Privileged Identity Management Market By Type (On-Premises and Cloud-Based), By Application (BFSI, Telecom & IT, Healthcare, Manufacturing, Energy & Utilities, Government & Defense, Retail, and Others), Industry Trends, Estimation & Forecast, 2023-2030

Market Overview

Privileged Identity Management (PIM) solutions are designed to closely monitor user access control to privileged corporate accounts and sensitive company information. PIM solutions can be used to keep track of the user activities in a specific privileged account or the overall corporate network. It can also be used to allow particular individuals to access privileged accounts for a specified time limit.

Market Dynamics

The increasing threat of cybersecurity attacks using internal organizational authorization and the rising need to improve organizational efficiency for compliance with federal safety regulations are the primary factors driving the market growth. The sophistication and up-gradation in the uniqueness of cybersecurity attacks have influenced several individuals with malicious intentions to target vulnerable insider systems and portals as a starting point of coordinated phishing and ransomware attacks. The need to insulate systems and sensitive information from such cyberattack threats would influence the rise in the integration of Privileged Identity Management (PIM) solutions, which would boost the market growth. The rapid globalization of solutions and services for leading enterprises bring to fore the idea of regulatory compliance with federal directives in multiple countries, more so if an organization is looking to indulge in business activities with government departments and institutes. The overall efficiency and workflow optimization of the companies are thereby improved to a higher degree on the adoption of Privileged Identity Management (PIM) solutions, which would invariably boost the prospects of market growth in the coming years. However, high costs of solution implementation and lack of institutional awareness regarding cyber threats might hamper the market growth. The incorporation of PIM solutions in the daily activities of an organization requires high initial investments and expenditure on the expansion of related hardware infrastructure. The rise in the digitization of banking and telecom services on mobile devices would provide lucrative opportunities for the market in the coming years. The translation and mitigation of several services for the banking and telecom sectors to mobile devices have increased the need for installing full-proof security measures that also monitor authorization control on such devices.

Market Segmentation

The global Privileged Identity Management market is mainly classified based on Type and Application. Type is segmented into On-Premises and Cloud-Based. By Application, the market is divided into BFSI, Telecom & IT, Healthcare, Manufacturing, Energy & Utilities, Government & Defense, Retail, and Others.

The On-Premises segment by Type holds a significant share in terms of overall market value owing to the additional security of physical records and software solutions inside office premises. The quick troubleshooting of issues and glitches within the office premises would further improve the growth prospects of the segment in the coming years.

The BFSI (Banking, Financial Services & Insurance) segment by Application is leading in terms of overall market value owing to the heightened solution demand and product incorporation among financial enterprises. The rising investments into the procurement of security solutions in such organizations would further boost the segment growth.

Regional Analysis

Based on geography, the global Privileged Identity Management market is divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is further divided in the U.S., Canada, and Mexico, whereas Europe consists of the UK, Germany, France, Italy, Russia, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific. The South America region includes Brazil, Argentina, and the Rest of South America, while the Middle East & Africa is categorized into GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.

North America is a leading region and holds a substantial share in terms of overall market value owing to the high adoption rate of PIM solutions and a massive improvement in cloud-based PIM services. The increasing awareness among corporations to secure internal user networks would further improve the growth prospects of the regional market.

Competitive landscape
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.

Key players operating in the Privileged Identity Management industry include IBM Corporation, Centrify Corporation, BeyondTrust Corporation, Broadcom Inc., CyberArk Software Ltd., One Identity LLC, Thycotic Software Ltd., ARCON, Hitachi ID Systems, Inc., Silverlake MasterSAM Ltd., Micro Focus International plc, NRI SecureTechnologies, Ltd., ObserveIT, WALLIX Group, Devolutions, Ekran System, ManageEngine, and Xton Technologies, LLC.

The extensive efforts of technological improvement in advanced PIM solutions and the formation of strategic partnerships to expand business capabilities are the primarily followed business strategies of key players looking to capture substantial market share during the forecast period.

