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Rising Demand Propels Privileged Access Management Market to Reach USD 3 Billion in 2022, with a Projected Growth Rate of Over 23.1% until 2030

Rising Demand Propels Privileged Access Management Market to Reach USD 3 Billion in 2022, with a Projected Growth Rate of Over 23.1% until 2030

Report Ocean is a comprehensive analysis of the “Privileged Access Management Market”  that includes both qualitative and quantitative data. The report covers various regions and provides insights into major industry changes, challenges faced by businesses and competitors, and potential new opportunities in the market. It also includes a SWOT analysis, Porter’s Five Forces model, and a value chain review to help readers understand the industry’s position in the market and the stakeholder positions.

The Global Privileged Access Management Market, valued at approximately USD 3 billion in 2022, is poised for robust growth at a healthy rate exceeding 23.1% during the forecast period from 2023 to 2030. Privileged Access Management (PAM) is a critical sector focusing on providing solutions and technologies for managing and securing privileged access to crucial systems and sensitive data within organizations. PAM solutions play a pivotal role in preventing unauthorized access, monitoring privileged activities, and enforcing security policies to safeguard against potential insider threats and external attacks. Privileged accounts, often used by system administrators, IT staff, and other privileged users, possess elevated permissions and access privileges to manage critical systems, networks, and sensitive data.

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The market’s growth is propelled by the increasing threat of data breaches and the growing need for IoT device management. Statista predicts a global presence of approximately 6.5 billion consumer edge-enabled Internet of Things (IoT) devices by 2030, marking a substantial increase from 2020. The surge in internet usage results in more private data being available online, leading to heightened risks for individuals, businesses, organizations, and governments. The healthcare industry has witnessed a significant rise in the average cost of a data breach, reaching over USD 10 million between March 2021 and March 2022. The financial sector follows closely with an average breach cost of USD 5.97 million. Furthermore, the rise in digitization and the growing adoption of cloud-computing services are anticipated to create lucrative opportunities for market growth in the forecast period.

Despite these favorable trends, challenges such as the lack of awareness about emerging security threats and the high cost of innovation and software implementation may hinder market growth throughout the forecast period.

Key Market Regions:

The key regions considered for the Global Privileged Access Management Market study include Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. North America dominated the market in 2022, holding the largest market share due to its extensive business and industrial establishments. The region’s expanding self-employment and growing number of business startups further contribute to the market’s dominance. However, Asia Pacific is expected to witness significant growth, driven by factors such as increasing internet usage, operational digitization, and the rapid growth of digital infrastructure.

Major Market Players:

  • Centrify Corporation
  • Hitachi ID Systems, Inc.
  • Cyberark Software Ltd.
  • Krontech, Inc.
  • Silverlake Mastersam
  • Bomgar Corporation
  • Lieberman Software
  • Oracle Corporation
  • Simeio Solutions
  • Wallix Group

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Recent Developments:

  • In January 2023, Simeio, a leading supplier of specialized identity and access management (IAM) services, acquired PathMaker Group (PMG), a pioneer in identity management services and solutions based in Texas.
  • In June 2022, Amazon Web Services (AWS) launched IoT Device Management, facilitating scalability, organization, registration, and remote management of IoT devices.
  • In July 2021, Microsoft acquired CloudKnox Security to provide centralized control of cloud entitlements and privileged access.

Global Privileged Access Management Market Report Scope:

  • Historical Data: 2020 – 2021
  • Base Year for Estimation: 2022
  • Forecast Period: 2023-2030
  • Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
  • Segments Covered: Solution Type, Application, End Use, Region
  • Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
  • Customization Scope: Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

Study Objectives:

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report incorporates both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also provides detailed information about crucial aspects such as driving factors, challenges, and potential opportunities in micro markets for stakeholders to invest. Additionally, it includes a detailed analysis of the competitive landscape and product offerings of key players. The market segments and sub-segments are explained comprehensively.

Market Segmentation:

  • Solution Type:
    • Software
    • Services
  • Application:
    • Small and Medium-sized Enterprises
    • Large Enterprises

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  • End Use:
    • IT & Telecom
    • Healthcare
    • Energy & Utility
    • Retail
    • Manufacturing
    • Government & Defense
    • Others
  • Region:
    • North America
      • U.S.
      • Canada
    • Europe
      • UK
      • Germany
      • France
      • Spain
      • Italy
      • ROE
    • Asia Pacific
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • RoAPAC
    • Latin America
      • Brazil
      • Mexico
    • Middle East & Africa
      • Saudi Arabia
      • South Africa
      • Rest of Middle East & Africa

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Our market research reports provide invaluable insights for strategic decision-making. By analyzing industry trends, market dynamics, and emerging opportunities, businesses can make informed choices that align with their long-term goals and objectives.

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Key Questions Answered by the Report:

  • What are the driving factors for market growth?
  • What challenges and limitations does the market face?
  • What emerging opportunities exist in the market?
  • What potential threats and risks could impact the market?
  • What is the current market size and growth rate?
  • What are the market segments and their sizes?
  • Which regions are projected to experience the highest growth and market share?
  • What variables affect different geographical areas?
  • Who are the major players in the market and their rankings?
  • What recent partnerships, launches, expansions, or acquisitions have occurred among the companies profiled?
  • What are the comprehensive profiles of the top market players, including business overview, insights, product benchmarking, and SWOT analysis?
  • What is the present market outlook, considering recent changes and growth possibilities?
  • What are the drivers, obstacles, and restrictions in both developing and emerging regions?
  • How does the market analysis utilize Porter’s five forces analysis?
  • How does the Value Chain provide insights into market dynamics?

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Report Ocean stands as a preeminent provider of market research reports within the industry. Renowned globally, we are acclaimed for delivering insightful and informative research reports. Our commitment lies in furnishing clients with a comprehensive blend of both quantitative and qualitative research outcomes. As an integral component of our expansive global network and thorough industry coverage, we offer an in-depth reservoir of knowledge that empowers strategic and well-informed business decisions. Our approach integrates cutting-edge technology, advanced analysis tools, and our proprietary research models, all underpinned by years of expertise. This synergy allows us to craft essential details and facts that consistently surpass expectations.

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