Many organizations rely on privileged identity management solutions to secure their enterprise data from identity thefts. Security solutions, such as session monitoring and management help organizations monitor & manage activities and sessions during information access by employees, business partners, and customers, while meeting compliance requirements. There has always been more emphasis on securing industrial-sensitive information from external attacks and threats. This rising concern to secure enterprise data and prevent identity thefts within enterprises has encouraged organizations to adopt powerful privileged identity management solutions. MarketsandMarkets expects the global privileged identity management market size to grow from USD 922.0 million in 2016 to USD 3,792.5 million by 2021, at a Compound Annual Growth Rate (CAGR) of 32.7% from 2016 to 2021.
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With the increasing proliferation of cloud, the deployment of privileged identity management solutions on-cloud is preferred by most of the organizations. This helps in better management and maintenance of business data & applications, while ensuring robust security. Owing to this reason, many verticals, such as telecom & Information Technology (IT), Banking, Financial Services, & Insurance (BFSI), government, retail, energy & utilities, manufacturing, and healthcare & life sciences are increasingly adopting privileged identity management solutions. Furthermore, companies are opting for cloud-based privileged identity management market solutions, as they are cost-effective and offer better management.
Appliance-based installation type of privileged identity management solution is expected to play a key role in changing the identity management landscape and grow at the highest rate during the forecast period. The increasing trend of connected devices and Bring Your Own Device (BYOD) in enterprises pose many security challenges for the enterprise. The appliance-based installation enables secure access to enterprise data and applications in mobile devices, which employees bring to the corporate premises.
Among verticals, the healthcare sector is expected to grow at the highest CAGR during the forecast period. The companies involved in this vertical are the target for high security risks and breaches. The major vendors in the privileged identity management market include ARCON (India), Balabit (Hungary), BeyondTrust (U.S.), Bomgar Corporation (U.S.), CA, Inc. (U.S.), Centrify (U.S.), Core Security (U.S.), Cyberark (U.S.), Hitachi-ID (Canada), IBM Corporation (U.S.), Iraje (U.S.), Lieberman Software (U.S.), MANAGEENGINE (U.S.), MICROFOCUS (U.K.), NRI SecureTechnologies (U.S.), ObserveIT (U.S.), Onion ID (U.S.), Oracle Corporation (U.S.), Osirium (U.K.), Quest Software (U.S.), Silverlake Mastersam (Singapore), Simeio Solutions (U.S.), Thycotic (U.S.), Wallix (France), and Wheel Systems (U.S.).
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Asia-Pacific (APAC) is expected to grow at the highest CAGR from 2016 to 2021 in the privileged identity management market. The increasing penetration of the Internet and smart & connected devices has led to growing security needs. Furthermore, rapid economic growth in the developing APAC countries, along with improving regulatory reforms and economic stability is driving the growth of the privileged identity management market in this region. The Small and Medium Enterprises (SMEs) as well as large enterprises in this region, belonging to a range of verticals, such as public utilities, BFSI, healthcare, retail, and manufacturing, are expected to increase investments in privileged identity management solutions.
The key players in the this market include ARCON (India), Balabit (Hungary), BeyondTrust (U.S.), Bomgar Corporation (U.S.), CA, Inc. (U.S.), Centrify (U.S.), Core Security (U.S.), Cyberark (U.S.), Hitachi-ID (Canada), IBM Corporation (U.S.), Iraje (U.S.), Lieberman Software (U.S.), MANAGEENGINE (U.S.), MICROFOCUS (U.K.), NRI SecureTechnologies (U.S.), ObserveIT (U.S.), Onion ID (U.S.), Oracle Corporation (U.S.), Osirium (U.K.), Quest Software (U.S.), Silverlake Mastersam (Singapore), Simeio Solutions (U.S.), Thycotic (U.S.), Wallix (France), and Wheel Systems (U.S.). These players have adopted various strategies, such as partnerships, collaborations, agreements, mergers & acquisitions, and new product launches, to achieve growth in the global privileged identity management market.