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(Hosting-NewsWire.com, November 13, 2023 ) According to a research report "Privileged Access Management Market by Offering, Deployment Mode (On-Premises and Cloud), Vertical (BFSI, Government, IT & Ites, Healthcare, Telecommunications, Manufacturing, Energy & Utilities, Retail & Ecommerce) and Region - Global Forecast to 2028" published by MarketsandMarkets, the global Privileged Access Management (PAM) market size is projected to grow from USD 2.9 billion in 2023 to USD 7.7 billion by 2028 at a CAGR of 21.5% during the forecast period. The market for PAM has seen significant expansion due to the rapid adoption of digital transformation and cloud technologies, increasing concerns over account and password sharing, the rising threat from insider activities, and enhanced compliance with regulatory standards.
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By vertical segment, the healthcare vertical will grow at the highest CAGR during the forecasted period.
The healthcare vertical is anticipated to have the highest CAGR in the PAM market, primarily driven by the increasing digitization of health records and the rising reliance on connected medical devices. This digital transformation, while improving efficiency and patient care, also introduces vulnerabilities. Privileged accounts in the healthcare system provide access to sensitive patient data, medical histories, and billing information, making them prime targets for cyber adversaries. Moreover, regulatory frameworks like the HIPAA mandate stringent data protection measures, pressuring healthcare organizations to bolster their cybersecurity infrastructure. Additionally, the recent surge in cyberattacks targeting healthcare institutions, particularly ransomware, has further underlined the urgent need for robust PAM solutions. The increasing realization of these vulnerabilities and the need to comply with regulatory standards drive the healthcare vertical to invest heavily in PAM solutions, resulting in its dominant growth trajectory in the market.
By offerings, the professional services segment holds the largest market size during the forecast period.
The professional services segment is anticipated to hold the largest market size during the forecasted period. This prominence is attributed to certain factors. Firstly, implementing PAM solutions requires a nuanced understanding of an organization’s IT infrastructure, necessitating consultation, integration, and post-deployment services. Businesses, particularly those without a robust in-house IT team, often turn to professional services to seamlessly integrate PAM tools into their existing systems. Secondly, as cyber threats evolve, there is a growing demand for regular audits, training, and maintenance services to ensure that PAM systems remain robust and up-to-date. Further, as regulations and compliance requirements around data protection become more stringent, companies are leaning on professional services to guarantee that their PAM solutions comply with the latest standards. Consequently, these factors collectively contribute to the anticipated growth and predominance of the professional Services segment in the PAM market during the forecasted period.
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By region, the Asia Pacific market is to grow at the highest CAGR during the forecast period.
The Asia Pacific region, encompassing well-established economies like China, Japan, Australia, and New Zealand and emerging countries like India and Singapore, are poised for the most significant CAGR during the anticipated period. This anticipated surge can be attributed to several factors. Firstly, the region is witnessing rapid technological advancements and a swift digitization pace, particularly in emerging economies such as India. Secondly, as businesses in the area continue to expand, there is a growing emphasis on safeguarding critical data from internal and external threats, driving the demand for robust PAM solutions. Furthermore, increasing awareness about cyber threats, coupled with regulatory pressures to bolster data security measures, is propelling the adoption of PAM systems. Lastly, the region’s IT infrastructure is expanding, and the accelerated shift to cloud services necessitates advanced security measures, making PAM solutions pivotal for businesses aiming to protect privileged accounts from potential breaches.
Fortinet (US), Beyond Trust (US), CyberArk (US), Broadcom (US), Imprivata (US), Optiv Security (US), Okta (US), IBM (US), Micro Focus (OpenText) (UK), ManageEngine (Zoho) (US), Hashi Corporation (US), One Identity (US), ARCON (India), Netwrix (US), Delinea (US), Wallix (France), Saviynt (US), Senhasegura (Brazil), KronTech (Turkey), miniOrange (US), EmpowerID (US), StrongDM (US), CyberSolve (US), Opal Security (US), Foxpass (US), Secureden (US), RevBits (US), Silverfort (Israel), and IDM Technologies (UAE) are the key players and other players in the PAM market.
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