Covid-19 Impact Analysis

The outbreak and spread of the Covid-19 pandemic have entirely shut down many office complexes and pushed several employees to the confinement of their houses. Businesses in such situations have increasingly adopted work from home models of operations for a majority of their employees. The reduced financial standing of many enterprises and unpredictability in the resumption of operations from physical offices have impacted the growth prospects of the market fundamentally.

The lack of meaningful new investments and business developments have compelled many of the corporations to adopt cost-cutting measures, including staff layoffs and pay cuts. In such an unprecedented situation, it is difficult for the key market players to approach organizations for new solutions integration or renewal of contracts. The proliferation in different portable and mobile devices that have been used in this period to access sensitive corporate information has, however, increased the importance of Privileged Identity Management (PIM) solutions, as it provides companies with more expansive oversight and control over the extent of information exposure to specific individuals. The extension of computer devices being used to access privileged accounts and interconnectivity of devices over the corporate network has also escalated the transition of several PIM solutions to cloud-based platforms.

Privileged Identity Management Market Key Segments:

By Type
• On-Premises
• Cloud-Based

By Application
• BFSI
• Telecom & IT
• Healthcare
• Manufacturing
• Energy & Utilities
• Government & Defense
• Retail
• Others

Key Global Privileged Identity Management Industry Players
• IBM Corporation
• Centrify Corporation
• BeyondTrust Corporation
• Broadcom Inc.
• CyberArk Software Ltd.
• One Identity LLC
• Thycotic Software Ltd.
• ARCON
• Hitachi ID Systems, Inc.
• Silverlake MasterSAM Ltd.
• Micro Focus International plc
• NRI SecureTechnologies, Ltd.
• ObserveIT
• WALLIX Group
• Devolutions
• Ekran System
• ManageEngine
• Xton Technologies, LLC

Table of Content

1. Market Introduction
1.1. Executive Summary
1.2. Market Definition
1.3. Market Scope

2. Research Methodology
2.1. Primary Research
2.2. Research Methodology
2.3. Assumptions & Exclusions
2.4. Secondary data sources

3. Privileged Identity Management Market Overview
3.1. Report Segmentation & Scope
3.2. Key Market Trend
3.3. Covid-19 Impact Analysis on Privileged Identity Management
3.3.1. How the Covid-19 pandemic is Affecting the Privileged Identity Management Industry
3.3.2. Market Trends and Privileged Identity Management Potential Opportunities in the COVID-19 Landscape
3.3.3. Covid-19 Impact on Key Regions
3.4. Drivers
3.4.1. Increasing threat of cybersecurity attacks using internal organizational authorization
3.4.2. Rising need to improve organizational efficiency for compliance with federal safety regulations
3.5. Restraints
3.5.1. High costs of solution implementation and lack of institutional awareness regarding cyber threats
3.6. Opportunity
3.6.1. Rise in the digitization of banking and telecom services on mobile devices
3.7. Porter’s Five Forces Analysis
3.7.1. Porter’s Five Forces Analysis
3.8. Market Share Analysis

4. Type Overview
4.1. Introduction
4.1.1. Market Size & Forecast
4.2. On-Premises
4.2.1. Market Size & Forecast
4.3. Cloud-Based
4.3.1. Market Size & Forecast

5. Application Overview
5.1. Introduction
5.1.1. Market Size & Forecast
5.2. BFSI
5.2.1. Market Size & Forecast
5.3. Telecom & IT
5.3.1. Market Size & Forecast
5.4. Healthcare
5.4.1. Market Size & Forecast
5.5. Manufacturing
5.5.1. Market Size & Forecast
5.6. Energy & Utilities
5.6.1. Market Size & Forecast
5.7. Government & Defense
5.7.1. Market Size & Forecast
5.8. Retail
5.8.1. Market Size & Forecast
5.9. Others
5.9.1. Market Size & Forecast

