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.
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.
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.).
Geographically, the global privileged identity management market is segmented into Europe, North America, Asia Pacific, and Rest of the World. North America market is likely to represent the largest share of demand for privileged identity management system owing to expanding malevolent attacks on sensitive information and increasing adoption of bring your own device (BYOD) technology. Furthermore, there is a surged adoption of solution such as identity management and session monitoring in order to mitigate the threats in several organizations across the North America market. Asia-Pacific market is likely to develop at the highest CAGR owing to the promising information technology (IT) infrastructure and augmenting incidences of cyber-attacks. Besides, rising investments by government enterprises in PIM solutions have paved the way for potential and steady demand of the privileged identity management systems in the APAC market. The Europe market is witnessing massive potential attributing to several collaborations coupled with mergers and acquisitions between market players. The enterprises are continuously indulging in different strategic activities along with technical progressions that improve the product performance.
The global privileged identity management industry 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.