts and cyber-attacks in organizations will offer robust opportunities for the market over the forecast period.
Besides, different innovations like the development of SaaS-based PIM solutions that provide pay-per-model, instant access, and automated updates to users, the widespread adoption of AI-based PIM solutions, as well as the emerging trend of BYOD in organizations are also adding market growth.
High Set-Up Cost to act as Market Restraint
The high setting up cost of privileged identity management systems may act as market restraint over the forecast period.
Lack of Awareness regarding Emerging Security Threats to act as Market Challenge
The lack of awareness regarding emerging security threats may act as market challenge over the forecast period.
The global privileged identity management market is bifurcated based on component, installation type, deployment, and organization size.
By component, the solution segment will lead the market over the forecast period.
By installation type, the privileged identity management market is segmented into appliance based and agent based.
By deployment, the cloud segment will dominate the market over the forecast period.
By organization size, the large enterprise segment will spearhead the market over the forecast period.
North America to Head Privileged Identity Management Market
North America will head the privileged identity management market over the forecast period. Increasing adoption of BYOD to the organization, malicious software rise that is leading to the hacking of sensitive information easily, the escalation in the adoption of session monitoring management and identity management projects, increased adoption of solution like session monitoring and management as well as identity management to curb such threats in various enterprises across the region, increase in government compliance, several federal agencies in the US having implemented strict authentication standards for their employees for accessing government IT infrastructure and networks like hardware-based personal identity verification cards, and increasing cyber-security concerns among organizations are adding to the global privileged identity management market growth in the region.
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