According to a new market research report “Privileged Identity Management Market by Solution (Identity Management, Access Management, Session Monitoring and Management), Service, Installation Type (Appliance-Based & Agent-Based), Deployment Mode, Vertical, and Region – Global Forecast to 2021″, published by MarketsandMarkets, the market size expected to grow from USD 922.0 Million in 2016 to USD 3,792.5 Million by 2021, at a Compound Annual Growth Rate (CAGR) of 32.7%.
The increasing technology trend of Bring Your Own Device (BYOD) and Choose Your Own Device (CYOD) within organizations has introduced many security threats associated with identity thefts. As the frequency of sophisticated insider attacks on critical infrastructure is growing, the Privileged Identity Management Market is expected to gain traction in the next five years.
Session monitoring and management is expected to play a key role in the Privileged Identity Management Market
The session monitoring and management segment is expected to play a key role in changing the Privileged Identity Management Market landscape during the forecast period and grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period. This solution provides real-time session monitoring and management of all the activities with user devices, such as smartphones, tablets, and laptops, along with high security against malicious threats within enterprises.
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Cloud-based deployment is expected to be the fastest-growing deployment model
Cloud deployment is expected to be the fastest-growing deployment mode in the Privileged Identity Management Market, as it benefits organizations with increased scalability, speed, 24/7 services, and enhanced management capabilities. Cloud-based privileged identity management solutions are available according to customer’s demand, wherein customers can start or stop any service, at will.
North America is expected to contribute the largest market share; Asia-Pacific (APAC) to grow at the highest CAGR
North America is expected to hold the largest market share and dominate the Privileged Identity Management Market from 2016 to 2021. The increased insider attack, along with meeting the strict compliance regulations is driving the organizations in North America to adopt privileged identity management solutions. Various companies, such as IBM, CA Technologies, CyberArk, Centrify, and BeyondTrust are operating in the market space. APAC offers potential growth opportunities for the Privileged Identity Management Market to grow, as countries in this region are investing heavily in deploying the session monitoring and management solution.
The major vendors in the Privileged Identity Management Market include ARCON (India), Balabit (Hungary), BeyondTrust (U.S.), Bomgar Corporation (U.S.), CA, Inc. (U.S.), Centrify (U.S.), Core Security (U.S.), Cyberark (U.S.), Hitachi-ID (Canada), IBM Corporation (U.S.), Iraje (U.S.), Lieberman Software (U.S.), MANAGEENGINE (U.S.), MICROFOCUS (U.K.), NRI SecureTechnologies (U.S.), ObserveIT (U.S.), Onion ID (U.S.), Oracle Corporation (U.S.), Osirium (U.K.), Quest Software (U.S.), Silverlake Mastersam (Singapore), Simeio Solutions (U.S.), Thycotic (U.S.), Wallix (France), and Wheel Systems (U.S.).
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