Privileged Identity Management Market Growth Rate, Future Scope, Analysis
Posted by shweta raj on January 15th, 2021
Privileged Identity Management Market, By Component (Solution, Service), By Installation Type (Agent Based, Appliance Based), By Deployment (Cloud, On-Premise), By Organization Size (Small & Medium Enterprises, Large Enterprises) – Global Forecast 2023
According to Market Research Future (MRFR) report, the privileged identity management market is estimated to reach approximately USD 6,200 million by 2023. The global will observe phenomenal growth at 32% CAGR during the forecast period (2017-2023). It has been noted that enterprises face serious threats when privileged account users share their privileged identity with another person, which in turn, leads to easy access to critical applications. This situation gives rise to need for advanced user activity monitoring solutions in enterprises, such as privileged identity management system. This system helps these companies to record all activities, identify any suspicious activity and take appropriate action to mitigate risks. MRFR’s report identifies the accelerating cases of insider threats to be one of the main drivers for the global privileged identity management market growth till 2023. Also, these cases have motivated many vendors to provide a facility where enterprises can limit the access to Active Directories, and Linux, Windows, and UNIX systems. In addition, increased adoption of bring your own device (BYOD) in enterprises and management of identities associated with privileged account have led to the market expansion globally.
The high cost of setting up the PIM system restrains the market growth. However, the various benefits associated with the system act as catalysts in the already burgeoning market growth. This can be ascertained due to the increasing frequency of sophisticated insider attacks on critical infrastructure, which paves way for the demand for PIM systems.
The global privileged identity management market is segmented on the basis of component, installation type, deployment, and organization size.
The component segment is sub-segmented into solution and service. The solution is further segmented into identity management, session management and monitoring management and access management. The identity management system enables an organization to identify an individual in the enterprise and regulate their access to resources by coupling user rights and restriction with the established identity. Hence, there is massive demand for this system in enterprises owing to the advantages it offers.
By installation type, the global market is segmented on the basis of agent based and appliance based. The appliance based installation provides a tightly controlled system where only the essential tools and utilities are installed. This ensures the integrity of the system in the long-run.
By deployment, the market is segmented on the basis of cloud and on-premise. Cloud deployment is expected to be the fastest-growing segment in the privileged identity management market, as it benefits enterprises with increased scalability, speed, 24/7 services, coupled with enhanced management capabilities. Cloud-based privileged identity management solutions are available in accordance with customer’s demand, wherein at will, customers can start or stop any service.
The organization sizes in the global market are small & medium enterprises, and large enterprises. Privileged identity management system is used in large enterprises as it helps thwart insider threats and also improve security across complex enterprises. It is specifically designed to cater to security issues of the ever-expanding enterprises without sacrificing ease of use and user productivity, which are highly crucial in large enterprises with large number of employees.
By vertical, the market is segmented on the basis of healthcare, manufacturing, government & defense, retail and others. Healthcare organizations need to protect themselves from unauthorized application use, misuse of passwords and employees transferring files between work and personal computers. Hence, healthcare enterprises make use of the PIM systems to improve the methods of authentication to privileged accounts.
The global privileged identity management market is geographically segmented on the basis of Asia Pacific, North America, Europe and Rest of the World.
Among all regions, North America region is anticipated to account for the largest market share owing to elevated adoption of bring your own device (BYOD) technology and growing malicious attacks on sensitive information. Moreover, there is an increased adoption of solution such as session monitoring and management and identity management in order to curb such threats in several enterprises across the region.
Asia-Pacific region, on the other hand, is estimated to grow at the highest CAGR due to increasing information technology (IT) infrastructure and increasing cases of cyber-attacks. Furthermore, growing investments by government organizations in PIM solutions has led to the positive outlook of the market in the region.
The Europe market is exhibiting massive potential due to various mergers and acquisition and collaborations between market players. The companies are constantly indulging in various strategic activities along with technological innovations that enhance the product performance. These factors have led to increase in demand for PIM systems in a vast array of organizations in the region, wanting to make optimum use of the benefits offered by the system.
ARCON (India), Balabit (Hungary), Beyond Trust (U.S.), IBM Corporation (U.S.), Bomgar Corporation (U.S.), CA, Inc. (U.S.), Centrify (U.S.), Core Security (U.S.), Cyberark (U.S.), and Hitachi-ID (Canada) are among some of the key players in the global privileged identity management market.
Identity Automation, a leading provider of Access Management (AM), Identity Governance (IGA), and Multi-Factor Authentication (MFA) software, will be acquiring Health Cast Inc. in the latter half of 2018. This acquisition entails combining Identity Automation’s automated lifecycle management, federated single sign-on (SSO), and privileged identity management with Health Cast’s healthcare expertise and best-in-class eSSO solution. It has been a smart move to join forces for both the organizations, as the acquisition marks the shift towards solutions that centralize, streamline, as well as secure access to healthcare records for an increasingly mobile workforce.
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About the Authorshweta raj
Joined: July 2nd, 2020
Articles Posted: 481
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