Market Scenario

The global Privileged Identity Management is anticipated to reach a valuation of USD 20 million by the year 2030, with a CAGR of 28 percent between 2021-2030. It has been noted that enterprises face serious threats when privileged account users share their privileged identity with another person, which in turn, leads to easy access to critical applications. This situation gives rise to need for advanced user activity monitoring solutions in enterprises, such as privileged identity management system. This system helps these companies to record all activities, identify any suspicious activity and take appropriate action to mitigate risks. MRFR’s report identifies the accelerating cases of insider threats to be one of the main drivers for the global Privileged Identity Management growth till 2023. Also, these cases have motivated many vendors to provide a facility where enterprises can limit the access to Active Directories, and Linux, Windows, and UNIX systems. In addition, increased adoption of bring your own device (BYOD) in enterprises and management of identities associated with privileged account have led to the market expansion globally.

The high cost of setting up the PIM system restrains the market growth. However, the various benefits associated with the system act as catalysts in the already burgeoning market growth. This can be ascertained due to the increasing frequency of sophisticated insider attacks on critical infrastructure, which paves way for the demand for PIM systems.

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Key Players

ARCON (India), Balabit (Hungary), Beyond Trust (U.S.), IBM Corporation (U.S.), Bomgar Corporation (U.S.), CA, Inc. (U.S.), Centrify (U.S.), Core Security (U.S.), Cyberark (U.S.), and Hitachi-ID (Canada) are among some of the key players in the global Privileged Identity Management.

Segment Overview

The Privileged Identity Management is divided into different segments based on the installation type, components, organization size, deployment, and verticals. The global market segmentation on the basis of installation type includes application-based and agent-based installation types. By component, the Privileged Identity Management segment consists of services and solutions. The service section of the PIM market involves consulting, professional services, implementation and integration, support and maintenance, education and training, and managed services. The solution segment of the market comprises access management, identity management, and session monitoring and management.

On the basis of organization size, the Privileged Identity Management segmentation includes large enterprises, medium, and small enterprises. By deployment, the market segment consists of on-premise and cloud deployment. On the basis of verticals, the Privileged Identity Management segment comprises sectors like BFSI, healthcare, government and defense, IT and Telecommunication, manufacturing, energy and utilities, retail, and others.

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Regional Analysis

The global Privileged Identity Management is geographically segmented on the basis of Asia Pacific, North America, Europe and Rest of the World.

Among all regions, North America region is anticipated to account for the largest market share owing to elevated adoption of bring your own device (BYOD) technology and growing malicious attacks on sensitive information. Moreover, there is an increased adoption of solution such as session monitoring and management and identity management in order to curb such threats in several enterprises across the region.

Asia-Pacific region, on the other hand, is estimated to grow at the highest CAGR due to increasing information technology (IT) infrastructure and increasing cases of cyber-attacks. Furthermore, growing investments by government organizations in PIM solutions has led to the positive outlook of the market in the region

The Europe market is exhibiting massive potential due to various mergers and acquisition and collaborations between market players. The companies are constantly indulging in various strategic activities along with technological innovations that enhance the product performance. These factors have led to increase in demand for PIM systems in a vast array of organizations in the region, wanting to make optimum use of the benefits offered by the system.

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