According to Stratistics MRC, the Global Privileged Identity Management market is accounted for $2.15 billion in 2019 and is expected to reach $17.25 billion by 2027 growing at a CAGR of 29.7% during the forecast period.
Rising cautionary of data theft due to insider occurrences, need to improve organization productivity and government monitoring agreements are the major factors driving the market growth. However, high cost of innovation and implementation is restraining the market growth.
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Privileged Identity Management market is a subset of identity management for monitoring and protection of user accounts in Information Technology (IT) environments. Privileged Identity Management (PIM) refers to safe password management solutions that which controls administration operations in database. Privileged Identity Management (PIM) solution helps enterprise to control in and out premise threats by centrally handling and reviewing the use of privileged access credentials across various platforms. Privileged Identity Management (PIM) solutions are widely used by end users to secure audit, management and monitor all the activities associated to privileged accounts. Privileged Identity Management (PIM) controls the most fundamentals of Information Technology (IT) such as deployment and configuration. Due to increasing adoption of bring your own device (BYOD) technology in enterprise and the efforts of managing the credentials or identities associated with each super user account, privileged identity is becoming major point of concern for organizations.
Based on organization size, the large enterprises segment accounted for considerable market share during the forecast period due to the growing need for multi-factor authentication (MFA) for privileged accounts in large enterprises. Additionally, the rising number of insider threats is resulting in an increased adoption of privileged identity management system in this segment.
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By geography, North America held largest market share during forecast period due to rising adoption of Privileged Identity Management (PIM) in several large enterprises and the growing investments by government organizations in Privileged Identity Management (PIM) solutions.
Some of the key players profiled in the Privileged Identity Management Market include Iraje, Lieberman Software, Micro Focus NetIQ, NRI SecureTechnologies, ARCON, BeyondTrust, Bomgar, CA Technologies, Centrify, CyberArk Software, Hitachi ID Systems, IBM, ObserveIT, Onion Id, Oracle Corporation, Osirium, Quest Software, Silverlake Mastersam, Simeio Solutions and Thycotic.
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Installation Types Covered:
Deployment Modes Covered:
• Hybrid Cloud
Organization Sizes Covered:
• Small and Medium Enterprises (SMEs)
• Large Enterprises
End Users Covered:
• Banking, Financial Services and Insurance (BFSI)
• Energy and Utilities
• Government & Defense
• Healthcare & Pharmaceutical
• Telecom and Information Technology (IT)
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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– Strategic recommendations for the new entrants
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