Global Privileged Identity Management Market was Valued at US$ 1997.87 Mn in 2018 and is Expected to Grow at a CAGR of 30.1% Over the Forecast Period, Owing to Adoption of Cloud-based Privileged Identity Management Solutions Along With Growing Trend of Bring Your Own Device (BYOD), Says Absolute Markets Insights

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Some of the players operating in the privileged identity management market are ARCON, BeyoundTrust Corporation, Centrify Corporation, CA Technologies (Broadcom), Core Security (SecureAuth)

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Absolute Markets Insights

Jan 06, 2020, 12:30 ET

PUNE, India, Jan. 6, 2020 /PRNewswire/ -- Mobile workforce across organizations is increasing the adoption of cloud based solutions. IDaaS is a cloud based authentication or identity management solution that can be subscribed by enterprises of all size. This solution ensures access to documents and networks by authorized person at the right time. For instance, companies like Google and Amazon has pre-integrated identity and access management tools which is helping them to run all their applications on cloud. This enables users to access their account from anywhere and maintain privacy. These applications ask for certain authentication proof when logged in from any different device and also sends notification to the registered mail ID of the user for a confirmation about the same. Additionally, increasing need across organizations to give authorized access to individuals for applications, data and network is one of the factor which is accelerating the growth of privileged identity management market.

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Identity and access management vendors are also including microservices and machine learning technologies into their solutions. The installation of microservices ensures that the solution is broken down into smaller aspects to address specific problem areas. For instance, ForgeRock is developing microservices which mainly targets token exchange, token validation, authentication and authorization. These offer flexibility in managing identity data as they run in a self-contained mode and doesn't require any embedded operating system. The rapid shift across organizations to Bring Your Own Device (BYOD) also imposes threat on important network and data centers of organizations. Access to all documents and networks from personal computers can lead to data lose and theft. As major data breaches are contributed by the insider attacks, organizations have imposed physical locks and ID keycards to control physical assess. Various small and medium organizations are facing challenges to control the privileged access that allows individuals to view, alter data records and change network configurations, which in turn is contributing for the growing demand of privileged identity management market.

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The detailed research study provides qualitative and quantitative analysis of privileged identity management market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major Privileged Identity Management Market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

Key Findings of the Report:

On the basis of component, solutions segment is expected to witness highest CAGR over the forecast period (2019 – 2027) owing to increasing rate of data breaches largely by insider attacks.
On the basis of vertical, the banking, financial services and insurance (BFSI) segment was valued at US$ 616.77 Mn in 2018 and is expected to grow at a CAGR of 29.9% over the forecast period.
On the basis of region, North America is expected to grow at a CAGR of 29.8% during the forecast period.
Some of the players operating in the privileged identity management market are ARCON, BeyoundTrust Corporation, Centrify Corporation, CA Technologies (Broadcom), Core Security (SecureAuth), CyberArk software Ltd, Hitachi ID Systems Inc, IBM Corporation, Iraje, Micro Focus, NRI Secure Technologies Ltd, ObserveIT, Oracle, Onion ID Inc, Quest Software Inc, Senha Sengura, Simeio Solutions, Silverlake Mastersam Limited, Thycotic, Wheels Systems, Wallix and Zoho Corp amongst others.

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Privileged Identity Management Market:

By Component

Solutions
Identity Management
Access Management
Session Monitoring and Management
Services
Professional Services
Managed Services

By Installation Type

Appliance Based
Agent Based

By Deployment Mode

Cloud
On-Premise
By Vertical
BFSI
Government and Defense
Healthcare and Pharmaceutical
Manufacturing
Energy and Utilities
IT and Telecom
Retail

By Geography

North America

U.S
Canada
Mexico
Rest of North America

Europe

France
The UK
Spain
Germany
Italy
Nordic Countries

Denmark
Finland
Iceland
Sweden
Norway

Benelux Union

Belgium
The Netherlands
Luxembourg

Rest of Europe

Asia Pacific

China
Japan
India
New Zealand
Australia
South Korea
Southeast Asia

Indonesia
Thailand
Malaysia
Singapore
Rest of Southeast Asia

Rest of Asia Pacific

Middle East and Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

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SOURCE Absolute Markets Insights