Privileged Access Management Solutions Market
WILMINGTON, DE, UNITED STATES, July 23, 2024 /
EINPresswire.com/ -- The
privileged access management solutions market size was valued at $2.47 billion in 2020, and is projected to reach at $19.73 billion by 2030, growing at a CAGR of 23.1% during the forecast period.
The adoption of global privileged access management solutions in healthcare is expected to witness a steady growth, owing to ongoing digitization in healthcare across the globe. Moreover, rise in adoption of IoT devices and surge in big data analytics usage further accelerates the market growth rapidly.
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Privileged access management system (PAM) is a combination of tools and technology intended to secure, monitor, and control admittance to critical information and resources of an enterprise. Privileged access management includes privileged session management, access password management, vendor privileged access management, and applications access management. Further, privileged access management software and tools are designed to gather credential information of privileged accounts, commonly known as system administrator accounts into a secure repository to lower risk of cyberattacks. Besides, government and private agencies are rapidly deploying privileged access solutions, owing to rise in number of cyberattacks on privileged user accounts globally, which is expected to offer immense market opportunities for the privileged access management solutions industry during the forecast period.
The major privileged access management solutions market trends include rise in adoption of cloud-based infrastructure across prime economies and government agencies, owing to emergence of hybrid cloud technology, and coupled with increase in government regulations against cyber risks. However, extreme cost associated with deployment and innovation technology of privileged access management solutions acts as a prime restraint for the privileged access management solutions market growth. Further, surge in need to enhance organization efficiency paired with a high risk of data breach due to insider threats is anticipated to provide lucrative opportunities for the privileged access management solutions industry during the forecast period.
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Region-wise, North America holds a significant share in the global solutions market. Moreover, surge in demand for privileged access management in government & private and BFSI sectors in Asia-Pacific is anticipated to boost growth of the privileged access management solutions market in this region.
The key players profiled in global market analysis include Arcon, Balabit Corporation, Beyondtrust, Inc., Ca, Inc., Centrify Corporation, Cyberark Software Ltd, Hitachi ID System Inc., Iraje Software, Krontech, Inc., and Wallix. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the privileged access management solutions market.
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