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Market Synopsis 

As per Market Research Future (MRFR) analysis, the global privileged identity management market is expected to grow at approximately USD 6,200 million with a CAGR of 32% from 2017 to 2023 (forecast period). The research report provides a brief summary of the effects of COVID-19 on current/future market situations. The report describes some of the significant market factors that will affect the growth of this sector, such as market share, major region, and key players.

Privileged identity management is characterized as a sub-domain within identity management. It provides service to the special requirements of privileged accounts within the IT department of the company. It allows government and private entities to prevent sensitive information from hacking and malware that could damage the network.

Market Dynamics

Protection from increased cyber-attacks and malware is fuelling the growth of the privileged identity management market. As per the study, identity management solutions represent the largest market share in the privileged identity management market. The market for PIM is being fuelled by the increased acceptance of bring your own device (BYOD) in enterprises and managing the identities associated with a privileged account. BFSI and insurance vertical contribute to the largest market share in the PIM market. The study also indicates that session monitoring and management will play a vital role in the PIM industry.

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Market Segmentation

The global privileged identity management market has been segmented into component, installation type, deployment type, organization size, and vertical. 

Based on the component, the global privileged identity management market has been divided into solution and service. The solution segment has been further segregated into identity management, access management, session monitoring, and management. Service segment has been further segregated into professional services, implementation and integration, consulting, education and training, support and maintenance, and managed services.

Based on the installation type, the global privileged identity management market has been segmented into agent-based and appliance based.

Based on the deployment type, the global privileged identity management market has been segmented into cloud and on-premise. The cloud solution is expected to gain the largest market share by the deployment category.

Based on organization size, the global privileged identity management market has been segmented into small & medium enterprises and large enterprises. 

Based on vertical, the global privileged identity management market has been segmented into government & defense, healthcare, manufacturing, energy & utilities, IT & telecommunication, retail, and others.

Regional Analysis

The regional analysis of the global privileged identity management market is being studied for regions such as Asia Pacific, North America, Europe, and the Rest of the World. 

North American region is projected to account for the largest share of the privileged identity management market due to higher adoption of bring your own device (BYOD) technology and malicious software that can easily hack sensitive information. There is an increased acceptance of technologies, such as session monitoring and identity management. The Asia Pacific region is projected to account for the highest CAGR in the PIM market due to an improvement in IT infrastructure and an increase in cyber-attacks.

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Key Players       

The prominent players in the privileged identity management market are ARCON (India), Balabit (Hungary), BeyondTrust (U.S.), Bomgar Corporation (U.S.), CA, Inc. (U.S.), Centrify (U.S.), Core Security (U.S.), Cyberark (U.S.), Hitachi-ID (Canada), IBM Corporation (U.S.), among others.

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