Increasing threat of cyberattacks using internal corporate authorization to bolster demand for Privileged Identity Management solutions; digitization of banking and telecom services on mobile devices to boost the market growth

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OVERVIEW

Privileged Identity Management Market is expected to reach USD 17,068.5 million by the end of 2026.

Bizlytik analysts forecast the global Privileged Identity Management market to grow at a CAGR of 29.1% during the forecast period, according to their latest market research report.

Privileged Identity Management solutions are exclusively built to monitor closely, control, and permit the access of specific individuals to sensitive corporate information available in privileged accounts. The Privileged Identity Management (PIM) software offers insight into the access pattern of users, as well as determine limited access for individual employees within a stipulated period.

The rising need to improve organizational efficiency for compliance with federal safety regulations and the increasing threat of cybersecurity attacks using internal corporate authorization are the influential primary factors that would bolster the growth prospects of the market during the forecast period. The demand for oversight over the handling of secure enterprise resources has also led to a high incorporation rate for Privileged Identity Management solutions, as more and more companies look to create reliable security networks against potential malicious activities. The software solutions further help an organization to track and monitor employee activities during the entire duration of the privileged access, enabling quick remedial actions in case of any attempts of a data breach. Such software features that ensure complete control over the authorization procedures of individual entities within a defined structure would bolster product demand and propel the prospects of market growth during the forecast period. The rise in the digitization of banking and telecom services on mobile devices would offer key vendors with new opportunities for solution application and business expansion over the forecast period.

The ongoing implications of the Covid-19 pandemic have effectively closed down almost all office complexes and financial institutions. The employees have translated mainly to a remote working model of operations. The significant hurdles to the resumption of full-time operations with entire staff and limitations of financial spending on procurement of advanced PIM solutions would act as potential barriers to the prospects of market growth in the Covid-19 landscape. The remote working models have, however, initiated a surge in employees accessing the information on personal devices that are not very highly secured and is easily susceptible to cybersecurity threats. In such a scenario, the role of PIM solutions has been substantially increased, as it performs the critical functions of blanket insulation for corporate networks against external threats and attempts of security breaches.

On-Premises and Cloud-Based are covered in the Type segment of the market. In contrast, the Application segment is categorized into BFSI, Telecom & IT, Healthcare, Manufacturing, Energy & Utilities, Government & Defense, Retail, and Others. The report covers the overall value of the market, both in terms of Type and Application.

North America, Europe, Asia Pacific, South America, and Middle East & Africa are taken into consideration while arriving at the global volume and value figures. While North America is further categorized into the United States, Canada, and Mexico, Europe is split into the United Kingdom, Germany, France, Italy, Russia, and Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Brazil, Argentina, and Rest of South America, with Middle East & Africa involving GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.

North America is a lucrative prospect for consistent product adoption to solution providers owing to the radical rise in awareness of internal network security and authorization measures. The increasing regional investments to adopt advanced solutions in the aspects of cybersecurity would influence the continued regional market growth.

The Privileged Identity Management market is moderately fragmented, with several global and regional companies operating with comprehensive software solutions and business capabilities to cater to the needs of a global consumer base. The extensive efforts of technological improvement in advanced PIM solutions and the formation of strategic partnerships to expand business capabilities are the primary business strategies of top players.

IBM Corporation is one of the most significant companies of the global Privileged Identity Management Market in terms of solution revenue, with CyberArk Software Ltd. and Broadcom Inc. among many other vendors to hold substantial market share by value.