Privileged identity management solutions integrates the skills of managing identity content like usernames, passwords, and other privileged information linked with privileged accounts within an organization. The identity management solution is anticipated to command the major share of the privileged identity management market in the forecast period. Session monitoring & management is expected to play a major role in transforming the identity management landscape and grow at the swiftest growth rate during the future years.
Owing to the rapidly varying IT environment, hackers are finding out various techniques in order to gain access to valuable information and thereby disturb businesses. The rising dependency of private enterprises as well as government on web applications results in an unparalleled increase in cyber-attacks and advanced threats. Also, different social networking sites and the increased adoption rate of m-commerce has resulted in the growth of the number of identity thefts. This rising dependence on the Internet for both organizational as well as personal operations will propel the demand for the increased adoption of effective privileged identity management systems.
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The global privileged identity management market can be classified based on component, installation type, deployment mode, organization size, vertical, and region. On the basis of component, the global privileged identity management market is divided into solution and service. Based on installation type, the global market is subdivided into appliance-based and agent-based. Depending upon deployment type, the global privileged identity management market can be divided into on-premises and cloud. By organization size, the global privileged identity management market can be divided into small and medium enterprises, and large enterprises. Depending upon vertical, the global market is classified into BFSI, government & defense, healthcare, manufacturing, energy & utilities, telecom & IT, retail, and others.
Based on regions, the global privileged identity management market is divided into North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and Latin America. The North American region is anticipated to command the maximum market share and would lead the privileged identity management market in the forecast period. Owing to the high frequency of cyber-attacks in the US that result in the introduction of rigid compliance regulations is a major reasons for the growth of the privileged identity management software market in this region. Furthermore, the presence of numerous large financial services organizations and the increased adoption rate of privileged identity management solutions by the US government will also fuel the market growth. The rising penetration of the Internet as well as smart & connected devices has resulted in upward security needs. Also, the swift economic growth in the developing Asia-Pacific economies, coupled with successful regulatory reforms and economic stability is propelling the market growth in this region. Also, in Latin American market, SMEs and organizations belonging to various verticals, such as retail, public utilities, healthcare, Banking, Financial Services, & Insurance (BFSI), and manufacturing, are estimated to rise in investments in privileged identity management solutions.
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The major companies that provide privileged identity management solutions include ARCON, Balabit, BeyondTrust, Bomgar Corporation, CA, Inc., Centrify, Core Security, Cyberark, Hitachi-ID, IBM Corporation, Iraje, Lieberman Software, Simeio Solutions, Thycotic, Wallix and Wheel Systems among others.
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