Market Research

With $16331.6 Million, Privileged Identity Management Market Future Growth Prospectus to 2027 – Hitachi Id Systems, IBM Corporation, Micro Focus, One Identity, Thycotic

Jun 13, 2020 4:21 AM ET

iCrowd Newswire – Jun 13, 2020

With the increasing business need and advancements in security solutions, vendors are integrating other security solutions with privileged identity management solution. The integration with other security solutions such as event manager and identity manager enables better control such as better provisioning and de-provisioning, total access control, and password management.

The global privileged identity management market accounted to US$ 1496.6 Mn in 2018 and is expected to grow at a CAGR of 30.8 % during the forecast period 2019 – 2027, to account to US$ 16331.6 Mn by 2027.

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Privileged Identity Management Market – Key industry dynamics

Drivers

  • Increasing adoption of mobile devices and BYOD
  • Growing concern for data privacy and security
  • Government regulation and norms have a significant positive impact on market growth

Restraints

  • The high cost of implementation and frequent changes in regulations

Opportunity:

  • Integrating privileged identity management with other security solutions

Future Trends:

  • Trending SaaS-based privileged identity management solution

Vendors are also integrating forensic solutions to enable investigate user behaviors and provide a more granular approach. Factors such as these have driven the major privileged identity management vendors such as BeyondTrust, CA Technologies, and IBM to provide solutions that allow easy integration. For instance, solutions from CA Technologies provide integration capability with CA Security Management Solutions, thus providing benefits such as rapid provisioning and de-provisioning. Therefore, vendors have a huge opportunity by integrating other security solutions to privileged identity management solutions.

Privileged identity management Market – Strategic Insights

Strategic partnership with technology companies to help them in intelligence engagement of the customers was observed as the most adopted strategy in global privileged identity management market.

2019:         The Company introduced availability of Authentication Services 4.2 for their customers that facilitate in improved security measures across Unix, Linux, and Mac based operating systems.

2019:          The Company announced introduction of its Secret Server 10.6 version of its enterprise focused PAM solutions. The new features is expected to further enhance the accountability and agility across dynamic enterprise environment for improved privileged access management.

2019:         The company launched its cloud based enhanced privileged access management solution, “Zero Trust Privilege” keeping in mind with the hybrid enterprise requirement. The solution supports privileged access management across multiple virtual private cloud (VPC) and Infrastructure-as-a-Service (IaaS) deployments at the client IT infrastructure.

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Keywords:    Privileged Identity Management Market, Privileged Identity Management Market 2020, Privileged Identity Management Market 2027