Privileged Identity Management Market by End-user and Geography - Forecast and Analysis 2021-2025

The privileged identity management (PIM) market share is expected to increase by USD 2.41 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 22.80%.

This privileged identity management market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers privileged identity management market segmentation by end-user (large enterprises, government organizations, and SMEs) and geography (North America, Europe, APAC, MEA, and South America). The privileged identity management market report also offers information on several market vendors, including Arcon, BeyondTrust Corp., Broadcom Inc., Centrify Corp., CyberArk Software Ltd., Dell Technologies Inc., Hitachi Ltd., International Business Machines Corp., Nomura Research Institute Ltd., and Wallix Group SA  among others.

What will the Privileged Identity Management Market Size be During the Forecast Period?

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Privileged Identity Management Market: Key Drivers and Challenges

The increasing frequency of insider threats is notably driving the PIM market growth, although factors such as PIM affecting the convenience of end-users may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the privileged identity management industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Privileged Identity Management Market Driver

One of the key factors driving growth in the privileged identity management market is the increasing frequency of insider threats. Enterprises face issues where unauthorized employees may have access to critical applications or systems. A major reason for this is privileged account users sharing their privileged identity, such as administrative account, with another person. This can pose a serious threat to enterprises. Traditional approaches, such as security information and event management (SIEMs) solutions, are not enough for security teams to collect sufficient data to protect information from potential insider threats. Enterprises require advanced user activity monitoring solutions to monitor privileged user activity. PIM vendors help in monitoring user activity and tracking unauthorized access to critical assets in enterprises. This is expected to increase the adoption of PIM among enterprises, thus driving the market during the forecast period.

Key Privileged Identity Management Market Challenge

The PIM affecting the convenience of end-users will be a major challenge for the privileged identity management market during the forecast period. Password-based security is one of the most common forms of authentication. However, it is the worst security measure because it is the most vulnerable to cyberattacks. Thus, vendors provide additional layers of authentication to increase the security of privileged accounts in enterprises. This is an in-depth approach to securing and managing privileged accounts. PIM helps enterprises ensure that each security layer covers the gaps that other defenses may lack. However, additional layers of security can be frustrating for end-users as it makes it more difficult for them to access privileged accounts. A privileged account user may have to pass through various authentication processes, which may not be convenient. This, in turn, reduces operational efficiency and productivity. Thus, end-users are not comfortable adopting this solution, which poses a challenge for vendors.

This privileged identity management market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Who are the Major Privileged Identity Management Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Arcon
• BeyondTrust Corp.
• Broadcom Inc.
• Centrify Corp.
• CyberArk Software Ltd.
• Dell Technologies Inc.
• Hitachi Ltd.
• International Business Machines Corp.
• Nomura Research Institute Ltd. 
• Wallix Group SA 

This statistical study of the privileged identity management market encompasses successful business strategies deployed by the key vendors. The PIM market is fragmented and the vendors are deploying growth strategies such as focusing on innovations in technology to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The privileged identity management market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Privileged Identity Management Market?