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Privileged Access Management Market Segmented By Industry that is BFSI, Government & Defense, Healthcare, Manufacturing, Energy and Utilities, Telecom and IT, Retail with Deployment such as On-Premises and Cloud
Privileged access management helps the organisations to manage privileged accounts in order to prevent data breaches, meet compliance regulations and protect their critical assets. Privileged accounts or privileged user accounts are significant targets for cyber-attacks as these accounts have ability to change settings, access to confidential information and elevated permissions.
The goal of privileged access management is to reduce opportunities for malicious users to get access to privileged accounts as nowadays, it is very easy for attackers to obtain Admin account credentials, whereas it is very difficult to discover such attacks after the fact. Thus the privileged access management helps the user to increase control and awareness of the environment.
At this moment, cloud service providers are playing a significant part. With the continuous advancements in technology and cloud security, more and more enterprises are going in for cloud services, be it cloud storage or SaaS (software-as-a-service).
For privileged access management software and solution vendors, cloud service providers create new opportunities in terms of providing cost-effective solutions to users. Cloud service providers can also assist privileged access management solution vendors to expand their business in multiple geographies without expanding their physical distribution channel.
Due to the pandemic COVID-19 most of the countries are following the state of lockdown, and all the organisations are either temporarily closed or the employees are working from their remote places. In such situation the privileged access management of active directory can become a significant challenge for any business.
In addition the employees can face problems of gaining access to tools, applications and documents. Thus the need arises to allow particular working groups in active directory to access files, and allow it’s sharing with co-workers in a secure environment to keep the data safe.
As most of the organisations rely on remote connectivity, it is essential for them to enforce access permissions for all remote users, which will drive the growth of the privileged access management market in such pandemic outbreak. Thus the market is anticipated to grow by 4-5% during Q2-Q3 2020.
Also, in response to the COVID-19 pandemic, service providers are taking special measures to fulfill the customer’s demand for cloud usage, due to sudden shift to a remote workforce. Amid global lockdowns due to COVID-19 outbreak the increasing work-from-home scenario, would drive the market for SaaS-based application by 1.4X during Q2-Q4 2020.
Increasing Security Threats to Boost Growth of the Privileged Access Management Market
The scale and frequency of data breaches are increasing all over the world. As a result, taking measures for breach prevention is becoming a high priority for IT department and security teams.
The privileged access management solutions come with security features particularly for active directory identities, owing to which these solutions serve as good prospects for decreasing the risks of data breaches. Hence, the demand of privileged access management solutions is anticipated to increase during the forecast period.
In addition, there have been strict privacy regulations that vary by region, industry, company, and even from person-to-person. Meeting organization’s privacy regulations has been a difficult task for companies. Privileged access management solutions have many capabilities such as providing the centralized data access governance policies that help ensure the compliance of regional data storage, data sharing consent, and other privacy mandates.
Legal Regulations and Requirements Hampering Growth of the Market
COPPA, HIPAA, PIPEDA, GDPR, PCI, are some of the laws and regulations that define how user data should be collected, managed, and stored depending upon specific use cases and particular geographic locations.
This makes it difficult for developers to stay aware about the recent changes in the laws and regulation section for the best practices, which is hampering the development process for the privileged access management market, and thus impacting the market growth.
Examples of some of the market participants in the global privileged access management market identified across the value chain include BeyondTrust Corporation, Thycotic , Centrify Corporation, Cyberark Software Ltd, Hitachi Id Systems, Inc., IBM Corporation, Micro Focus, One Identity LLC., among others.
Following are some key strategies and developments in the global privileged access management market:
North America privileged access management market is expected to be the highest revenue contributor owing to factors such as increasing popularity of mobile services across different sectors such as government, IT & Telecom and BFSI and penetration of internet users.
Whereas, East Asia is projected to exhibit the highest growth in the global market during the forecast period. Economic growth of developing countries, such as Japan and China, is complemented by the declining prices of software, hardware and other components.
The privileged access management market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The market report also maps the qualitative impact of various market factors on market segments and geographies.