6. Privileged Identity Management Market Regional Overview
6.1. Introduction
6.1.1. Market Size & Forecast
6.2. North America Privileged Identity Management Market
6.2.1. North America Market Size & Forecast, By Country
6.2.2. North America Market Size & Forecast, By Type
6.2.3. North America Market Size & Forecast, By Application
6.2.4. U.S.
6.2.4.1. Market Size and Forecast
6.2.5. Canada
6.2.5.1. Market Size and Forecast
6.2.6. Mexico
6.2.6.1. Market Size and Forecast
6.3. Europe Privileged Identity Management Market
6.3.1. Europe Market Size & Forecast, By Country
6.3.2. Europe Market Size & Forecast, By Type
6.3.3. Europe Market Size & Forecast, By Application
6.3.4. Germany
6.3.4.1. Market Size and Forecast
6.3.5. France
6.3.5.1. Market Size and Forecast
6.3.6. UK
6.3.6.1. Market Size and Forecast
6.3.7. Italy
6.3.7.1. Market Size and Forecast
6.3.8. Russia
6.3.8.1. Market Size and Forecast
6.3.9. Rest of Europe
6.3.9.1. Market Size and Forecast
6.4. Asia-Pacific Privileged Identity Management Market
6.4.1. Asia-Pacific Market Size & Forecast, By Country
6.4.2. Asia-Pacific Market Size & Forecast, By Type
6.4.3. Asia-Pacific Market Size & Forecast, By Application
6.4.4. Japan
6.4.4.1. Market Size and Forecast
6.4.5. China
6.4.5.1. Market Size and Forecast
6.4.6. Australia
6.4.6.1. Market Size and Forecast
6.4.7. India
6.4.7.1. Market Size and Forecast
6.4.8. South Korea
6.4.8.1. Market Size and Forecast
6.4.9. Rest of Asia-Pacific
6.4.9.1. Market Size and Forecast
6.5. South America Privileged Identity Management Market
6.5.1. South America Market Size & Forecast, By Country
6.5.2. South America Market Size & Forecast, By Type
6.5.3. South America Market Size & Forecast, By Application
6.5.4. Brazil
6.5.4.1. Market Size and Forecast
6.5.5. Argentina
6.5.5.1. Market Size and Forecast
6.5.6. Rest of South America
6.5.6.1. Market Size and Forecast
6.6. Middle East & Africa Privileged Identity Management Market
6.6.1. Middle East & Africa Market Size & Forecast, By Country
6.6.2. Middle East & Africa Market Size & Forecast, By Type
6.6.3. Middle East & Africa Market Size & Forecast, By Application
6.6.4. GCC Countries
6.6.4.1. Market Size and Forecast
6.6.5. Egypt
6.6.5.1. Market Size and Forecast
6.6.6. South Africa
6.6.6.1. Market Size and Forecast
6.6.7. Rest of Middle East & Africa
6.6.7.1. Market Size and Forecast

7. Company Profile
7.1. IBM Corporation
7.1.1. Company Basic Information, Manufacturing Base, Sales Area and Its Competitors
7.1.2. IBM Corporation Product Category, Application, and Specification
7.1.3. IBM Corporation Financial Performance (2018-2019)
7.1.4. Main Business/Business Overview
7.2. Centrify Corporation
7.3. BeyondTrust Corporation
7.4. Broadcom Inc.
7.5. CyberArk Software Ltd.
7.6. One Identity LLC
7.7. Thycotic Software Ltd.
7.8. ARCON
7.9. Hitachi ID Systems, Inc.
7.10. Silverlake MasterSAM Ltd.
7.11. Micro Focus International plc
7.12. NRI SecureTechnologies, Ltd.
7.13. ObserveIT
7.14. WALLIX Group
7.15. Devolutions
7.16. Ekran System
7.17. ManageEngine
7.18. Xton Technologies, LLC