The growing complexities in modern corporate environment along with increased threat to important documents and network is making it difficult for management in auditing and identifying the attackers. Privileged identity management (PIM) refers to monitoring and protection of users’ account in an organization’s IT environment. Unmanaged user accounts can lead to loss or theft of sensitive corporate information, or malicious software can affect the functioning of connected networks. The privileged identity management solutions help organizations in securing documents and networks from unauthorized access of internal and external corporate environment. Owing to this increase in demand for security and traceability of the attacker in case of any lost or threat of documents is one of the factors which is leading the privileged identity management market demand.
In terms of revenue, the global privileged identity management market was valued at US$ 1,997.87 Mn in 2020 and is growing at a CAGR of 30.1% over the forecast period.
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The privileged identity management market is driven by various factors including mitigation of auditor findings and compliance cost. Stringent government regulations of document compliance is constantly increasing the cost and efforts of organizations. Failure to maintain any documents in line with current standards is likely to cause high penalties, negative press exposure to the companies. Privileged identity management solutions helps to document all privileged account logins & credentials used by any application or services on hardware platforms. It also documents the authorization list to every IT resource and account. These solutions send alerts to management on detection of any unusual activities at any account or network. For instance, Thycotic offers role based access controls, which restricts individuals to access any document or network which is not concerned to their profile. In case of any urgent requirement, management approvals can also provide access to individuals from other roles. This ensures security of every document and compliance to all government regulations.
According to the research carried out by Absolute Market Insights, maximum share of revenue for privileged identity management market is derived from identity management solutions and followed by access management solutions. In 2018, identity management was valued at US$ 863.69 Mn and is expected to grow at a CAGR of 30.1% over the forecast period. The increase in the adoption of identity management solutions is mainly due to improvised identification/verification process, carried out before giving access to any important document or network. In terms of regional bifurcation North America region accounted for the highest Privileged Identity Management Market share in 2018, due to the presence of large number of security vendors like BeyondTrust Corporation, Centrify Corporation, CA Technologies, core security (SecureAuth Corporation), CyberArk software ltd and IBM Corporation amongst others. For instance, Centrify Corporation expanded its mobile security offerings with deeper support for windows endpoints and streamlined app configurations. The company provides a single platform to secure each user’s access to apps and infrastructure through the power of identity services, which is the next dimension security in the age of access. These technological advancements are leading to the increased adoption of privileged identity management solutions across the region.
The report provides both, qualitative and quantitative research of privileged identity management market, as well as provides comprehensive insights and development methods adopted by the key contenders. The report also offers extensive research on the key players in this market and details on the competitiveness of these players. Key business strategies such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts adopted by these major Privileged Identity Management Market participants are also recognized and analyzed in the report. For each company, the report studies their global presence, competitors, service offerings and specification amongst others.
Some of the players operating in the privileged identity management market are ARCON, BeyoundTrust Corporation, Centrify Corporation, CA Technologies (Broadcom), Core Security (SecureAuth), CyberArk software Ltd, Hitachi ID Systems Inc, IBM Corporation, Iraje, Micro Focus, NRI Secure Technologies Ltd, ObserveIT, Oracle, Onion ID Inc, Quest Software Inc, Senha Sengura, Simeio Solutions, Silverlake Mastersam Limited, Thycotic, Wheels Systems, Wallix and Zoho Corp amongst others.
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Privileged Identity Management Market:
- By Component
- Solutions
- Identity Management
- Access Management
- Session Monitoring and Management
- Services
- Professional Services
- Managed Services
- Solutions
- By Installation Type
- Appliance Based
- Agent Based
- By Deployment Mode
- Cloud
- On-Premise
- By Vertical
- BFSI
- Government and Defense
- Healthcare and Pharmaceutical
- Manufacturing
- Energy and Utilities
- IT and Telecom
- Retail
- By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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