Privileged Identity Management (PIM) Market Expanding at a CAGR of 26% during 2024-2032- IMARC Group

IMARC Group's report titled "Privileged Identity Management (PIM) Market Report by Component Type (Solution, Service), Installation Type (Agent-based, Appliance-based), Deployment Mode (Cloud-based, On-premises), Organization Size (Small and Medium Enterprise, Large Enterprise), Vertical (BFSI, Government and Defense, Healthcare, Energy and Utilities, Telecom and IT, Retail, and Others), and Region 2024-2032". The global privileged identity management (PIM) market size reached US$ 5.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 47.3 Billion by 2032, exhibiting a growth rate (CAGR) of 26% during 2024-2032.

Factors Affecting the Growth of the Privileged Identity Management (PIM) Industry:

• Increasing Threats to Information Security:

The rise in cybersecurity threats, particularly targeted attacks such as phishing and ransomware, has significantly heightened the need for robust security frameworks. Privileged Identity Management (PIM) systems are crucial in this context because they manage, control, and monitor access rights of privileged users who handle critical company infrastructure. The escalating frequency and sophistication of cyber-attacks necessitate stringent control over privileged accounts, which often have access to sensitive data and critical system configurations. By implementing PIM solutions, organizations can mitigate risks by ensuring that access is granted through a secure, automated system that includes multi-factor authentication and session monitoring, thereby reducing the potential for unauthorized access and data breaches. This factor alone drives a proactive adoption of PIM solutions across various sectors, aiming to protect organizational assets from both external threats and insider malfeasance.

• Compliance and Regulatory Requirements:

Across the globe, there is an increasing emphasis on compliance with regulatory standards such as GDPR in Europe, HIPAA in the United States, and various other data protection regulations worldwide. These regulations often mandate strict management and control of access to sensitive information, making PIM solutions critical for organizations aiming to comply with these laws. PIM systems help in controlling and monitoring the access of privileged users and also in generating reports and logs that are vital for audit trails. Such capabilities are essential for demonstrating compliance during regulatory assessments and audits. Furthermore, the failure to comply with these regulations can result in hefty penalties and significant reputational damage, which further drives organizations to invest in sophisticated PIM systems to safeguard against these risks.

• Technological Advancements and Integration Capabilities:

The evolution of IT infrastructure, including the adoption of cloud services, virtualization, and the Internet of Things (IoT), has expanded the perimeter that enterprises must secure. Traditional security measures are often inadequate for these dynamic and complex environments. PIM solutions that are able to integrate seamlessly with various technologies and platforms are therefore increasingly adopted. These systems are designed to adapt to a range of environments and can manage identities across traditional on-premise systems, cloud-based platforms, and hybrid environments. The ability of PIM tools to integrate with existing IT ecosystems and to scale according to the technological growth of an organization is a crucial driver for the market. Enhanced features such as session recording, unstructured data protection, and advanced analytics for behavioral patterns are also pivotal, catering to the need for more sophisticated security measures that can preemptively identify and mitigate potential breaches or insider threats.

Leading Companies Operating in the Global Privileged Identity Management (PIM) Industry:

• Bomgar Corporation (FP)
• BeyondTrust Corporation
• CA Technologies (Broadcom Inc.)
• Centrify Corporation (Thoma Bravo)
• Core Security Technologies (HelpSystems LLC)
• CyberArk Software Ltd.
• IBM Corporation
• Iraje Software
• NRI SecureTechnologies Ltd (Nomura Research Institute Ltd.)
• Oracle Corporation
• Osirium Ltd.
• Quest Software Inc. (Dell Inc.)
• Thycotic Software LLC

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/privileged-identity-management-market/requestsample

Privileged Identity Management (PIM) Market Report Segmentation:

By Component Type:

• Solution
  • Identity Management
  • Access Management
  • Session Monitoring and Management
• Service
  • Professional Services
  • Managed Services

Service dominates the market due to the ongoing need for specialized support, maintenance, and continuous improvement in implementing, managing, and optimizing PIM solutions across diverse IT environments.

By Installation Type:

• Agent-based
• Appliance-based

Based on the installation type, the market has been divided into agent-based and appliance-based.

By Deployment Mode:

• Cloud-based
• On-premises

On-premises hold maximum number of shares as it offers organizations complete control over their security systems and data, which is crucial for meeting stringent regulatory compliance and for industries that handle sensitive information.

By Organization Size:

• Small and Medium Enterprise
• Large Enterprise

Large enterprise represents the largest segment due to their complex IT infrastructures and higher volumes of sensitive data, which necessitate robust Privileged Identity Management (PIM) solutions to mitigate significant security risks and comply with stringent regulatory requirements.

By Vertical:

• BFSI
• Government and Defense
• Healthcare
• Energy and Utilities
• Telecom and IT
• Retail
• Others

BFSI dominates the market due to its extensive handling of sensitive financial data and stringent regulatory compliance requirements, making advanced Privileged Identity Management (PIM) solutions critical for protecting against data breaches and ensuring secure access control.

Market Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Global Privileged Identity Management (PIM) Market Trends:

As organizations across various sectors push forward with digital transformation initiatives, the complexity and scale of their IT environments increase. This digital shift typically involves the migration of critical data and systems to the cloud, adoption of mobile technologies, and the deployment of IoT devices, all of which expand the attack surface for potential security breaches. Privileged Identity Management (PIM) solutions play a crucial role in such environments by ensuring that access to systems is securely managed and monitored, particularly for accounts with enhanced privileges that can alter system configurations or access sensitive data. The drive toward digitalization inherently necessitates tighter controls over these accounts to avoid data leaks and security lapses.

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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