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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
The global privileged access management market was valued at US$ 2.73 billion in 2022 and is predicted to reach US$ 22.69 billion by the end of 2033, advancing at a high-value CAGR of 21.4% through 2033.
The term privileged access management (PAM) refers to a group of procedures, tools, and techniques used inside an organization to safeguard and control access to sensitive data, networks, and vital systems. It includes identifying, authenticating, authorizing, and keeping an eye on accounts with enhanced rights that have access to IT resources.
PAM solutions frequently include centralized control, auditing, and enforcement mechanisms to guarantee that privileged access is only allowed to those who need it, lowering the risk of unauthorized access, insider threats, and potential security breaches. To fulfill the growing demand for strong privileged access security across industries and organizations of all sizes, the market encompasses a variety of software and service products.
Privileged Access Management Market Size (2023)
US$ 3.28 Billion
Projected Market Value (2033)
US$ 22.69 Billion
Global Market Growth Rate (2023 to 2033)
Privileged Access Management Software Market Share (2022)
India Market Growth Rate (2023 to 2033)
Cloud-based Segment Growth Rate (2022)
“Increasing Cybersecurity Threats and Consequent Need to Protect Privileged Accounts”
Growing cybersecurity threats and the need to secure privileged accounts are boosting demand for privileged access management services. Privileged accounts are a top target for attackers because they provide them considerable control over important systems and sensitive data. They also have increased access privileges.
To reduce risks, businesses are establishing strong authentication, authorization, and monitoring methods through the use of PAM solutions. By utilizing cutting-edge strategies like session recording, session isolation, just-in-time access, and least privilege principles, PAM solutions go beyond simple password management. PAM solutions are increasingly in demand as traditional security measures become ineffective against sophisticated attackers as the cybersecurity landscape changes.
Why is Demand for PAM Solution Surging in the United States?
“Industry-specific Vulnerabilities Fueling High Demand for Privileged Access Management Solutions”
The United States held 28.1% of the global PAM market share in 2022.
Demand for PAM solutions in the United States is driven by increasing sector-specific risks. Industries such as healthcare, finance, and critical infrastructure face distinct security challenges due to the critical systems they operate and the sensitive data they manage, making them prime targets for cyberattacks. As a result, adoption of PAM solutions becomes imperative to mitigate these risks and safeguard valuable assets.
Organizations have prioritized robust PAM deployments as a result of the identification of sector-specific risks. PAM solutions offer the required defense against privileged account misuse and potential security breaches by implementing strict access controls, monitoring privileged actions, and adhering to regulatory standards particular to their industry.
Which Factors Make India a Highly Profitable Market for PAM Solution Providers?
“Rising Cloud Adoption and Notable Trend of Remote Working”
The Indian market is predicted to advance at a CAGR of 24.8% over the forecasted period.
The market in India is anticipated to expand as a result of India's rising cloud adoption and remote work trend. The attack surface is growing as companies in India use cloud services and make remote work options available, exposing enterprises to new cybersecurity dangers.
PAM solutions are essential for managing remote access to key systems and safeguarding privileged access to cloud resources. PAM solutions reduce the risks of unauthorized access by implementing efficient monitoring and authentication procedures across hybrid and multi-cloud systems. As a result, the necessity to improve security in the context of cloud adoption fueling the demand for PAM solutions in India.
How are Sales of PAM Solutions Shaping Up in China?
“Increasing Cyberattacks and Criminal Activities Necessitating Implementation of Strict Governance Processes”
The market in China is forecasted to surge ahead at a CAGR of 24.7% over the forecast period.
Sales of PAM solutions in China are growing rapidly due to escalating cybersecurity concerns. With the evolving cybersecurity landscape, including sophisticated cyberattacks, data breaches, and criminal activities, the vulnerabilities associated with privileged accounts have become apparent. As a result, organizations in China are recognizing the importance of robust PAM solutions to protect critical infrastructure, sensitive information, and intellectual property.
By investing in PAM solutions, companies aim to implement strict authentication, authorization, monitoring, and governance processes. Market expansion in China is driven by the increasing demand for effective measures in response to the country's growing cybersecurity concerns.
Why Does PAM Software Account for Such High Demand?
“Powerful Protection and Compliance Capabilities of PAM Software”
The PAM software segment occupied a dominant market share of 70.4% in 2022.
High demand for PAM software is being driven by its capacity to provide powerful security measures that fulfill the vital need for protecting privileged accounts and sensitive data. PAM software provides powerful authentication procedures, granular access controls, and real-time monitoring capabilities to ensure that privileged accounts and systems are only accessible to authorized users.
PAM software boosts organizational security by lowering the danger of insider attacks, identifying unauthorized activity, and simplifying compliance with regulatory requirements. As cybersecurity threats increase, the strong security measures provided by PAM software become critical for enterprises trying to protect their precious assets.
What is the Reason Behind the Widespread Adoption of Cloud-based PAM Solutions?
“Cloud-based PAM Solutions Enabling Rapid Deployment & Continuous Updates and Reducing Management Burden”
Cloud-based deployment of Pam solutions is set to expand at a CAGR of 22.9% between 2023 and 2033.
Rapid deployment and continuous updates offered by cloud-based PAM solutions drive their adoption. By leveraging existing cloud infrastructure and resources, organizations can quickly and easily deploy cloud-based PAM solutions.
The responsibility for software updates and upgrades lies with the vendor, enabling organizations to access the latest features, security enhancements, and patches without the burden of managing updates internally. This agility in deployment and ongoing updates saves time and allows organizations to promptly address emerging security risks. As a result, cloud-based PAM solutions are an attractive choice for enterprises seeking efficient and up-to-date privileged access management solutions.
PAM vendors are collaborating with technology partners to integrate their solutions with complementary technologies and establishing partnerships with resellers, system integrators, or managed service providers (MSPs) to extend their market reach and leverage their partners’ sales and distribution channels.
Recent developments related to key market players providing privileged access management solutions have been tracked by analysts at Persistence Market Research, which will be accessible in the full report.
2023 to 2033
Historical Data Available for
2018 to 2022
US$ Billion for Value
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
Available upon Request
By Enterprise Size:
The global privileged access management market was valued at US$ 2.73 billion in 2022.
In 2022, North America accounted for 28.1% of the global market share.
The market for privileged access management solutions is predicted to advance at 21.4% CAGR through 2033.
Demand for PAM solutions is forecasted to climb to a market value of US$ 22.69 billion by 2033 end.
Demand for PAM solutions in India is projected to rise at 24.8% CAGR over the forecast period.