Privileged identity management (PIM) is the management of super user records in an organization’s IT settings. Growing need for increased organizational productivity is a key driver driving market growth. Privileged identity management (PIM) is a subset of identity management that focuses on privileged access management. PIM is an information management and governance system that helps businesses comply with regulatory obligations and can help prevent data breaches caused by privileged account abuse.
According to SPER market research, ‘Global Privileged Identity Management Market Size- By Component, By Service, By Deployment Mode, By Installation Type, By Organization Size, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2032’ state that the Global Privileged Identity Management Market is predicted to reach USD 26.78 billion by 2032 with a CAGR of 29.54%.
The rise in government monitoring agreements is one of the primary drivers of the privileged identity management market. Other significant factors include the adoption of best practices for identity management, the possibility of insider assaults resulting in data breaches, and the need to maximize organizational efficiency. Furthermore, the market for laser technology will experience a surge in new opportunities due to digitization, acceptance of identification as a service (IDaaS), and growth in the introduction of intelligence-based privileged identity management systems throughout the projection period.
However, among other things, the high cost of innovation and implementation is constraining market growth and will continue to provide hurdles for the privileged identity management market during the research period.
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The COVID-19 Pandemic has had a global impact on business activity. To mitigate the impact of the pandemic on corporate operations, organizations have introduced a remote work ethic and cloud technologies. Because of the increased usage of the cloud and remote work, organizations’ data protection and privacy concerns have escalated. Due to the economic disruption caused by cybercrime and a surge in identity fraud, IAM solutions have experienced growing popularity in the midst of the COVID-19 epidemic. As a result of the COVID-19 epidemic, businesses have understood the benefits of these solutions, and it is expected that this market will grow significantly in the long run.
Furthermore, The PIM market in North America has seen significant expansion. This expansion can be linked to the region’s significant concentration of large corporations, government organizations, and financial institutions, all of which have a crucial need to safeguard sensitive data and systems against cyber threats. The more severe regulatory environment, as well as the increasing number of cyberattacks, have spurred the development of PIM solutions. Additionally, some of the market key players are ARCON, Balabit, BeyondTrust, Bomgar Corporation, CA, Inc., Centrify, Core Security, Cyberark, Hitachi-ID, IBM Corporation, Iraje, Lieberman Software, NRI Secure Technologies.
Global Privileged Identity Management Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Component: Based on the Component, Global Privileged Identity Management Market is segmented as; Services, Solutions (Access Management, Identity Management, Session Monitoring and Management).
By Service: Based on the Service, Global Privileged Identity Management Market is segmented as; Managed Services, Professional Services (Consulting Services, Education and Training, Implementation and Integration, Support and Maintenance).
By Deployment Mode: Based on the Deployment Mode, Global Privileged Identity Management Market is segmented as; Cloud, On-premises.
By Installation Type: Based on the Installation Type, Global Privileged Identity Management Market is segmented as; Agent-based, Appliance-based.
By Organization Size: Based on the Organization Size, Global Privileged Identity Management Market is segmented as; Large Enterprises, Small and Medium Enterprises.
By End User: Based on the End User, Global Privileged Identity Management Market is segmented as; BFSI, Energy & Utilities, Government & Defense, Healthcare, Manufacturing, Retail, Telecom & IT, Others.
By Region: The market for privileged identity management is dominated by North America because there is a greater need to improve organizational efficiency in this region, a rise in the use of best practices for identity management, and a greater risk of data breaches as a result of insider assaults.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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