Privileged Access Management (PAM) Solutions Market is expected to reach US$ 8.34 billion by 2030

Privileged Access Management (PAM) Solutions Market Analysis: Key Insights  

According to our latest study on "Privileged Access Management (PAM) Solutions Market Global and Regional Share, Trends, and Growth Opportunity Analysis – by Offering, Deployment, Enterprise Size, and Industry Vertical," the privileged access management (PAM) solutions market size was valued at US$ 2.46 billion in 2022 and is expected to reach US$ 8.34 billion by 2030; it is estimated to record a CAGR of 16.5% from 2022 to 2030. The rising threat of cyberattacks and protection against insider threats drives the privileged access management (PAM) solutions market. However, complex implementation and high cost hinder the growth of the privileged access management (PAM) solutions market.

The privileged access management (PAM) solutions market in Europe occupies a significant position as the second-largest market, primarily driven by security and regulatory compliance concerns in Germany, Italy, Spain, and other European nations. Implementing the General Data Protection Regulation (GDPR) across the European Union has significantly amplified the demand for PAM solutions in this region and are driving the privileged access management (PAM) solutions market. Moreover, the rise in the number of small and medium-sized businesses in Europe has contributed to implementing privileged access management solutions to ensure adherence to regulatory requirements. Within Europe, the privileged access management (PAM) solutions market in Germany currently holds the largest market share, highlighting the country's heightened focus on securing sensitive data and minimizing security risks. Concurrently, the privileged access management market in the UK is witnessing rapid growth, indicating the growing recognition of the crucial role of PAM in protecting valuable assets and mitigating potential security threats.

Increasing Demand for Protection Against Insider Threats Boosts Privileged Access Management (PAM) Solutions Market Growth

Protection against insider threats is a significant driving factor behind the increasing adoption of privileged access management (PAM) solutions. Insider threats involve cybersecurity risks from within an organization, typically involving employees, former employees, or individuals directly accessing the organization's network and sensitive data. These insiders know internal processes, company policies, and other malicious information that can be exploited. PAM solutions are instrumental in mitigating insider threats by implementing robust security measures. They enable organizations to monitor and control privileged access to critical resources, reducing the risk of unauthorized access and potential insider attacks. By implementing most minor privilege access policies, PAM software ensures that users are granted only the necessary privileges to perform their tasks, minimizing the potential for misuse.

Insider threats can have severe consequences for establishments, such as data breaches, theft of intellectual property, and disruption of operations. Consequently, adopting PAM solutions becomes crucial for safeguarding against these risks. PAM solutions offer features such as credential management, session monitoring, controlled command elevation, and secrets management for applications and devices. These capabilities assist organizations in detecting and preventing unauthorized privileged access, enhancing their overall security posture.

Privileged Access Management (PAM) Solutions Market: Segmental Overview

Based on offering, the privileged access management (PAM) solutions market is divided into solutions and services. The solutions and services segment within the privileged access management (PAM) solutions market encompasses a wide array of offerings tailored to meet the security requirements of organizations. These solutions and services are specifically developed to aid organizations in effectively managing and controlling privileged access to critical resources, thereby mitigating the risks associated with unauthorized access and potential insider threats. PAM solutions provide comprehensive features and functionalities that significantly bolster security across multiple domains. These include managed services, cloud access control, privileged account management, access governance, role-based access control, security information and event management, public critical infrastructure, and password management. Managed services are pivotal in providing ongoing support and maintenance for PAM solutions, ensuring organizations can access expert assistance and timely updates. Cloud-based PAM solutions offer notable advantages such as cost reduction, scalability, and operational efficiency, making them an appealing choice for organizations embracing a cloud-centric approach.

Privileged Access Management (PAM) Solutions Market Analysis: Competitive Landscape and Key Developments

ARCON, BeyondTrust Corporation, Broadcom, CyberArk Software Ltd., Delinea, Devolutions, IBM, Kron, ManageEngine, and One Identity LLC are a few of the key companies operating in the privileged access management (PAM) solutions market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.

• In December 2023, Delinea, a prominent provider of privileged access management (PAM) solutions, announced its involvement in the Microsoft Security Copilot Partner Private Preview program. The selection of Delinea for this program was based on its demonstrated expertise in working with Microsoft Security technologies, its eagerness to explore and provide feedback on advanced features, and its strong partnership with Microsoft. As part of the Microsoft Security Copilot Partner Private Preview, Delinea will have the opportunity to collaborate closely with Microsoft and contribute to developing cutting-edge functionality in privileged access management. This collaboration reflects Delinea's commitment to staying at the forefront of industry advancements and delivering top-notch solutions to its customers.
• In October 2023, Pax8, a renowned cloud commerce marketplace, has recently announced its collaboration with CyberFOX to deliver identity access management (IAM) solutions tailored for managed service providers (MSPs), with a specific focus on privileged access management (PAM). This partnership aims to provide MSPs with comprehensive IAM capabilities through CyberFOX's product, AutoElevate. CyberFOX offers a suite of solutions that includes AutoElevate and Password Boss, which play integral roles in an all-encompassing IAM security strategy encompassing risk monitoring, administration, and mitigation. These tools empower MSPs to effectively oversee and mitigate risks associated with user access to critical data and systems. The PAM solution, AutoElevate, equips MSPs to eliminate administrator rights and transition toward a more secure, most miniature privilege model, effectively balancing security and accessibility. This solution is now readily available on the Pax8 Marketplace, catering to the needs of MSPs in North America.

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