Global Privileged Access Management (PAM) Market – Introduction
- Privileged access management (PAM) solutions are specifically designed to secure, monitor, and manage privileged access. Privileged access management (PAM) solutions can easily map confidential credentials across hybrid & cloud environments, by saving substantial effort and time of security teams.
- Privileged access management (PAM) solutions can help enterprises in risk reduction by executing strong control over their most significant assets. After implementing a privileged access management (PAM) solution, enterprises can easily scan their systems to observe the reduction in the number of unprotected & unsecured systems.
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Impact of Coronavirus (COVID-19) on the Privileged Access Management (PAM) Market
Lockdowns across major regions (Europe, Asia, and North America) due to an increase in the spread of Coronavirus (COVID-19), has a positive impact on the privileged access management (PAM) market. Increasing demand to enforce social distancing from governments due to the highly contagious nature of Coronavirus (COVID-19) has encouraged enterprises to deploy work-from-home (WFH). Therefore, enterprises are focusing more on online activities that is expected to increase the cyber-threat. To overcome this threat, enterprises are focusing on deploying privileged access management solutions to secure their online accounts. Hence, this is positively impacting the adoption of privileged access management (PAM) worldwide.
Increasing Adoption of Cloud-based Infrastructure across Industries Driving the Privileged Access Management (PAM) Market
- Cloud-based infrastructure deployment has gained mainstream acceptance across industries in recent years. This is mainly due to the advancement of cloud infrastructure in recent times and the easy accessibility of cloud-based solutions along with reasonable pricing.
- A report of Cisco Global Cloud Index, 2016-17 stated that 92% of data center traffic would be on the cloud by 2022. Organizations are adopting cloud based solutions and services to manage their data centers and applications.
- Along with the increasing cloud deployment and growing concerns about cloud security, organizations are spending on security solutions and services for end to end security of cloud data. Cloud-based infrastructure is the game changer platform for small & medium enterprises to manage complexity and enabling cost effective access to information and technology. Therefore, cloud-based infrastructure significantly helping enterprises to adopt cloud-based privileged access management (PAM) platforms. This software or a platform delivers an easy pathway to securely store, exchange and segregate credentials (for both human as well as non-human users), and quickly provide accessible risk decline to the entire business.
Lack of Awareness about Novel Technologies Expected to Hamper the Global Privileged Access Management (PAM) Market
- Lack of awareness and understanding about the advantages of advanced solutions such as privileged access management is one of the significant reasons for variability of value of this software. Users are still unaware about the benefits of privileged access management (PAM) solutions specifically in developing nations. Hence, lack of awareness about novel technologies is expected to restrain the privileged access management (PAM) market.
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North America to Account for Major Share of the Global Privileged Access Management (PAM) Market
- In terms of region, the global privileged access management (PAM) market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America is anticipated to account for major share of the global privileged access management (PAM) market during the forecast period due to growing cyber-threats and data breach, indicating potential growth of the market in the region. Europe is expected to be the second largest market for privileged access management (PAM) from 2022 to 2030.
- Asia Pacific is projected to be a rapidly growing market for privileged access management (PAM) during the forecast period due to increasing digitization among enterprises, specifically in India, Japan, and China.
Key Players Operating in the Global Privileged Access Management (PAM) Market
- CyberArk Software Ltd
- BeyondTrust Corporation
- Centrify Corporation
- IBM Corporation
- OneLogin, Inc.
- Singular Security
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