Demand for PAM solutions market in Middle East, Africa and South America is steadily growing
NEW YORK, USA, May 19, 2022 (GLOBE NEWSWIRE) — PAM Solutions Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Privileged Access Management Solutions Market“Information by Type, Application and Region – Forecast to 2030” The market size will reach USD 18.32 billion and will grow at a CAGR of 28.10% by 2030.
PAM Solutions Market Scope:
Privileged access management software solutions are designed to monitor and protect the secret credentials of company employees. The introduction of cloud-based privileged access management simplifies the process and reduces processing time by mapping confidential credentials across hybrid and cloud environments. BYOD technology and the effort required to maintain access credentials increase sales in the privileged access management solutions market. A potential privileged access management solution is needed to observe and audit security audits and other activities related to privileged accounts. Positions and permissions, access to critical corporate data, and vulnerabilities in systems allow hackers to break into their accounts and steal corporate data.
The key key players in the Privileged Access Management Solutions market covered are:
Hitachi ID Systems Corporation
beyond trust company
Cyberark Software Ltd.
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Privileged Access Management is designed to provide security inspection, management and monitoring of all privileged account operations in the enterprise. To maintain a secure information environment, privileged access management has a variety of applications in business, government, and healthcare. Additionally, proprietary or hybrid technologies from leading companies have increased the demand for cybersecurity solutions such as privileged access control systems. On the other hand, the emergence of intelligence-based privileged access management solutions is likely to provide a lucrative outlook for the privileged access management solutions industry throughout the forecast period.
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Privileged Access Management Solutions Market Drivers
Important factors driving the privileged access management solutions market include the increase in acceptance of privileged access solutions due to increasing government regulatory laws and concerns over cybersecurity risks. During the forecast period, the market is likely to benefit from the digitization and increased acceptance of cloud computing services. Additionally, the rise of intelligence-based PAM represents a significant market opportunity for privileged access control solutions. Insider attacks are on the rise, leading to corporate data breaches. Privileged identity management has been widely used due to the threat picture of insider attacks. Superuser accounts have access to massive databases within an organization, and the security of this data is a top business goal. The privileged identity management market is likely to grow significantly.
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Privileged Access Management Solutions Market Restrictions:
Small businesses can manually manage their key administrator accounts, but large industrial sectors are often unable to protect their privileged accounts due to their complex infrastructure. Although they use privileged access management software solutions, the sustainability of such systems is a key limiting factor. The company grows at a faster rate. However, privileged access management software couldn’t keep up with the company’s expansion. Modifications and revisions, as well as the purchase of new software solutions, generate significant business requirements and expenditures. However, the high cost of installing privileged access control solutions and insufficient understanding of cybersecurity threats are major obstacles to the growth of the industry. Still, the high cost of implementing privileged access remains a major barrier to early adoption, stifling industry expansion.
COVID 19 Analysis
The emergence of COVID-19 has been a major driver for the expansion of cloud-based data cybersecurity systems, driving the need for privileged access control solutions. The market is expected to grow relatively rapidly by the end of 2021. However, the global Privileged Access Management Solutions industry is mainly hampered by the lack of available skilled labor during the global shutdown. Furthermore, increasing demand for hybrid cloud solutions along with cybersecurity solutions is likely to drive market growth over the forecast period.
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The economies of some countries have suffered due to the pandemic. However, it has beneficially impacted the value of the Privileged Access Management Solutions market. Many companies have capitalized on the work-from-home trend to keep businesses running. These businesses are completely reliant on the Internet for sharing data and other critical activities. The number of data security has exploded in recent years. Consequently, the demand for privileged access management software solutions has grown in recent years.
Privileged Access Management (PAM) Solutions Market Segmentation
Privileged Access Management Solutions Market by Type
The software segment is expected to lead the market development.
Privileged Access Management Solutions Market by Application
During the forecast period, Windows is likely to be the number one contender in the global market.
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Privileged Access Management (PAM) Solutions Market Regional Insights
Privileged access control software solutions are currently being adopted in North America. Since North America has more industrial sectors and commercial units, the large amount of data requires greater security. Furthermore, the growing number of self-employed and startups in the region contributes to the expansion of the privileged access management solutions market. The Asia-Pacific region is currently prioritizing corporate expansion to stabilize its economic growth. These organizations are focusing on improving their security systems. The introduction of e-government has prompted governments to take identity theft more seriously. In addition, significant increase in theft from web browsing, peer-to-peer traffic, email communications, and file exchanges as businesses move toward real-time communications, further propel the market growth over the forecast period.
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