” the market is expected to grow at a CAGR of 19.7% to reach $2.3 billion by 2023. Enterprises need to be protected from unauthorized third party access into their information systems and even malicious attacks. This factor drives the Privileged Identity Management Market in the forecast period.
Americas dominates the Privileged Identity Management Market during the forecast period
Americas holds a major share of 42% in the Privileged Identity Management Market in the coming years. This is followed by Europe and Asia Pacific. Presence of more number of players in North America drives the market in the region. Asia Pacific, on the other hand, is expected to have the fastest growth. The countries in Asia pacific and Europe have more scope of growth in the future along with few developed countries.
Countries such as the US, UK, Canada, and Japan employ privileged identity management due to the presence of OS, DBAs, auditors, and external users. Security, monitoring, managing privileged accounts, and activities related to data center management are attributed to the growth of privileged access management across the globe.
Selected Regulatory Analysis done in the full report:
Large enterprises are the main adopters of privileged access management solutions. This is attributed to their presence in different geographical locations, widespread operations, and multiple regulatory requirements. In these enterprises, credentials and accounts can be misused by insiders. Developed countries mainly use the privileged identity management to protect against growing number of cyber-attacks. Data center consolidation, cloud computing, and outsourcing to protect the information from being misused by the vendors has spurred the growth of PIM solutions recently.
Large enterprises segment is expected to reach $1,373.5 million with a CAGR of 18.70% by 2023. This is due to the increasing demand of privileged account security from large scale enterprises in developed countries.
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Excerpts on Market Growth factors mentioned in the full report:
Bring Your Own Devices (BYOD) and work from home culture have become common in professional workplaces. These trends require an employee to use a portable workstation which becomes susceptible to cyber and non-cyber-attacks. PIM can control these vulnerabilities by managing the access controls.
Many cases of security breaches have been reported, where insiders have become a threat inside an organization. This factor has introduced the implementation of identity management system.
The government mandate for compliance with security breach protection has augmented the demand for the privileged user management.
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Key players of the Privileged Identity Management Market:
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