Privileged Access Management Market size is estimated to reach USD 9 billion by the end of 2036, growing at a CAGR of 22% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of privileged access management was USD 3 Billion. This market expansion is set to be dominated by the rising threat of cyber-attacks. There are over 3999 new cyberattacks every day in the world. A corporation is attacked by ransomware every 14 seconds, and while about 550,000 new malware samples are discovered every day, these attacks can cause catastrophic financial losses. Hence, the need to adopt privileged access management is growing.
Additionally, there have been certain strict regulations set by the government in different countries to protect the general public and corporations from cyberattacks. For instance, in the case of Europe, the European Union created the European General Data Protection Regulation (EU-GDPR) as a security framework to shield its people's data from exploitation. Businesses that handle data connected to EU citizens, whether through automated systems or human processes, are required to abide by the GDPR. Therefore, with this, the market adoption for privileged access management is also projected to rise.
Growth Drivers
Challenges
Base Year |
2023 |
Forecast Year |
2024-2036 |
CAGR |
~22% |
Base Year Market Size (2023) |
~ USD 3 Billion |
Forecast Year Market Size (2036) |
~ USD 9 Billion |
Regional Scope |
|
Deployment Mode (On-Premises, Cloud)
The cloud segment in the privileged access management market is expected to gather the highest share of about 60% over the coming years. This growth of the segment is set to be influenced by the rising adoption of the cloud by organizations. By 2022, about five out of ten companies have shifted their operations to the cloud. Given the growth of the cloud computing sector, this tendency is probably going to continue in the years to come. However, potential cyber threats and access point complexity rise in tandem with cloud usage. Since the cloud is decentralized, several security risks must be addressed, which is why PAM is essential for protecting vital resources. PAM plays a role that goes beyond security as companies’ priorities are digital agility and cloud services. It helps with digital transformation while preserving data integrity, confidentiality, and compliance. PAM's market growth is being driven by the ongoing rise in cloud usage and digital transformation, which highlights the growing importance of PAM in the enterprise security framework.
Offering [Solution (Password Management, Session Management, Access Control, Privileged Identity Management, Compliance & Reporting) Services (Professional, Managed)]
The solution segment is projected to hold 60% share of the global privileged access management market during the forecast period. Among this segment is the access control segment is estimated to have the highest growth. This is to ensure it would be more difficult for threat actors to penetrate a network and obtain privileged account access. Privilege access management assists organizations in managing identities. Furthermore, it offers further protection to privileged groups that manage user access to domain-joined PCs and their programs. Additionally, PAM offers visibility, monitoring, and granular restrictions to help detect privileged administrators and track the usage of their accounts. Therefore, it is anticipated that these qualities will fuel the segment's growth.
Our in-depth analysis of the global privileged access management (PAM) market includes the following segments:
Offering |
|
Deployment Mode |
|
Enterprise Size |
|
Industry Vertical |
|
North American Market Forecasts
The North American privileged access management (PAM) market is poised to capture the highest revenue share of about 35% during the forecast period. The growth of the market is set to be influenced by the rise in the number of key PAM vendors in this region. Furthermore, this region is also observing a surge in mobile penetration which is further boosting the adoption of mobile services. For instance, in comparison to the global average of about 72%, North America's mobile penetration rate is expected to surpass over 90% by 2030. In both the US and Canada, the penetration rate will be approximately 92%, which is the highest. Moreover, 5G connections are expected to more than double to 447 million by 2030, representing about a 90% adoption rate. Hence, all these factors are expected to increase cyber risk which is why the market for privileged access management is growing. Additionally, the number of startups is also growing in this region which necessitates the use of privileged access management.
European Market Analysis
The European privileged access management market is also estimated to have notable growth in the coming years. The major factor to dominate the market growth in this region is the rising number of small & medium enterprises. SMEs constitute the backbone of the EU-27 economy, accounting for almost 98% of all firms in the Union. Cybercriminals find it simple to target small and medium-sized businesses, as they may undermine business continuity with methods including phishing and ransomware. However, PAM can safeguard these organizations from harmful attacks.
Author Credits: Abhishek Verma, Hetal Singh
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?