Privileged Access Management Market

Market Study on Privileged Access Management: Demand for Cloud-based PAM Solutions to Rise Significantly

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

Report ID: PMRREP31560

Number of Pages: 250

Format: PPT*, PDF, EXCEL

Industry: IT and Telecommunication

Published Date: July-2023

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Market Size (2024 to 2033)

The global privileged access management market was valued at US$ 3.28  billion in 2023 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.

  • North America held 28.1% share of the global market in 2022 and is projected to retain its leading position over the forecast period.
  • The Western European region accounted for 21.3% of the market share in 2023.

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.

Attribute Details

Market Size (2024)

US$ 3.98 Billion

Projected Market Value (2033)

US$ 22.69 Billion

Global Market Growth Rate (2024 to 2033)

21.4% CAGR

Privileged Access Management Software Market Share (2023)


India Market Growth Rate (2024 to 2033)

24.8% CAGR

Cloud-based Segment Growth Rate (2023)

14.2% CAGR

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Why is Demand for Privileged Access Management Market Solutions Skyrocketing?

“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.

  • In May 2023, CyberArk, an identity security company, introduced the CyberArk Secure Browser, with a flexible, identity-based approach to safeguarding employee and third-party access to company resources, this first-of-its-kind identity security web browser enables organizations to better protect themselves against threats.
  • In April 2021, Thycotic, a prominent global provider of PAM solutions, and Centrify, a leading provider of modern Privileged Access Management solutions, announced the successful completion of their previously announced merger, creating a leading vendor in cloud identity security. The newly formed company, operating temporarily as Thycotic Centrify, has commenced integration efforts.
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Country-wise Insights

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 2023.

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.

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Category-wise Insights

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.

Competitive Landscape

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.

  • In June 2023, NETAND, South Korea's leading PAM and IM solution vendor, built its first regional office in Singapore to enhance its offerings in the Southeast Asia market and use the representative office as an ASEAN hub.
  • In April 2023, Wallix, a PAM cybersecurity company, announced a new sales agreement with Britive to provide comprehensive PAM functionality and strengthen cloud security. For both on-premise infrastructure environments and cloud infrastructure environments, the alliance seeks to deliver a holistic PAM approach.
  • In February 2023, Procyon launched its next-generation cloud-based PAM solution for multi-cloud identity and access management, alongside announcing US$ 6.5M in funding.

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.

Privileged Access Management Industry Report Scope

Attribute Details

Forecast Period

2024 to 2033

Historical Data Available for

2018 to 2023

Market Analysis

US$ Billion for Value

Key Regions Covered

  • North America
  • Latin America
  • East Asia
  • South Asia and Pacific
  • Western Europe
  • Eastern Europe
  • Central Asia
  • Russia & Belarus
  • Balkan & Baltic Countries
  • Middle East and Africa (MEA)

Key Countries Covered

  • United States
  • Canada
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia & New Zealand
  • GCC Countries
  • Türkiye
  • Israel
  • Northern Africa
  • South Africa

Key Market Segments Covered

  • Solution
  • Deployment
  • Enterprise Size
  • Industry
  • Region

Key Companies Profiled

  • IBM Corporation
  • Delinea
  • Iraje Software
  • Senhasegura
  • Wallix
  • Sectona
  • Broadcom (Symantec)
  • Krontech
  • HashiCorp
  • One Identity
  • Centrify Corporation
  • Oracle Corporation
  • BeyondTrust, Inc.
  • Quest Software Inc.
  • Cyberark Software Ltd.
  • ObserveIT
  • Zoho Corp (ManageEngine)
  • Micro Focus NetIQ


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Key Segments of Privileged Access Management Industry Research

By Solution:

  • Privileged Access Management Software
  • Services
    • Professional Services
      • Consulting
      • Integration & Implementation
      • Support & Maintenance
    • Managed Services

By Deployment:

  • Cloud-based
  • Web-based
  • On-premise

By Enterprise Size:

  • Small Offices (1 to 9 Employees)
  • Small Enterprises (10 to 99 Employees)
  • Medium-sized Enterprises (100 to 499 Employees)
  • Large Enterprises (500 to 999 Employees)
  • Very Large Enterprises (1,000+ Employees)

By Industry:

  • Finance
    • Banking
    • Insurance
    • Investment/Securities
  • Manufacturing & Resources
    • Discrete Manufacturing
    • Process Manufacturing
    • Resource industries
    • Agriculture
  • Distribution Services
    • Retail
    • Wholesale
    • Transportation/Logistics Services
    • Warehousing & Storage
    • Shipping
  • Services
    • IT/Professional Services
    • Consumer & Personal Services
    • Media, Entertainment, & Publishing
    • Travel & Hospitality
    • Legal Services
  • Public Sector
    • Government (State/Central)
    • Education
    • Healthcare
    • Aerospace & Defense
    • Non-Profit
  • Infrastructure
    • Telecommunication
    • Energy & Utilities
    • Building & Construction

By Region:

  • North America
  • Latin America
  • East Asia
  • South Asia and Pacific
  • Western Europe
  • Eastern Europe
  • Central Asia
  • Russia & Belarus
  • Balkan & Baltic Countries
  • Middle East and Africa (MEA)

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Companies Covered in This Report

  • IBM Corporation
  • Delinea
  • Iraje Software
  • Senhasegura
  • Wallix
  • Sectona
  • Broadcom (Symantec)
  • Krontech
  • HashiCorp
  • One Identity
  • Centrify Corporation
  • Oracle Corporation
  • BeyondTrust, Inc.
  • Quest Software Inc.
  • Cyberark Software Ltd.
  • ObserveIT
  • Zoho Corp (ManageEngine)
  • Micro Focus NetIQ

Frequently Asked Questions

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.

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