Privileged Identity Management Market Global Expansion and Forecasts | COVID-19 Analysis

Market Highlights

Privileged identity management is the process of protecting and monitoring superuser accounts in a firm’s IT environments. As per the reports published by Market Research Future, the privileged identity management market is expected to generate revenue of approximately USD 6,200 million by 2023. The market is likely to witness a phenomenal growth of 32% CAGR over the forecast period 2017 to 2023. Organizations come across threats when the privileged identity of privileged account users are shared with another user. This gives easy access to the other users through the critical applications. Such situations trigger the need for progressive user activity monitoring techniques in IT organizations. The monitoring is efficiently done by privileged identity management system.

PIM assists an organization in identifying dubious activities, maintaining record of every activity, and taking suitable actions to alleviate the risks. The growing instances of insider threats has been recognized as a key driver of the privileged identity management market. These incidents have encouraged several vendors to offer a framework within which the organizations can restrict the access to Linux, Unix, Active Directories, and Windows systems. Additionally, the surged adoption of bring your own device (BYOD) in organizations have boosted the privileged identity management market globally. On the other hand, the rising cost of installing the PIM system restricts the market growth to a large extent.

Implementation of PIM ensures efficient management of those top-level users, creating a policy that specifies how top-level user accounts should be managed and their access reach. In PIM, these privileged accounts are also regularly audited.  This policy-based centralization of user identity management is also known as identity governance.

PIM supports IT security and helps maintain regulatory compliance and thus, allows organizations orchestrate, reviewing the policy with compliance regulations by auditing user access. Resultantly, implementations of the privileged identity management are increasing across growing verticals such as government & defense, healthcare, manufacturing, energy & utilities, it & telecommunication, and retail, among others.

Segmentation:

The global privileged identity management market share is segmented based on installation type, component, organization size, and deployment. Based on installation type, the global market is segmented as appliance based and agent based. The appliance-based setup extends an extremely controlled system where only the indispensable utilities and tools are installed. Based on component the privileged identity management market is segmented into service and solution. Solution segment is sub-segmented into session management, monitoring management, access management, and identity management. Based on organization sizes, the global market is segmented into small & medium enterprises (SME), and large enterprises.

Privileged identity management system finds wide application in large enterprises as it helps in the prevention of insider threats while enhancing security in the process. Based on deployment, the market is segmented into on-premise deployment and cloud deployment. Based on vertical, the market is segmented based on manufacturing, healthcare, retail, government & defense, and others. Healthcare sector observes an increased need for protecting patient records and safeguard their information from unauthorized accesses, which is why it happens to be the dominating segment under the verticals category.

Regional Analysis

North America would retain its dominance over the global privileged identity management market. Technological advancements, several opportunities in various sectors, and increasing usage by law enforcement agencies drive the regional market.

Moreover, increased adoption of bringing your own device (BYOD) policies and malicious software that can easily hack sensitive information foster the growth of the market. Furthermore, there is increased adoption of solutions such as session monitoring and management and identity management, which, in turn, propel the market growth in the region.

The privileged identity management market in the Asia Pacific region has emerged as a profitable market globally. Owing to increasing IT infrastructure and growing cyber-attacks, the region is forecasted to register the highest CAGR over the review period.

Key Players

Global privileged identity management market is dominated by key players such as Balabit (Hungary), ARCON (India), IBM Corporation (U.S.), Beyond Trust (U.S.), CA, Inc. (U.S.), Bomgar Corporation (U.S.), Core Security (U.S.), Centrify (U.S.), Hitachi-ID (Canada), and Cyberark (U.S.).