Global privileged identity management market size was US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of XX% during forecast period.
Global Privileged Identity Management Market
The report study has analyzed revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.
Market Definition
Privileged identity management (PIM) is a subset of identity management services which is used for the special needs of managing highly privileged access. PIM is governance and an information security tool which helps organizations to meet compliance regulations and to protect data and system breaches through the inappropriate use of privileged accounts.
Market Dynamics
Increasing concerns regarding data and security breaches is major driving factor behind the growth of market. Requirement to optimize organization efficiency, government’s regulations and implementation of best solutions for identity management, improved digitization and adoption of IDaaS and introduction of intelligence-based privileged identity management solutions are expected to witness fast growth during forecast period. Privileged identity management solutions provides some benefits such as secure access, centralized administration and storage of privileged shared account credentials, role-based access control for shared accounts, lifecycle management of shared accounts ownership, single sign-on by automated check-in and check-out of shared credentials, auditing of shared credentials access activities and integration with the broader access and identity management governance portfolio are ultimately propelling the growth of market.
Nevertheless, high cost of advanced innovative technologies with high implementation cost is major restraining factor that could hamper the growth of market. Also, lack of awareness about growing security threats could hinder the growth of market.
Global Privileged Identity Management Market: Segmentation Analysis
By component, services segment held the largest market share in 2019 and is expected to keep its dominance at CAGR of XX% during forecast period. The huge implementation of privileged identity management services by the worldwide organizations is driving the growth of privileged identity market. It provides services such as professional services, implementation and integration, education and training and many others. Its professional services provide easiest, quickest and most cost-effective way to implement management solutions, which is ultimately propelling the growth of market.
By Industry, banking, finance services and insurance segment dominated the market in 2019 and are projected to witness fast growth at CAGR of XX% during forecast period. Increasing cyber attacks by the hackers led to demand of privileged identity management solutions in BFSI industry. Privileged identity management gives banks' and financial institutions administrators’ an identity control points and centralized authentication in the IT environment, which helps help banks recover from insider attacks and help to reduce the effects of breaches. Alternatively, Government and defence segment is also projected to witness fast growth at CAGR of XX% during forecast period. High adoption of privileged identity management solutions in the concept like e-governance and in official IT infrastructures to focus more on identity thefts is driving the growth of market.
Global Privileged Identity Management Market: Regional Analysis
Region wise, North America held the largest market share in 2019 and is expected maintain its dominance at CAGR of XX% during forecast period. The US and Canada are major key contributors behind the growth of market. The growth is attributed to the vast presence of privileged identity management service provides with their strategies such as technological advancements, partnership with other small and medium vendor and agreements to enhance the market across the region.
Large adoption of privileged identity management solutions by the end users such as BFSI, healthcare, government and defense and more to reduce the identity thefts by the insider attackers is further propelling the growth of market across the region. Also the high adoption of security and protection regulations by the US based banks is expected to improve the market growth in the region.
The objective of the report is to present a comprehensive analysis of the Global Privileged Identity Management Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Privileged Identity Management Market dynamics, structure by analyzing the market segments and projects the Global Privileged Identity Management Market. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Privileged Identity Management Market make the report investor’s guide.
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The Scope of Global Privileged Identity Management Market
Global Privileged Identity Management Market, By Component
• Solution
o Identity Management
o Access Management
o Session Monitoring and Management
• Service
o Professional Services
o Implementation and Integration
o Consulting
o Education and Training
o Support and Maintenance
o Managed Services
Global Privileged Identity Management Market, By Installation Type
• Agent-based
• Appliance-based
Global Privileged Identity Management Market, By Deployment Mode
• On-Premises
• Cloud
Global Privileged Identity Management Market, By Industry
• BFSI
• Government & Defense
• Healthcare
• Manufacturing
• Energy and Utilities
• Telecom and IT
• Retail
• Others
Global Privileged Identity Management Market, By Region
• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa
Global Privileged Identity Management Market, Key Players
• ARCON
• Balabit
• BeyondTrust
• Bomgar Corporation
• CA, Inc.
• Centrify
• Core Security
• Cyberark
• Hitachi-ID
• IBM Corporation
• Iraje
• Lieberman Software
• MANAGEENGINE
• MICROFOCUS
• NRI SecureTechnologies
• ObserveIT
• Onion ID
• Oracle Corporation
• Osirium
• Quest Software
• Silverlake Mastersam
• Simeio Solutions
• Thycotic
• Wallix
• Wheel Systems
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