Published on: March 23, 2020
The privileged access management (PAM) solutions market size is forecast to increase by USD 10.71 billion at a CAGR of 34.08% between 2023 and 2028. Privileged access management (PAM) solutions provide organizations with the ability to secure, monitor, and manage access to critical systems and data by privileged users. With the rise of insider threats and cyber threats, PAM has become a crucial component of cybersecurity frameworks and risk mitigation strategies.
The market's growth hinges on several factors, notably the need for multi-factor authentication (MFA) to secure privileged accounts, the escalating occurrence of insider threats, and the mounting pressure to comply with regulatory standards. These factors underscore the critical need for robust security measures to safeguard sensitive information and systems. Implementing MFA for privileged accounts is increasingly seen as a crucial step in fortifying cybersecurity defenses against unauthorized access and breaches. As insider threats continue to pose significant risks, organizations are prioritizing MFA as a proactive security measure. Moreover, adherence to regulatory standards is non-negotiable, driving the adoption of MFA solutions to ensure compliance and protect against data breaches.
Key trends in the PAM market include the integration of PAM solutions with cloud environments, digital transformation initiatives, and the adoption of granular security controls. There is also a growing emphasis on insider threat detection and risk management capabilities.
The increasing frequency and sophistication of cyber threats, such as ransomware attacks and data breaches, is driving PAM market growth. Financial institutions, healthcare institutions, and other organizations prioritize PAM solutions to enhance security measures and comply with regulatory standards.
Challenges facing the privileged access management market include the complexity of implementing PAM solutions, ensuring compliance with industry regulations, and addressing insider threats effectively. Organizations must also navigate the evolving threat landscape and adopt proactive security measures to mitigate risks.
Opportunities in the privileged access management market can be found in the development of innovative PAM solutions that address emerging cybersecurity threats and regulatory requirements. Cloud computing, digitalization, and automation present opportunities for PAM vendors to enhance data management and business processes.
Technavio’s market research on this industry provides a detailed analysis of the market landscape, providing data on product types, regional markets, sales channels, and more.
Our PAM market segmentation covers topics such as:
Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in North America is experiencing significant growth due to the increasing need for robust access controls. Authorized personnel in sectors such as services and industrial are implementing these solutions to mitigate insider threats and protect against external adversaries. Regulatory compliance, such as GDPR, CCPA, and HIPAA, is also driving demand for privileged access management. These solutions secure administrator access, service accounts, and system-specific super users, safeguarding against cyber adversaries and potential breaches. Real-time monitoring and session recording further enhance security measures, providing an additional layer of protection against privileged account misuse.
Technavio's PAM industry reports monitor the leading players in the global market along with their current and forecasted market share. Our analysis covers regional and global companies. Some of the top companies covered in our PAM market reports include:
In order to provide you with a comprehensive view of the PAM industry, our experts analyze the market from many different perspectives. Our reports help identify opportunities, risks, key competitors, and more, helping you make timely, informed decisions to optimize your position in the market.
Technavio reports insights include:
FAQ on the PAM Market:
1.How do I identify key trends in the PAM market?
Technavio’s market research reports provide an analysis of current trends and how they are affecting the market. We also identify market drivers and challenges to help you discover opportunities and avoid pitfalls.
2.How do I decide which segments of the PAM market to focus on?
Every Technavio report includes detailed segmentation insights, breaking down the market in terms of product type, geography, sales channels, and more. And if you’re looking for something a little more specific, our Custom Research Solutions can tailor any report to meet your unique needs.
3.Who are the major players in the PAM market?
We provide detailed profiles on the biggest competitors in the market, including data such as business divisions, product offerings, and news. Our reports also include an overview of the competitive landscape as a whole, including the risks and opportunities that it presents.
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