Privileged Access Management Solutions Market Expected to Reach $19.73 Billion by 2030

According to a new report published by Allied Market Research, titled, “Privileged Access Management Solutions Market by Offering, Solution Type, Deployment Model, Enterprise Size, and Industry Vertical: Global Opportunity Analysis And Industry Forecast, 2021–2030,” 

The privileged access management solutions market size was valued at $2.47 billion in 2020, and is projected to reach at $19.73 billion by 2030, growing at a CAGR of 23.1% during the forecast period.

Privileged access management system (PAM) is a combination of tools and technology intended to secure, monitor, and control admittance to critical information and resources of an enterprise. Privileged access management includes privileged session management, access password management, vendor privileged access management, and applications access management. Further, privileged access management software and tools are designed to gather credential information of privileged accounts, commonly known as system administrator accounts into a secure repository to lower risk of cyberattacks. Besides, government and private agencies are rapidly deploying privileged access solutions, owing to rise in number of cyberattacks on privileged user accounts globally, which is expected to offer immense market opportunities for the privileged access management solutions industry during the forecast period.  

The major privileged access management solutions market trends include rise in adoption of cloud-based infrastructure across prime economies and government agencies, owing to emergence of hybrid cloud technology, and coupled with increase in government regulations against cyber risks. However, extreme cost associated with deployment and innovation technology of privileged access management solutions acts as a prime restraint for the privileged access management solutions market growth. Further, surge in need to enhance organization efficiency paired with a high risk of data breach due to insider threats is anticipated to provide lucrative opportunities for the privileged access management solutions industry during the forecast period.

The on-premises segment accounted for the significant privileged access management market share in 2020. The BFSI and government & private sector segments collectively accounted for around 49.0% market share in 2020. Surge in adoption of hybrid cloud technology application across large enterprises has led to growth of this segment; thereby, enhancing the market growth.

Emergence of COVID-19 has significantly increased growth of the cybersecurity market, subsequently increasing demand for privileged access management technology across the globe. However, partial or complete lockdown in various regions has significantly impacted growth of the privileged access management solutions market, owing to lack of availability of a skilled workforce during the pandemic. Moreover, rise in investments from various prime industries is expected to hamper market growth in the coming years. Besides, the IT & telecommunication sector has witnessed prominent growth during and post-pandemic for the privileged access management solutions industry. 

Region-wise, North America holds a significant share in the global solutions market. Moreover, surge in demand for privileged access management in government & private and BFSI sectors in Asia-Pacific is anticipated to boost growth of the privileged access management solutions market in this region.

Key Findings Of The Study

• In 2020, the government & public sector segment accounted for maximum revenue and is projected to grow at a notable CAGR of 21.5% during the forecast period.
• The large enterprises segment of the privileged access management solutions market is projected to grow at a CAGR of 22.6% during the forecast period.
• Asia-Pacific contributed major share in the privileged access management solutions market, accounting for more than 26.1% share in 2020.

The key players profiled in global market analysis include Arcon, Balabit Corporation, Beyondtrust, Inc., Ca, Inc., Centrify Corporation, Cyberark Software Ltd, Hitachi ID System Inc., Iraje Software, Krontech, Inc., and Wallix. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the privileged access management solutions market.